BeautyLink - Volume 8, Issue 2 - (Page 33)
VOICES FROM THE
Q. How do you creatively teach
finance to your students?
Salon Floor Supervisor
Eric Fisher Academy
The Harold D. Guthrie
Center For Excellence
In my business classes, I often simulate the core
concept of business ownership using M&Ms.
This activity can be customized to demonstrate
both booth rent or salon ownership. Each group
is divided into four to eight students. Each group
receives 100 M&Ms, and bags labeled 'income'
and 'expense.' The 100 candies represent your
monthly income and are used to 'pay' expenses.
Fifty pieces are moved from income to expense
for employee compensation. Rent, supplies,
costs of doing business, insurance & benefits,
utilities, maintenance and miscellaneous are
removed leaving each group with 17 candies.
This represents what an owner would have left
at the end of a month as profit. This is a powerful
exercise to demonstrate where an owner's money
goes and how little the profit margin is.
I use my right brain to teach finance by creating
projects where my students would have to pay
booth rental for a period of time and then commission for the next. My students are paid a certain set amount of money for each service that
they complete on a weekly basis. At the end of
the week they must pay booth rent or commission for the amount that is set for them to pay.
If they don't have enough of money to pay their
booth rent or commission then this means that
they have work to do. It teaches them soft and
Financial literacy education is essential for students because as they grow and develop in their
vocation, it allows them the ability for growth in
leadership and entrepreneurship. It is a lesson
for all students so that they learn money management so as not to be lacking knowledge in
financial matters. Technology, however is a great
way for students to master the skills of financial
management as they are provided the opportunity in technology based programs. Game-based
programs with play money can create real life
scenarios as it allows students to interact with
each other, making it fun and an imaginative way
of learning and bringing together the learned
BE AUT YLIN K | F O CUSI NG O N F I NANCI A L S | 20 1 6 |
03/02/16 11:06 pm
Table of Contents for the Digital Edition of BeautyLink - Volume 8, Issue 2
Message From the AACS President and CEA Chair
Workings of Washington
CEA Gets Amped Up in Vegas
The Bottom Line: What You Should Discuss With Your CP
Revelations About the Department of Education
Do’s and Don’ts of Shopping for Suppliers — It Isn’t Retail Therapy!
And Then There’s Compliance
Students and Money Management
Voices From the Classroom
Beauty Changes Lives
People & Places
New Products & Services
Associate Member Profiles: Financial Services
New School Members
Upcoming 2016 Events
Index to Advertisers
BeautyLink - Volume 8, Issue 2