The Million Dollar Project - how to invest!

The Million Dollar Project is a popular educational activity that many schools use to teach students about personal finance, budgeting, and critical thinking. Here's how it typically works:

Introduction: Students are introduced to the concept of managing money and the idea of the Million Dollar Project. They're given a hypothetical scenario where they've come into a large sum of money, usually one million dollars, and are tasked with managing it wisely.

Budgeting: Students must create a budget detailing how they will allocate the million dollars across various expenses and investments. This often includes categories like housing, transportation, education, entertainment, charity, savings, and investments.

Research: To make informed decisions, students may need to research costs associated with different expenses and potential investment opportunities. This encourages them to explore real-world financial considerations and understand the implications of their choices.

Decision Making: Students make decisions on how to spend, save, and invest their money based on their budget and financial goals. They may need to prioritize needs over wants and consider long-term consequences.

Presentation: Depending on the format of the project, students may be required to present their budget and rationale to the class or submit it in written form to their teacher. This allows them to articulate their thought process and defend their choices.

Reflection: After completing the project, students reflect on their experience. They may discuss what they learned about personal finance, the challenges they faced, and how their perspectives on money management may have changed.

The Million Dollar Project is an effective way to engage students in hands-on learning about financial literacy, decision-making, and responsibility. It provides a practical context for understanding the value of money and the importance of making informed financial choices.

1. THE PROJECT MILLION DOLLAR Financial Literacy

2. Congratulations! You have just been given one million dollars ! In order to keep the money, you have to follow these rules: Put $60,000 into a savings account for university or college. Buy a vehicle. Buy a house. It cannot be more than $400,000. Plan a family vacation. Donate money to a charity of your choice. Make at least two “fun” purchases. You must spend every last cent! $1,000,000

3. For each purchase requirement, you must have at least one slide that explains the purchase and includes the website you found it on and a picture (see example). You can add as many extra slides or details as you would like. Go “over and above” the expectations! For almost everything in “real life” you need to add taxes (13%) to the cost. There are sometimes other fees too. In this case though, you only have to pay taxes on some items. Use your tracking sheet to record your expenses. Be sure you begin with $1,000,000 and end with $0. For each purchase you make, also record it on your e-transfer sheet. This is in place of writing a cheque or paying with cash or a bank card. Ask your parents if they have ever used e-transfers. STUDENT INSTRUCTIONS

4. Here are some websites you may find helpful when researching your purchases. HELPFUL WEBSITES Houses Realtor.ca Used Cars Carpages.ca Vacation Plans Expedia.ca There are many other websites you can use. Be sure to record where you found your information on the corresponding slide.

5. PURCHASE INFORMATION

6. You need to put at least $60,000 into a savings account. Find out the interest you would receive after 6 years according to how much you save. $tudentBank POST SECONDARY SAVINGS $1200 $100,000 0.200 $1200

7. VEHICLE PURCHASE $52,681 *Please include taxes!* 2021 Chevrolet Camaro 2LT Shock & Steel Special Edition Package. 335HP V

8. HOME PURCHASE $3950 Reminder: The house you purchase must be $500,000 or less, not including taxes or other fees. Please do not include taxes with your purchase.

9. FAMILY VACATION $12721.76 Plan a family trip. Calculate how much transportation, hotels, food, and any activities would cost. Show the details below. Please do not include taxes with your purchase. $ (add text)

10. CHARITY DONATION $100000 What charity (or charities) did you choose to donate to? Why? Please explain. I want to donate to the salvation army. I want to donate to the Salvation Army because they take in money for a good cause and they give me christmas presents every year.

11. FUN PURCHASE #1 $8702.66 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

12. FUN PURCHASE #3 $2955.98 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

13. FUN PURCHASE #2 $10713.51 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

14. FUN PURCHASE #4 $4444.48 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

15. FUN PURCHASE #5 $1999.98 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

16. FUN PURCHASE #6 $80117 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example). 2021 Mercedes-Benz E350 4MATIC Sedan

17. FUN PURCHASE #7 $62195 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example). 2022 Cadillac XT5 Premium Luxury

18. FUN PURCHASE #8 $334.81 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

19. FUN PURCHASE #9 $10281.81 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

20. FUN PURCHASE #10 $5431.96 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

21. FUN PURCHASE #11 $836.18 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

22. FUN PURCHASE #12 $2880 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example). $80 x 36 months (3 yrs) = $2880

23. FUN PURCHASE #13 $81995 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example). 2016 Tesla Model X 75D

24. FUN PURCHASE #14 $336 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example). Netflix premium - 1 ye ar Disney+ - 1 year

25. FUN PURCHASE #15 $1027.84 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

26. FUN PURCHASE #16 $53250 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example). 50k to dump on Jimmy’s head $3250 bag!

