Personal Management

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== Merit badge requirements ==
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{{Merit Badge header|Personal Fitness|Pets|Personal-Management}}
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{{Infobox_MeritBadge_Silver
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:1. Do the following:
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|name= Personal Management
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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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|image= 2515c.gif
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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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|caption= Personal Management
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:::1. Discuss the plan with your merit badge counselor
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|subject= Economics
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:::2. Discuss the plan with your family
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|status= '''Eagle-required'''
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:::3. Discuss how other family needs must be considered in this plan.
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|created= 1972
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::c. Develop a written shopping strategy for the purchase identified in requirement 1a.
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|source1= Replaced
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:::1. Determine the quality of the item or service (using consumer publications or rating systems).
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|source2= [[Personal Finances]]
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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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|requirements revision= 2019
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:2. Do the following:
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|pamphlet revision= 2015
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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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|field= Personal Development
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::b. Compare expected income with expected expenses.
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|id= 011
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:::1. If expenses exceed income, determine steps to balance your budget.
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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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:::2. If income exceeds expenses, state how you would use the excess money (new goal, savings).
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}}
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:3. Discuss with your merit badge counselor FIVE of the following concepts:
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{{Merit Badge introduction}}
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::a. The emotions you feel when you receive money.
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<!-- ------------------------------------------------------ -->
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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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<!-- The text of the Requirements is on a locked subpage. -->
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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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<!-- Please offer comments or corrections -->
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::d. How hunger affects you when shopping for food items (snacks, groceries).
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<!-- under the Discussion tab at the top of this page. -->
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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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<!-- ------------------------------------------------------ -->
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::f. Your understanding of what happens when you put money into a savings account.
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{{reqs||merit badge }}
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::g. Charitable giving. Explain its purpose and your thoughts about it.
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== Notes ==
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::h. What you can do to better manage your money.
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<!-- ---------------------------------------------------------- -->
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:4. Explain the following to your merit badge counselor:
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<!-- Add general notes here, such as the link to the worksheet. -->
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::a. The differences between saving and investing, including reasons for using one over the other.
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<!-- ---------------------------------------------------------- -->
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::b. The concepts of return on investment and risk.
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{{Merit Badge Notes|Personal-Management}}
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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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{{Eagle}}
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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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{{STEM Nova award merit badge|[[Designed to Crunch]]}}
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::a. Current price
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{{TPF|Business}}
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::b. How much the price changed from the previous day
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{{PopularMeritBadge}}
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::c. The 52-week high and the 52-week low prices
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== Requirement resources ==
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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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<!-- ----------------------------------------------------------- -->
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::a. Common stocks
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<!-- Answers, cheatsheets, and answer keys will be removed. -->
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::b. Mutual funds
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<!-- Add links as guidance for specific requirements such as: -->
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::c. Life insurance
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<!-- * [[Internal Link]] or [external link] description -->
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::d. A certificate of deposit (CD)
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<!-- ----------------------------------------------------------- -->
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::e. A savings account or U.S. savings bond
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{{Merit Badge Requirement resources}}
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:7. Explain to your merit badge counselor the following:
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:'''2a.''' See the Sample Budget Plan included in the workbook (<span class=plainlinks>[http://usscouts.org/usscouts/mb/worksheets/Personal-Management.pdf PDF {{PDF}}] or [http://usscouts.org/usscouts/mb/worksheets/Personal-Management.docx Word {{DOC}}]</span>)
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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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:[http://en.wikipedia.org/wiki/Personal_budget How to Set Up a Personal Budget]
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::b. The different ways to borrow money.
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:See the Income Tracking Log included in the workbook (<span class=plainlinks>[http://usscouts.org/usscouts/mb/worksheets/Personal-Management.pdf PDF {{PDF}}] or [http://usscouts.org/usscouts/mb/worksheets/Personal-Management.docx Word {{DOC}}]</span>)
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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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:'''3c.''' [http://en.wikipedia.org/wiki/Buyer's_remorse Buyers Remorse]
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::d. Credit reports and how personal responsibility can affect your credit report.
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:'''4a.''' [http://en.wikipedia.org/wiki/Saving Savings vs. Investment]
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::e. Ways to reduce or eliminate debt.
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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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:8. Demonstrate to your merit badge counselor your understanding of time management by doing the following:
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:'''4c.''' [http://en.wikipedia.org/wiki/Interest Simple & Compound Interest]
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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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:'''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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::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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:'''6&7''' Stocks, Funds, Insurance, CD's, bonds, budgeting, and much more
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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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: [http://www.fool.com The Motley Fool] - [http://www.themint.org Nortwest Mutual Foundation]
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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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:'''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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: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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:'''8''' [http://en.wikipedia.org/wiki/Time_management Time Management] &nbsp; [http://www.topachievement.com/smart.html SMART Goals]
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::a. Define the project. What is your goal?
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== Related awards ==
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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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<!-- --------------------------------------------------------------- -->
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::c. Describe your project.
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<!-- Note similarities with other award requirements here such as: -->
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::d. Develop a list of resources. Identify how these resources will help you achieve your goal.
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<!-- * [[other award]] requirement ## -->
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::e. If necessary, develop a budget for your project.
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<!-- --------------------------------------------------------------- -->
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:10. Do the following:
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{{Personal Development Awards Links}}
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::a. Choose a career you might want to enter after high school or college graduation.
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{{Professions Award Links}}
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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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== See also ==
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<!-- ----------------------------------------------------- -->
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''Source: 2007 Boy Scout Requirements (33215)''
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<!-- Note similarities with other articles here such as: -->
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<!-- * [[other article]] -->
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== Notes ==
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<!-- ----------------------------------------------------- -->
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{{Merit Badge See also}}
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'''Personal Management merit badge is on the [[Eagle Scout]] required list (requirement 3.i.).'''
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== Help with these requirements ==
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[[Investing Opportunities for Scouts]] - example investment programs for youth
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== External links ==
== External links ==
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<!-- ------------------------------------------------------- -->
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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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<!-- ------------------------------------------------------- -->
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* {{current merit badge reqs PDF link|year=2019}}
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* {{previous merit badge reqs PDF link|year=2016}}
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* <span class=plainlinks>[https://draftable.com/compare/SJmksIdfxaDm Digital comparison between 2016 and 2019 versions of Personal Management merit badge requirements]</span> &mdash; Draftable.com
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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 National Association 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]
 +
{{Merit badges required for the Eagle Scout rank navbox}}
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{{Merit Badge footer}}

