Between the first Payday and the first Bill Day, we suggest you revisit the syllabus to discuss the advanced topics with your students.
- Assign Part Two of the syllabus as a reading assignment for students the night before.
- Prepare to discuss investing with your students.
- Show the insurance simulator (found on Your Economic System: Insurance) to the students.
Ask students to take out their copies of the syllabus.
Answer any questions and ensure that they understand the following key concepts about Bill Day (the first of the month):
- Students are required to pay two monthly bills:
- Rent for $800.
- Electricity for $150 (unless adjusted by the Electrician for energy conservation).
- Certificates of deposit (CDs) are available for purchase.
- CDs pay interest, meaning that students who invest in them will get back more money than they put in.
- CDs can be purchased only on Bill Day.
- They can be bought only in increments of $100.
- The longer the term of the CD, the higher the rate of return the student will receive.
- The 8-month (full term) CD is only available on the first Bill Day.
- Insurance policies are available for purchase:
- Students can choose between monthly payments and a yearly policy, or skip buying insurance altogether.
- Policies are available only on Bill Day.
- The insurance simulator will be operated about four times a month to determine whether the class has suffered property damage, and if so, how much. When damage occurs, students who do not have insurance must deduct payment for repairs from their savings accounts. Students with insurance will not have to pay for repairs.
Remind the students to work hard to earn bonus money before the first Bill Day so they can take advantage of some of these advanced offerings.