Financial Planning and Protection

This unit builds on foundational income and budgeting skills to guide students through planning and saving for major life goals (vehicle, home, college, retirement) while managing financial risk through insurance, estate planning, and tax-aware strategies. Students will learn to compare financing options, determine appropriate protection levels, and incorporate tax and estate considerations into a cohesive personal financial plan to prepare for advanced financial decision-making in the next unit.

Learning Objectives

• Analyze and prioritize short- and long-term financial goals and create measurable savings plans (including emergency, sinking, and retirement funds) with required monthly contributions and timelines
• Apply loan and mortgage comparison methods to calculate down payments, monthly payments, total interest, and trade-offs for auto and home purchase scenarios
• Evaluate personal risk exposures and recommend appropriate insurance solutions (homeowners/renters, personal property, life, disability, long-term care) by determining coverage amounts, policy types, and cost-benefit implications
• Demonstrate basic estate and tax planning techniques by constructing a simple estate plan (will, beneficiary designations, powers of attorney), estimating tax impacts of education, retirement, property, and inheritance decisions, and proposing lawful strategies to reduce tax liability