Last Wednesday we worked on part of the Personal Management merit badge. Here is what we did:
We started as normal with the Scout Law/Oath/Motto and pledge of allegiance. If the scouts participated, they were given fake money. Everyone participated, and scouts who wore their uniform received an extra $50. We then talked about some of the things money mean to us and how we use our money. As the boys answered questions they would receive money and as they mis-behaved we took money away. The discussion went very well!
We then moved to "Wall Street" where Scoutmaster Steve talked about ways to save/invest. We talked about stocks, mutual funds, CDs, saving accounts and life insurance. The boys were totally interested and while they had a hard time grasping all of the concepts, they were engaged.
Finally, we moved to the bank where we talked about loans and credit cards. While we were talking about credit reports, one of the boys said how it is just like school grades! (he got $20 for that observation.) What a great way to put it.
In the end, the scout with the most money was able to choose what treat he wanted first, followed by the scout with the second most money and so forth.
We were able to knock out 4 of the 10 requirements for the merit badge, and hope to continue our progress this next Wednesday.
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