PERSONAL FINANCE

Assignment 1

(Due September 16)

For this and all other assignments, you may work alone or with a group of your classmates.

Purpose: Begin development of the prototype family that you will use throughout the course.

Written Work & Spreadsheet Work

(1) Write a one paragraph description of the prototype family that you will use for the course. Your paragraph should look like the paragraphs descriptions on pp.2-8 of A. Witte & S. Gulley, Prototypes Used During the Course.

Begin by indicating what "class" your family falls in using the New York Times (NYT), interactive graphic web site "How Class Works.")

Click here to go to the Select NYT's "How Class Works" web site. Enter: (1) the occupation for the worker in the family that earns the most money, (2) the education of that family member, (3) the category that the family's income falls into, (4) and the category of wealth that the family's net worth places it in. (Note: Click here for a definition of net worth.)

Note: The NYT method of defining class is far from perfect. Think about the methodology carefully. You can provide feedback to the NYT at the "How Class Works" web site. We will also discuss ways of improving the methodology in class.

Next describe other unique characteristics of your family that will help your reader understand the family's financial situation (e.g., is the family at the very top of the income distribution? is the family retired? is a family member in poor health?) Be sure to carefully review the prototype section of the Final Paper from previous years that you are reading. This is the section after the Introduction, but students call it various things. For example, last year Linda Chen called the section "Family History".

(2) Download "Protoype Summary - Assign #1 Rev 10-28-2009.xls" from the Prototypes folder in the First Class conference for the course. Complete Part I of the Prototype Summary in "Protoype Summary - Assign #1 Rev 10-28-2009.xls" that you have just downloaded.

Note: you can revise your entries on this spreadsheet whenever you need to during the semester.

Before completing Part I, download & carefully review Linda Chen's Prototype Summary spreadsheet from the Prototype folder in the First Class conference. Part I of Linda's prototype sumamry spreadsheet should help you complete Part I for your prototype.

Name the Word document with your answer to question (1) above Assign1-Yourname.docx (or Assign1-Yourname.doc if you are using an older version of Word). Name the Excel file with your answer to question (2) above Assign1-Yourname.xlsx (or Assign-Yourname.xls for older versions of Excel). For example, Lind Chen named the files she turned in for this assignment Assign1-LChen.doc and Assign1-LChen.xlsx because she was using an older version of Word, but a newer version of Excel.Failure to follow this naming convention will lower your grade!

Upload the Word document with your answer to Question 1 and the Prototype Summary spreadsheet with your answers to Question 2 to the Assignment 1 folder in the ":Econ223-Drop" folder in FirstClass before class on September 16.

Presentation & Financial Advisor Work

During the semester all students/groups will presnt their work on at least one assignment. Each student/group will also serve as a commentator/financial advisor and make comments & suggestions on the presentation. Presentation will last 10 minutes or less & comments/suggestion should last 5 minutes or less. Saundra & I will strictly enforce these time limits.

Email Econ223-Ask Ann & Saundra by September 14 at the latest to request the presenter or Financial Advisor role for this week. In your request to be presenter include your permission for us to send you answer to this assignment to this week's Financial Advisor. If we do not have a volunteer presenter & Financial Advisor by 5PM on September 14 we will assign students to presenter & advisor roles.

The Presenter for this Assignment should prepare a presentation of her Prototype Summary that includes her Prototype Summary spreadsheet (10 minutes or less).She will give her presentation at the beginning of class on September 16. The Financial Advosor for this week will discuss the Prototype presentation (including the spreadsheet) pointing out interesting aspects of the prototype & making constructive suggestions for improvement in the Prototype description or spreadsheet.

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