JHS Personal Finance students visit:
The Legend Group, Inc. & Southern Chautauqua Federal Credit Union
November 15, 2022
On November 15, 2022, Personal Finance students from Mrs. Schultze’s JCC/JHS College Connections BUS 1610 classes traveled to The Legend Group, Inc. and Southern Chautauqua Federal Credit Union in Lakewood, New York.
Louis Deppas,CRC ® shared with students his experience as an educator at JHS, an entrepreneur, and a senior financial advisor at The Legend Group, Inc. The class explored free online resources that provide financial planning tools when developing and setting financial goals: https://www.investor.gov/free-financial-planning-tools and https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator. Mr. Deppas shared his insight on historical and current financial trends that will be helpful for students as they compete in JA’s WNY Stock Market Challenge this month.
John Felton, CEO at Southern Chautauqua Federal Credit Union and James Casini, Community Impact Officer, provided students a journey through five departments at the credit union. Students visited the teller line, collections, accounting, IT, and the loan department where representatives shared insight and financial management advice. Some high school students think the days of being graded are over after high school. Credit union representatives reminded students that their FICO® Score will determine not only interest rates on loans, but eligibility for credit cards and renting an apartment. Fun fact: JHS has a Southern Chautauqua Federal Credit Union branch location in the library for students to utilize during school hours.
All learners were appreciative and grateful for the expertise and authentic learning experience The Legend Group and the Southern Chautauqua Federal Credit Union offered them on their personal financial journey!
Shults Nissan Subaru & Summit Wealth Management, Inc.
Provide authentic learning opportunities to JHS Personal Finance students
October 19, 2022
On October 19, 2022, the wintery conditions did not stop Mrs. Amy Schultze’s JHS/JCC Personal Finance students from traveling to Jamestown businesses: Shults Nissan Subaru and Summit Wealth Management, Inc. First stop was at Shults Nissan Subaru where Austin Harmon, Business Manager, provided learners the steps to purchasing a vehicle. Mr. Harmon had a new 2023 Nissan Rogue available for our “potential buyers” to sit behind the wheel, while exploring all the vehicle’s features. Students reviewed the Nissan Rogue’s window sticker and the essential information detailed on the document: MSRP Base Price, extra options, city/highway MPG, safety ratings, and more. Darren Hills, Sales Manager at Shults Nissan Subaru, pointed out the significance of each automobile’s VIN number, and the importance of researching a pre-owned vehicle’s past history. An essential question any lending institution will ask before discussing the terms of a loan: Does the vehicle have a “clean” or “branded” title?
Mr. Harmon created two financial simulations for JHS students based on purchasing the 2023 Nissan Rogue. The one variable that made a huge difference in the loan payments is a person's FICO® Score. Learners compared two different FICO (credit) scores: 568 versus 729. The difference in interest on the loan for a person with 568 FICO score (10.85%) versus a 729 FICO score (3.69%). Austin Harmon enabled students to walk through a car buying process in a real world setting! Mr. Hills provided each JHS student with a dog toy in support of: October 22nd Subaru National #MakeADogsDay
Douglas Schutte,ChFC®/Wealth Manager, at Summit Wealth Management, Inc. gave students insight into their business services: investment & wealth management; Summit Accounting Solutions; and Team1Insurance. Mr. Schutte offered students a glimpse into the education, training, and licensure to become a Chartered Financial Consultant. Ways students can become familiar with investments may include: researching historical trends of a company; comparing growth vs. value funds, and ensuring you have a balanced portfolio. Mr. Schutte emphasized that starting to systematically save 10-15% of their income (when fully employed), can help to ensure their financial success.
Students met other team members at Summit Wealth Management. Myron Nordin, Account Manager at Team1Insurance, emphasized the importance and sometimes legal requirements of insurance coverage. There are many types of insurance plans, such as: property & liability; life; accident; health; auto; home; and more. An insurance policy provides the policyholder financial peace of mind. Ashley Bobek, Tax Specialist, shared her role at Summit Accounting Solutions. In the event a client sells a long term asset, a tax specialist ensures any capital gains taxes are paid and included on their tax return. Mr. Schutte and his team at Summit Wealth Management provided JHS students with not only refreshments, but guidance on what sectors they should invest in for the November 2022 - Junior Achievement’s WNY Stock Market Challenge!
Mrs. Schultze’s Personal Finance students were very grateful that Jamestown area businesses, such as: Shults Nissan Subaru and Summit Wealth Management, Inc. were generous to share insight into their area of expertise!