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Are you fiscally prepared like a Boy Scout? Georgia Tech Scheller College of Business works with Atlanta Boy Scouts on personal finance badge

Scheller College Associate Professor and Undergraduate Associate Dean, Jonathan Clarke, Ph.D.

Scheller College Associate Professor and Undergraduate Associate Dean, Jonathan Clarke, Ph.D.

Take the fiscal responsibility challenge below to see how you match up to the Scouts Wall Street trading simulation increases financial literacy, investing, and trading knowledge.

Georgia Tech Scheller College of Business opened up its Ferris Goldsmith-Trading Floor to 40 Metro-Atlanta Boy Scouts, providing not only a simulation of a real Wall Street trading floor environment, but financial literacy information to assist the Scouts as they work to obtain their personal finance badge.

The one-day session was taught by Scheller College Associate Professor and Undergraduate Associate Dean, Jonathan Clarke, Ph.D., and included sessions on budgeting, saving, and even a stock exchange simulation.

"Acquiring financial literacy skills at an early age can pay huge dividends well into adulthood," Clarke notes. "Research shows that financial security is associated with overall happiness and self-esteem. We are delighted to partner with the Boy Scouts this year and help the scouts learn financial basics, experience a real-world trading room floor simulation, and achieve their Personal Management merit badge."

"We are so excited to partner with Georgia Tech Scheller College of Business on this project. The staff were fantastic and Jonathan Clarke's instruction really provided our Scouts with both financial acumen and a unique college experience," said George Snipes, Senior Program Director, Atlanta Area Council, Boy Scouts of America.

Being prepared for the world ahead is a crucial skill and the essence of the Boy Scout motto.  Being financially competent at an early age provides a strong fiscal foundation for future success.

"I had a great time attending the Personal Management merit badge clinic at Georgia Tech's Scheller College of Business," Life Scout, Drew Cunnold, noted. "The class provided an opportunity to learn about finance, budgets, and investing. It was a fantastic location for the merit badge clinic as it provided a chance to meet on the stock exchange trading floor and learn how important it is to save first for a successful life and career."

So, how do you compare to the Scouts when it comes to being prepared for Fiscal responsibility?

Have you prepared a savings plan to purchase a major expense – including details regarding how you would save for this expense, how long it would take, explore consumer rankings/metrics, conduct price comparison shop, etc.

Have you prepared and "stuck to" and annual household budget – tracking and recording daily expenses, comparing actual expenditures against budget and justifying discrepancies, recording income and expenses, developing a plan if expenses exceed income, developing a savings plan "emergency fund", allocating for major expenses, allocating for emergencies, etc.

Have you discussed/explored your money habits/purchase habits – How do you feel when you don't have money?  Do you purchase more or less items when you grocery shop when hungry?  Three months after a major purchase – do you still feel strongly that you needed the item?  What plans are in place to save money – prepare for a "rainy day?"

What are the differences between saving and investing – What is your risk/reward tendency? What is ROI? What is the difference between compound and simple interest?  Have you explored life insurance, savings bonds?

Have you actively followed the market – exploring stock prices, 52-week high and low prices, etc. What are the differences between common stocks, mutual funds?

Do you know your credit card limit – your monthly rate? Your spend limit? The differences between credit cards? What is APR? What is the difference between a charge card, credit card and debit card?  What risks and benefits are associated with each card type? How do you get a credit report? How often should you check your credit report? What can you do to reduce your debt?

All of these items and more, including time management, career aspirations and project planning go into the preparation for the Boys Scouts to receive their Personal Management merit badge.

Wall Street on West Peachtree Summer Financial Camp

This summer Scheller College of Business at Georgia Tech will host a one-week financial literacy summer day camp titled "Wall Street on West Peachtree" for all high school students. The week-long summer camp prepares rising juniors and seniors for a prosperous future with financial management techniques, stock trading, financial literacy, and friendly competition with their peers. The camp will take place June 18th to the 22nd. For more information or to register for the camp, please visit Wall Street on West Peachtree.

About Georgia Tech Scheller College of Business

Georgia Tech Scheller College of Business is located in Atlanta, home to 17 of the nation's Fortune 500 companies, and is strategically centered in the world-renowned Technology Square district. This positioning at the intersection of business and technology provides students with an unparalleled opportunity to learn in one of the nation's premier high-tech business centers. The College offers globally-recognized, highly-ranked business programs including full-time, evening, and executive MBA degrees, undergraduate and Ph.D. degrees, and executive education programs. Interdisciplinary centers and programs encourage collaboration in research, teaching, and experiential learning within Georgia Tech in some of today's most sought after arenas including sustainability, business analytics, leadership, ethics, innovation, entrepreneurship, supply chain, international business, and more. In partnership with several Georgia Tech Colleges, Scheller College offers joint MS degrees in Quantitative and Computational Finance and Business Analytics. Non-degree programs provide executives and professionals with company-specific and open enrollment offerings in areas such as digital disruption, innovation management, supply chain, business analytics and Lean Six Sigma for continued learning.

About the Atlanta Area Council, Boy Scouts of America

Through the dedication of more than 9,000 adult volunteers, the Atlanta Area Council serves more than 31,000 youth in 13 counties with a youth leadership and character education program. For more information about the Atlanta Area Council visit:

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