BeautyLink - Volume 8, Issue 2 - (Page 33)

VOICES FROM THE CLASSROOM Q. How do you creatively teach finance to your students? Stephenie Westmoreland Yolanda Matthews-Porter Salon Floor Supervisor Eric Fisher Academy Wichita, KS Cosmetology Educator 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. 783948_Massage.indd 1 Houston, TX 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 hard skills! Donna Haynes Educator Universal Cosmetology SCH Houston, TX 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 classroom instructions. 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 33

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
Superstar Graduate
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