27. FUN PURCHASE #17 $79 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

28. FUN PURCHASE #18 $603.55 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example). X 2 = 27000 vbucks X 2 = 30000 robux

29. FUN PURCHASE #19 $181.88 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

30. FUN PURCHASE #20 $199.98 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

31. CHARITY DONATION $50000 What charity (or charities) did you choose to donate to? Why? Please explain. I want to donate to Second Harvest because they: “They recover and redistribute perishable, nutritious, unsold food before it becomes waste to a broad network of 1200 social service organizations. Their service helps nourish people through school programs, seniors' centres, homeless shelters, food banks, and regional food hubs. In 34 years, Second Harvest has rescued over 155 million pounds of healthy food, preventing 192 million pounds of greenhouse gases from entering the atmosphere.” -Wikipedia

32. FUN PURCHASE #10 $5431.96 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

33. FUN PURCHASE #10 $5431.96 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

34. FUN PURCHASE #10 $5431.96 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

35. FUN PURCHASE #10 $5431.96 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

36. FUN PURCHASE #10 $5431.96 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

37. FUN PURCHASE #10 $5431.96 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

38. FUN PURCHASE #10 $5431.96 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

39. FUN PURCHASE #10 $5431.96 *Please include taxes!* Use your extra money to buy whatever you want! Include the details here. You may add extra slides if needed. Please calculate and add taxes the same way you did for your vehicle purchase (see example).

40. REMAINING MONEY? $ (add text) Do you have any money remaining? If so, spend it! Be sure to create your own slide(s) (in a similar format to the previous slides) to explain any additional purchases. Don’t forget to add everything to your tracking sheet and “make” the purchases through e-transfer. 353108.46

41. TRACKING SHEETS

42. ITEM NAME DESCRIPTION COST BALANCE -- -- -- $1,000,000 Car - 2021 Chevrolet Corvette I love this car!! $89154.74 $ 910845.26 House It doesn’t show the address on the website for some weird reason. $235,745.50 $ 675099.76 Family vacation Very tropical lol I love this place $4438 $ 670661.76 Post-Secondary Savings #SavingUpForCollege $150000 $ 520661.76

43. ITEM NAME DESCRIPTION COST BALANCE Fun Purchase #1 A swing set! Yay! $824.89 $519836.87 Fun Purchase #2 2007 Lamborghini Gallardo Spyder AWD $158189.83 $ 361647.04 Fun Purchase #3 2020 Tesla Model 3 Standard Plus RWD $ 51853.44 $309793.6 Fun Purchase #4 25 shares of Google stocks $52090.25 $257703.35 Fun Purchase #5 Raised Bungalow in Switzerland $200,800 $56903.35 Dog He’s so cute!! I’m thinking of naming him Adam! $0.00 $ 56903.35

44. RECORD OF E-TRANSFERS

45. TRANSFER MONEY TO AMOUNT DATE REASON FOR TRANSFER My savings account $150,000 2021-02-13 Saving up for college!!!! Car seller $89154.74 2021-02-13 Vehicle Purchase Home seller $232745.5 2021-02-13 Home! Realtor - Michael Fiscina $3000 2021-02-13 I have to pay the realtor Banking Transactions: Record of E-Transfers $tudentBank

46. TRANSFER MONEY TO AMOUNT DATE REASON FOR TRANSFER Air Tahiti $4000 2021-02-13 Flight Blue Heaven Island Lodge $438 2021-02-13 Vacation The Salvation Army $56903.35 2021-02-03 Charity Donation Wayfair Canada $824.89 2021-02-13 Fun Purchase #1 Banking Transactions: Record of E-Transfers $tudentBank

47. TRANSFER MONEY TO AMOUNT DATE REASON FOR TRANSFER Car seller $ 158189.83 2021-02-13 Fun Purchase #2 Car seller $51853.44 2021-02-13 Fun Purchase #3 Google $52090.25 2021-02-13 Fun Purchase #4 Home seller $200,800 2021-02-13 Fun Purchase #5 Banking Transactions: Record of E-Transfers $tudentBank

48. TRANSFER MONEY TO AMOUNT DATE REASON FOR TRANSFER Doggy $0.00 2021-02-13 He’s cute! Banking Transactions: Record of E-Transfers $tudentBank

49. What did this project teach you about managing money in “real life?” This project was SUPER FUN and helped me realize that there are a lot of things to think about when one spends money or buys something important. REFLECTION

50. RUBRIC Level 1 Level 2 Level 3 Level 4 Attention to Detail Only some of the instructions were followed. Not all of the money was spent. Many mistakes with recording e-transfers (or not recorded). Most of the instructions were followed. Most (or all) of the money was spent. Not all e-transfers recorded, or there were some mistakes. Instructions followed. Spent all of the money. All of the necessary purchases made. E-transfers recorded correctly. Met requirement of Level 3 but also went over and above instructions, adding in own details. Purchase Information Some slides or details are missing. Slides contain most of necessary information - some details missing. Slides contained necessary information (e.g. picture, website, details, money spent). Met requirement of Level 3 but also went over and above instructions. Math calculations Many errors in math calculations. Some errors in math calculations. Calculations correct for taxes, interest and tracking sheets. Calculations for taxes, interest and tracking sheets were well organized. Written Reflection Reflection is incomplete. Response is basic and lacks detail. Offered a clear reflection in full sentences. Reflection was thoughtful and detailed. Connections to real life made sense and were meaningful.