>>Davis: Would you rather drive to work if it cost you $150 per month to park?
Or would you rather catch the metro, and it's only going to cost you $25?
>>Student: Gonna take the metro.
>>Davis: While students may not need to know an algebraic expression to get
through life's events they will have to know how
to budget their money, what good credit is.
Every day of their life, every student will have
to face making a financial decision.
>>Bistransin: Money is traditionally something that's not talked about.
Its taboo. And so what we do with a lot of the assignments
in financial literacy is try to start some conversations with families.
>>Good morning. You guys are working in pairs today. So find...
>>Davis: If you look at today's economy,
more than half of Americans live paycheck to paycheck.
One in three households don't even have a written budget.
>> Iraima: When we first started learning
about financial literacy I was definitely scared
because I was like, whoa, I'm growing up.
But it's pretty beneficial especially if you're trying to get a debit card,
first job, eventually building credit.
>>Osbaldo: I started working at the age of 14.
So I pay some bills for my parents whenever they need help.
The class has helped me learn like what I should look at when I get my check.
>>Davis: I cover are a myriad of topics. Investing,
depository institutions, debt management.
>>So today we're going to be talking about managing your money.
This is called the 20-bean game.
The beans will represent your salary, and you're going to have to decide
where I am going to spend this money.
So you're going to be adulting for a minute.
>>Davis: Students were given two sheets where they had to allocate beans
to certain categories, six of which were mandatory
such as housing, clothing, food.
>>Bistransin: Each category has a couple of options.
If you want to eat at home it's one bean.
If you want to go out all the time, it's three beans.
>>Student 1: Do we want our own house? Do we want to share with the family?
>>Student 2: Share with your family.
>>Student: So we're going cheapo on there? >>Student 2: Yeah.
>>Kenneth: You're not going to be using beans, obviously,
like you're going to be using money.
But it's showing you how to like budget your money.
>>Davis: Okay. Times up. We're now getting ready to start round two.
I have a spin wheel here.
>>Kenneth: So basically the wheel was spinning,
then like something would happen.
>>Davis: Tell me when to stop.
>>Student 1: Stop. >>Student 2: Stop.
>>Davis: Your microwave broke and you need to replace it. Take off one bean.
>>Student: What? Hold on.
>>Davis: From anywhere. You have to decide where to take a bean.
Make sure that your star categories are still covered.
>>Student 1: Take that out. >>Student 2: Bye bean.
>>Davis: Okay. My wheel is going around again.
>>All: Stop.
>>Davis: Your car needs new tires. If you do not have a car you do nothing.
>>Student 5: I guess I'm just going to have to go with no phone.
>>Student 6: No, but like we need a phone. We move to limited data.
>>Davis: Okay.
>>All: Stop!
>>Davis: Broken leg. If you do not have health insurance take off three beans.
You all didn't have health insurance. Why?
>>Student: We didn't think we would break our leg.
>>Davis: You didn't-- that's why you have insurance.
All right. Let's go to one more scenario.
>>All: Stop!
>>Davis: You picked up a part-time job in the gig economy.
You may be doing Lyft, DoorDash, add two beans anywhere on your board.
I like what you said, Logan. Logan said,
do we learn? Do we get health insurance now?
>>Davis: The students were able to see these are decisions that their parents,
their guardians have to make on a daily basis.
>>How many of you thought that you wanted to live on your own?
After playing this game, how many
of you still believe you want to live on your own?
>>Kenneth: I changed my mind about owning a car because you had
to have auto insurance, pay for gas.
>>Thomia: Out of all my classes financial literacy might be the one
class that I think I need the most when I become an adult.
>>Bistransin: And I had a student tell me, "I understand taxes now.
And I can go home and talk to my parents about it and explain
to them what they need to do."
It is my most fervent hope these students go out into the world
with a greater understanding of how money truly affects every aspect
of their life and make wise decisions about using that money.