Financial Simulation Reflective Essay
(Sux2BU: Personal Finance Simulation)
January 5, 2012

Objective:
Standard 1: Use a rational decision-making process to set and implement financial goals.

Standard 2: Understand sources of income and the relationship between income and career preparation.

Standard 3: Understand principles of money management.

Stansdard 4: Understand savings, investing, and retirement planning.

Learning Outcomes:
Students will achieve a moderately to highly skilled status by showing proficiency in the following:

• Explain how goals, decision-making, and planning affect personal financial choices and behaviors.
• Relate financial decisions to personal and societal consequences.
• Identify various forms of income and analyze factors that affect income.
• Describe the role of planning and maintaining a balanced budget.
• Understand credit uses and costs.
• Describe the impact of credit on money management.
• Discuss the purposes for insurance and risk management.
• Describe the value and use of savings in financial planning.
• Describe the value of investing and types of investments in the financial planning process.
• Compare savings and investment.
• Analyze the financial preparation for retirement.

Coursework Procedure:
Let's see what we have learned regarding managing money through a simulation of real life called Sux@BU. For this assignment, you will 'virtually' participate in this weird combination of the Game of Life, Monopoly, and any other twisted idea/modification/scenario that I can throw at you. To do so, you will need to keep track of your money, assets, and transactions using this spreadsheet. You will draw cards in class that will help you set up your simulation. Then we will play Sux2BU at various times in class by drawing situations from a hat and dealing with what the cards tell you.

At the conclusion of the simulation you are required to submit to me a reflective essay on what you have learned as a result of the simulation and your coursework in class (click on this link to read about what a reflective essay is, its structure and content requirements). At the very minimum, your essay should address the following:

1. What surprised you about dealing with personal finance as a result of participating in the simulation? Explain in detail what you learned as a result of the simulation.
2. Describe what you were already doing prior to the simulation that was validated/confirmed by participating in the simulation.
3. List and explain what personal financial habits you will change or good financial practices you may wish to adopt as a result of your participation in the simulation.

Essays in business should be single-spaced (you can double-space between paragraphs) and at lease one full page with no greater margins than 1" all around.

NOTE: The due date below is the absolute due date. No late work will be accepted on this assignment.

Due Date(s) and Submission Instructions:
Your essay is due on Wednesday, January 11, 2012. Note: DO NOT turn in the spreadsheet!

FIN 1050 - PERSONAL FINANCE
Grade Levels: 11-12
Units of Credit: 3 credit hours (SLCC)
Course Number: FIN 1050
Prerequisite: None

Study of financial skills essential for economic success. Subjects: Financial planning, fin. services, income taxes, consumer buying, insurance, retirement planning & estate planning.