Personal Management

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[[Image:2515c.gif|thumb|Personal Management]][[Image:Eaglereq.gif|thumb|This merit badge is in the Eagle Scout required list]]
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{{Merit Badge header|Personal Fitness|Pets||lesson video links, logs,}}
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{{Eagle}}<br>
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== Merit badge requirements ==
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{{Infobox_MeritBadge_Silver
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|name= Personal Management
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|image= 2515c.gif
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|caption= Personal Management
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|subject= Economics
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|status= '''Eagle-required'''
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|created= 1972
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|source1= Replaced
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|source2= [[Personal Finances]]
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|requirements revision= 2004
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|pamphlet revision= 2003
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|field= Personal Development
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|id= 011
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|quote=Personal management is about mapping a plan for your life that will involve setting short-range and long-range goals and investigating different ways to reach those goals. Education, training, and experience all help make your goals become a reality. To achieve your goals, you will choose the best path and make a commitment to it, while remaining flexible enough to deal with changes and new opportunities.
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{{Merit Badge introduction}}
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{{reqs||merit badge }}
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<br>
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:1. Do the following:
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== Notes ==
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::a. Choose an item that your family might want to purchase that is considered a major expense.
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::b. Write a plan that tells how your family would save money for the purchase identified in requirement 1a.
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:::1. Discuss the plan with your merit badge counselor
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:::2. Discuss the plan with your family
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{{Merit Badge Notes}}
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:::3. Discuss how other family needs must be considered in this plan.
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{{TPF|Business}}
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::c. Develop a written shopping strategy for the purchase identified in requirement 1a.
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{{PopularMeritBadge}}
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:::1. Determine the quality of the item or service (using consumer publications or rating systems).
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<br>
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:::2. Comparison shop for the item. Find out where you can buy the item for the best price. (Provide prices from at least two different price sources.) Call around; study ads. Look for a sale or discount coupon. Consider alternatives. Can you buy the item used? Should you wait for a sale?
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:2. Do the following:
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::a. Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings. Track your actual income, expenses, and savings for 13 consecutive weeks. (You may use the forms provided in this pamphlet, devise your own, or use a computer generated version.) When complete, present the results to your merit badge counselor.
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::b. Compare expected income with expected expenses.
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:::1. If expenses exceed income, determine steps to balance your budget.
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:::2. If income exceeds expenses, state how you would use the excess money (new goal, savings).
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:3. Discuss with your merit badge counselor FIVE of the following concepts:
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::a. The emotions you feel when you receive money.
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::b. Your understanding of how the amount of money you have with you affects your spending habits.
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::c. Your thoughts when you buy something new and your thoughts about the same item three months later. Explain the concept of buyer's remorse.
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::d. How hunger affects you when shopping for food items (snacks, groceries).
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::e. Your experience of an item you have purchased after seeing or hearing advertisements for it. Did the item work as well as advertised?
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::f. Your understanding of what happens when you put money into a savings account.
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::g. Charitable giving. Explain its purpose and your thoughts about it.
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::h. What you can do to better manage your money.
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:4. Explain the following to your merit badge counselor:
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::a. The differences between saving and investing, including reasons for using one over the other.
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::b. The concepts of return on investment and risk.
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::c. The concepts of simple interest and compound interest and how these affected the results of your investment exercise.
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:5. Select five publicly traded stocks from the business section of the newspaper. Explain to your merit badge counselor the importance of the following information for each stock:
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::a. Current price
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::b. How much the price changed from the previous day
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::c. The 52-week high and the 52-week low prices
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:6. Pretend you have $1,000 to save, invest, and help prepare yourself for the future. Explain to your merit badge counselor the advantages or disadvantages of saving or investing in each of the following:
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::a. Common stocks
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::b. Mutual funds
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::c. Life insurance
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::d. A certificate of deposit (CD)
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::e. A savings account or U.S. savings bond
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:7. Explain to your merit badge counselor the following:
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::a. What a loan is, what interest is, and how the annual percentage rate (APR) measures the true cost of a loan.
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::b. The different ways to borrow money.
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::c. The differences between a charge card, debit card, and credit card. What are the costs and pitfalls of using these financial tools? Explain why it is unwise to make only the minimum payment on your credit card.
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::d. Credit reports and how personal responsibility can affect your credit report.
