Requirements September 1962 until June 1972

1. Over a 3-month period, keep a record of the money you receive such as an allowance, gifts, earnings, fees, and interest. During the same period, keep a daily record of what you do with the money. Show your counselor how much of this money was used to support your church or synagogue and other organizations that build a better community. Explain why some of the money you earn should be set aside and shared for such purposes.

2. Estimate how much money you expect to receive during the next 12 months. Prepare a budget that shows what you plan to do with the money. Explain to your counselor:

(a) In what ways your experience with Requirement 1 helped you make your budget.

(b) In what ways, if any, you plan to use your income differently than you did during the 3 months of Requirement 1.

3. Explain to your counselor what plans you have, if any, for saving money over a long period of time_-for instance, for college, buying a car, taking a trip (to summer camp or a jamboree), or just putting money away for a "rainy day."

4. For each of the examples of using money listed below, be prepared to explain to the counselor the possible risk involved to the owner of the money and how other people might benefit, if at all, from the use being made of the money by:

(a) Burying it in a can.

(b) Putting it in a savings account at a bank or a savings institution.

(c) Opening a checking account at a bank.

(d) Buying United States savings bonds.

(e) Starting a small company that makes and sells handicraft items such as beaded belts, tooled wallets, copper bracelets, fishing flies, etc.

(f) Buying a common stock in one of the well-known established companies.

(g) Purchasing a house by cash or by down payment and a mortgage.

(h) Buying life insurance.

(i) Buying a bond issued by a large corporation.

5. If you were to buy a bicycle or radio, you have a choice of:

(a) Saving money until you have enough to pay cash for the item.

(b) Paying for the item in monthly or weekly installments.

Explain to your counselor the advantages and disadvantages of paying cash or buying on installments.