Current revision

Resources include the Personal Management merit badge worksheet in PDF format Adobe Acrobat PDF and Word format Microsoft Word DOC document, links, and cross-references to related badges and awards.
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Personal Management merit badge
Image:Personal Management.jpg
Status: Eagle-required
Created: 1972
Replaced: Personal Finances
BSA Advancement ID: 011
Requirements revision: 2019
Latest pamphlet revision: 2015

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 ratings 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 for a period of 13 consecutive weeks.
    (b) Compare expected income with expected expenses.
    (1) If expenses exceed budget income, determine steps to balance your budget.
    (2) If income exceeds budget expenses, state how you would use the excess money (new goal, savings).
    (c) Track and record your actual income, expenses, and savings for 13 consecutive weeks (the same 13-week period for which you budgeted). (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.
    (d) Compare your budget with your actual income and expenses to understand when your budget worked and when it did not work. With your merit badge counselor, discuss what you might do differently the next time.
  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 and how they are related.
    (c) The concepts of simple interest and compound interest.
    (d) The concept of diversification in investing.
    (e) Why it is important to save and invest for retirement.
  5. Explain to your merit badge counselor what the following investments are and how each works:
    (a) Common stocks
    (b) Mutual funds
    (c) Life insurance
    (d) A certificate of deposit (CD)
    (e) A savings account
    (f) A U.S. savings bond
  6. Explain to your counselor why people might purchase the following types of insurance and how they work:
    (a) Automobile
    (b) Health
    (c) Homeowner’s/renter’s
    (d) Whole life and term life
  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 place of worship 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) With your merit badge counselor, review your “to do” list, one-week schedule, and diary/journal to understand when your schedule worked and when it did not work. Discuss 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. Discuss with your counselor the needed qualifications, education, skills, and experience.
    (b) Explain to your counselor what the associated costs might be to pursue this career, such as tuition, school or training supplies, and room and board. Explain how you could prepare for these costs and how you might make up for any shortfall.


The official source for the information shown in this article or section is:
Scouts BSA Requirements, 2019 Edition (BSA Supply SKU #648914)

View the change list (history) of these requirements. 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! (PDF or Word) with the maps, charts, links, diagrams, and checklists you need! Or click here to print just the Personal Management requirements. usscouts.org has PDF and Word versions of workbooks for Scouts BSA ranks and merit badges, Cub Scouting ranks and adventures, and STEM Nova awards.

Personal Management merit badge is required for the Eagle Scout rank.
The Personal Management merit badge is an option for the Designed to Crunch STEM Nova Award.
  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

2a. See the Sample Budget Plan included in the workbook (PDF Adobe Acrobat PDF or Word Microsoft Word DOC document)
How to Set Up a Personal Budget
See the Income Tracking Log included in the workbook (PDF Adobe Acrobat PDF or Word Microsoft Word DOC document)
3c. Buyers Remorse
4a. Savings vs. Investment
4b. Return on Investment   Risk
4c. Simple & Compound Interest
5. Stocks: Most Actives   Yahoo Finance   MSN MoneyCentral
6&7 Stocks, Funds, Insurance, CD's, bonds, budgeting, and much more
The Motley Fool - Nortwest Mutual Foundation
7c. When are Charge Cards Better than Credit Cards? A very good and concise discussion of the two.
8 Time Management   SMART Goals

Related awards

Personal development-related awards
Profession-related awards

See also

Scouts BSA portal
Venturing portal
Sea Scout portal
General Merit Badge information

External links


Personal tools
language