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::e. Ways to reduce or eliminate debt.
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:8. Demonstrate to your merit badge counselor your understanding of time management by doing the following:
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::a. Write a "to do" list of tasks or activities, such as homework assignments, chores, and personal projects, that must be done in the coming week. List these in order of importance to you.
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::b. Make a seven-day calendar or schedule. Put in your set activities, such as school classes, sports practices or games, jobs or chores, and/or Scout or church or club meetings, then plan when you will do all the tasks from your "to do" list between your set activities.
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::c. Follow the one-week schedule you planned. Keep a daily diary or journal during each of the seven days of this week's activities, writing down when you completed each of the tasks on your "to do" list compared to when you scheduled them.
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::d. Review your "to do" list, one-week schedule, and diary/journal to understand when your schedule worked and when it did not work. With your merit badge counselor, discuss and understand what you learned from this requirement and what you might do differently the next time.
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:9. Prepare a written project plan demonstrating the steps below, including the desired outcome. This is a project on paper, not a real-life project. Examples could include planning a camping trip, developing a community service project or a school or religious event, or creating an annual patrol plan with additional activities not already included in the troop annual plan. Discuss your completed project plan with your merit badge counselor.
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::a. Define the project. What is your goal?
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::b. Develop a timeline for your project that shows the steps you must take from beginning to completion.
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::c. Describe your project.
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::d. Develop a list of resources. Identify how these resources will help you achieve your goal.
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::e. If necessary, develop a budget for your project.
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:10. Do the following:
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::a. Choose a career you might want to enter after high school or college graduation.
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::b. Research the limitations of your anticipated career and discuss with your merit badge counselor what you have learned about qualifications such as education, skills, and experience.
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''Source: 2007 Boy Scout Requirements (33215)''
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== Requirement resources ==
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{{Merit Badge Requirement resources}}
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*'''2a.''' See the Sample Budget Plan included in the [[Media:Personal_Management.pdf|Personal Management Workbook]]
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:[http://en.wikipedia.org/wiki/Personal_budget How to Set Up a Personal Budget]
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:See the Income Tracking Log included in the [[Media:Personal_Management.pdf|Personal Management Workbook]]
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*'''3c.''' [http://en.wikipedia.org/wiki/Buyer's_remorse Buyers Remorse]
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*'''4a.''' [http://en.wikipedia.org/wiki/Saving Savings vs. Investment]
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*'''4b.''' [http://en.wikipedia.org/wiki/Rate_of_return Return on Investment] &nbsp; [http://en.wikipedia.org/wiki/Investment_risk Risk]
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*'''4c.''' [http://en.wikipedia.org/wiki/Interest Simple & Compound Interest]
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*'''5.''' Stocks: [http://finance.aol.com/usw/quotes/mostactives Most Actives] &nbsp; [http://screener.finance.yahoo.com/cc?mc=100000000%2F&re=50000000000%2F&pm=150%2F&b=1&z=re&db=stocks&vw=1 Yahoo Finance] &nbsp; [http://moneycentral.msn.com/investor/StockRating/srstopstocksresults.aspx?sco=50 MSN MoneyCentral]
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*'''6&7''' Stocks, Funds, Insurance, CD's, bonds, budgeting, and much more
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: [http://www.fool.com The Motley Fool] - [http://www.themint.org Nortwest Mutual Foundation]
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*'''7c.''' [http://www.indexcreditcards.com/chargecards/ When are Charge Cards Better than Credit Cards?] A very good and concise discussion of the two.
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*'''8''' [http://en.wikipedia.org/wiki/Time_management Time Management] &nbsp; [http://www.topachievement.com/smart.html SMART Goals]
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<br>
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== Notes ==
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== Related awards ==
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<!-- --------------------------------------------------------------- -->
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<!-- Note similarities with other award requirements here such as: -->
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<!-- * [[other award]] requirement ## -->
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{{Personal Development Awards Links}}
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{{Professions Award Links}}
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<br>
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'''Personal Management merit badge is on the [[Eagle Scout]] required list (requirement 3.i.).'''
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== See also ==
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<!-- ----------------------------------------------------- -->
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== Help with these requirements ==
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<!-- Note similarities with other articles here such as: -->
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<!-- * [[other article]] -->
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[[Investing Opportunities for Scouts]] - example investment programs for youth
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{{Merit Badge See also}}
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== External links ==
== External links ==
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<!-- Add general information links here (no advertisements) -->
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<!-- use this format: * [http://somelink.com description] -->
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*[[Investing Opportunities for Scouts]] - example investment programs for youth
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*[http://www.bls.gov Bureau of Labor Statistics]
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*[http://www.ftc.gov/bcp/ Consumer Protection FTC]
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*[http://www.better-investing.org Nat. Assn of Investors]
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*[http://www.finaid.org Guide to Financial Aid]
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*[http://www.students.gov students.gov]
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*[http://www.studentaid.ed.gov studentaid.ed.gov]
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*[http://www.youngbiz.com youngbiz.com]
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[[Category:Eagle required Merit Badges]] [[Category:Boy Scouts]] [[Category:Merit Badges]]
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{{Merit badges required for the Eagle Scout rank navbox}}
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{{Merit Badge footer}}

Revision as of 15:54, October 27, 2012

Resources include the Personal Management merit badge worksheet Adobe Acrobat PDF, links, and cross-references to related badges and awards.  ◀Prev  -  Next ▶ 

Personal Management merit badge is required for the Eagle Scout rank.

Personal Management merit badge
Image:Personal Management.jpg
Status: Eagle-required
Created: 1972
Replaced: Personal Finances
BSA Advancement ID: 011
Requirements revision: 2004
Latest pamphlet revision: 2003

Contents

“ Personal management is about mapping a plan for your life that will involve setting short-range and long-range goals and investigating different ways to reach those goals. Education, training, and experience all help make your goals become a reality. To achieve your goals, you will choose the best path and make a commitment to it, while remaining flexible enough to deal with changes and new opportunities. ”


Personal Management merit badge requirements

  1. Do the following:
    a. Choose an item that your family might want to purchase that is considered a major expense.
    b. Write a plan that tells how your family would save money for the purchase identified in requirement 1a.
    1. Discuss the plan with your merit badge counselor
    2. Discuss the plan with your family
    3. Discuss how other family needs must be considered in this plan.
    c. Develop a written shopping strategy for the purchase identified in requirement 1a.
    1. Determine the quality of the item or service (using consumer publications or rating systems).
    2. Comparison shop for the item. Find out where you can buy the item for the best price. (Provide prices from at least two different price sources.) Call around; study ads. Look for a sale or discount coupon. Consider alternatives. Can you buy the item used? Should you wait for a sale?
  2. Do the following:
    a. Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings. Track and record your actual income, expenses, and savings for 13 consecutive weeks. (You may use the forms provided in this pamphlet, devise your own, or use a computer generated version.) When complete, present the records showing the results to your merit badge counselor.
    b. Compare expected income with expected expenses.
    1. If expenses exceed income, determine steps to balance your budget.
    2. If income exceeds expenses, state how you would use the excess money (new goal, savings).
  3. Discuss with your merit badge counselor FIVE of the following concepts:
    a. The emotions you feel when you receive money.
    b. Your understanding of how the amount of money you have with you affects your spending habits.
    c. Your thoughts when you buy something new and your thoughts about the same item three months later. Explain the concept of buyer's remorse.
    d. How hunger affects you when shopping for food items (snacks, groceries).
    e. Your experience of an item you have purchased after seeing or hearing advertisements for it. Did the item work as well as advertised?
    f. Your understanding of what happens when you put money into a savings account.
    g. Charitable giving. Explain its purpose and your thoughts about it.
    h. What you can do to better manage your money.
  4. Explain the following to your merit badge counselor:
    a. The differences between saving and investing, including reasons for using one over the other.
    b. The concepts of return on investment and risk.
    c. The concepts of simple interest and compound interest and how these affected the results of your investment exercise.
  5. Select five publicly traded stocks. Explain to your merit badge counselor the importance of the following information for each stock:
    a. Current price
    b. How much the price changed from the previous day
    c. The 52-week high and the 52-week low prices
  6. Pretend you have $1,000 to save, invest, and help prepare yourself for the future. Explain to your merit badge counselor the advantages or disadvantages of saving or investing in each of the following:
    a. Common stocks
    b. Mutual funds
    c. Life insurance
    d. A certificate of deposit (CD)
    e. A savings account or U.S. savings bond
  7. Explain to your merit badge counselor the following:
    a. What a loan is, what interest is, and how the annual percentage rate (APR) measures the true cost of a loan.
    b. The different ways to borrow money.
    c. The differences between a charge card, debit card, and credit card. What are the costs and pitfalls of using these financial tools? Explain why it is unwise to make only the minimum payment on your credit card.
    d. Credit reports and how personal responsibility can affect your credit report.
    e. Ways to reduce or eliminate debt.
  8. Demonstrate to your merit badge counselor your understanding of time management by doing the following:
    a. Write a "to do" list of tasks or activities, such as homework assignments, chores, and personal projects, that must be done in the coming week. List these in order of importance to you.
    b. Make a seven-day calendar or schedule. Put in your set activities, such as school classes, sports practices or games, jobs or chores, and/or Scout or church or club meetings, then plan when you will do all the tasks from your "to do" list between your set activities.
    c. Follow the one-week schedule you planned. Keep a daily diary or journal during each of the seven days of this week's activities, writing down when you completed each of the tasks on your "to do" list compared to when you scheduled them.
    d. Review your "to do" list, one-week schedule, and diary/journal to understand when your schedule worked and when it did not work. With your merit badge counselor, discuss and understand what you learned from this requirement and what you might do differently the next time.
  9. Prepare a written project plan demonstrating the steps below, including the desired outcome. This is a project on paper, not a real-life project. Examples could include planning a camping trip, developing a community service project or a school or religious event, or creating an annual patrol plan with additional activities not already included in the troop annual plan. Discuss your completed project plan with your merit badge counselor.
    a. Define the project. What is your goal?
    b. Develop a timeline for your project that shows the steps you must take from beginning to completion.
    c. Describe your project.
    d. Develop a list of resources. Identify how these resources will help you achieve your goal.
    e. Develop a budget for your project.
  10. Do the following:
    a. Choose a career you might want to enter after high school or college graduation.
    b. Research the limitations of your anticipated career and discuss with your merit badge counselor what you have learned about qualifications such as education, skills, and experience.


The official source for the information shown in this article or section is:
Boy Scout Requirements, 2016 Edition (BSA Supply SKU #621535)

The text of these requirements may be locked. In that case, they can only be edited by an administrator.
Please note any errors found in the above requirements on this article's Talk Page.


Notes

Worksheet A FREE workbook for Personal Management is available here! Adobe Acrobat PDF
with the maps, charts, links, diagrams, and checklists you need!
Or click here to print just the Personal Management requirements. 		meritbadge.org has PDF and DOC versions of
Boy Scout merit badge workbooks,
Webelos workbooks, and Cub Scout workbooks.
  1. The BSA Business Troop Program Feature offers meeting and activity plans to include Personal Management as one of your monthly themes.
  2. Personal Management is a popular merit badge.


Requirement resources

How to Set Up a Personal Budget
See the Income Tracking Log included in the Personal Management Workbook
The Motley Fool - Nortwest Mutual Foundation


Related awards

Personal development-related awards
Profession-related awards


See also

Boy Scout portal
Varsity Scout portal
Venturing portal
General Merit Badge information


External links


Merit badges required for the Eagle Scout rank
Image:EagleMedal.jpg
First Aid  •  Citizenship in the Community  •  Citizenship in the Nation  •  Citizenship in the World
Camping  •  Communication  •  Cooking  •  Family Life  •  Personal Fitness  •  Personal Management
Emergency Preparedness OR Lifesaving  •  Environmental Science OR Sustainability
Swimming OR Hiking OR Cycling
Image:EagleMedal.jpg


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