This is NYC Honor Foundation's own alignment. It is not a review, certification or endorsement by the Council for Economic Education or the Jump$tart Coalition, which publish the standards.
The standards
The National Standards for Personal Financial Education (2021) were published together by the Council for Economic Education and the Jump$tart Coalition (Jump$tart's page). They cover six topics: Earning Income, Spending, Saving, Investing, Managing Credit and Managing Risk. Each topic has standards for the end of grades 4, 8 and 12, and each standard has lettered learning outcomes.
We use the grade 8 and grade 12 levels, because the course is written for high-school players. A code like Earning Income 8-6 means the sixth grade 8 standard in that topic, and 8-6b is one of its learning outcomes. The same code appears in more than one topic, so we always give the topic too.
The short version
The six live lessons teach 36 of the 108 grade 8 and 12 standards and part of 21 more. 51 are not covered yet. The course starts from what a high-school athlete with NIL money needs, so it is strongest on budgeting, income, taxes, saving, investing and credit cards, and has not reached student loans, mortgages or insurance.
| Topic | Standards | Taught | Partly | Not yet |
|---|---|---|---|---|
| Earning Income | 20 | 4 | 4 | 12 |
| Spending | 13 | 9 | 2 | 2 |
| Saving | 15 | 7 | 6 | 2 |
| Investing | 21 | 8 | 4 | 9 |
| Managing Credit | 20 | 6 | 5 | 9 |
| Managing Risk | 19 | 2 | 0 | 17 |
| All six topics | 108 | 36 | 21 | 51 |
Taught means the lesson teaches the standard's idea and the learning outcomes listed beside it. Partly means it teaches part of it, and the row says what is missing. A standard that shows up in two lessons is counted once.
How we check what players learn
Each lesson starts with an optional three-question warm-up, before any teaching. The lesson ends with the Film Room, whose three main calls test the same ideas, worded differently. Being quizzed also helps people remember more than rereading does (Roediger and Karpicke, 2006, on the testing effect). Answers stay on the player's phone. We only count anonymous totals, like how many players got 2 of 3 before the lesson and after it.
Module 01: Money Fundamentals
| Lesson section | Standard (grade 8 or 12) | What the lesson says | Coverage |
|---|---|---|---|
| How do you make a budget? | Spending 8-1Creating a budget can help people make informed choices about spending, saving, and managing money in order to achieve financial goals.
| Write down what comes in, then decide where every part of it goes before you spend it: needs, saving, giving, and wants.Builds a monthly budget out of a given income (a labeled example) and names short- and long-term saving goals. Why people with the same income choose differently, and budgeting on minimum wage (8-1c, 8-1d), are not taught. | Taught |
| How do you make a budget? How do you save when it is hard? Where does giving fit? | Spending 12-1A budget helps people achieve their financial goals by allocating income to necessary and desired spending, saving, and philanthropy.
| Some are fixed (the same every month, like a phone bill) and some are variable (food, rides).Splits income into needs, saving, giving and wants, with fixed and variable expenses, goals, a plan for pay that changes month to month, and an emergency fund for the unexpected. Budgeting tools are named but not compared (12-1d). | Taught |
| How should you pay for things? | Spending 8-4Consumers weigh the costs and benefits of different payment methods to determine the best option for purchasing goods and services.
| A debit card pays with money that is already in your checking account.Cash, debit, credit, prepaid cards and payment apps compared on loss limits (Regulation E, Regulation Z) and dispute rights. Choosing and justifying a method for three purchases (8-4d) is practiced in one Film Room call only. | Taught |
| How do you buy smart? | Spending 8-2Making an informed purchase decision requires a consumer to critically evaluate price, product claims, and quality information from a variety of sources.
| Check the maker's site, a couple of sellers, and reviews from people who bought it.Where to gather product information and which information matters most: total cost, unit price, how long it lasts. Module 06 covers misleading claims (8-2c, 8-2d). | Taught |
| How do you buy smart? | Spending 12-2Consumer decisions are influenced by the price of products or services, the price of alternatives, the consumer’s budget and preferences, and potential impact on the environment, society, and economy.
| Compare the total cost, not the sticker.Price, the price of alternatives, the budget, and a simple research process. Effects on the environment, society and the economy (12-2c) are not taught. | Partly |
| How do you buy smart? | Spending 12-3When purchasing a good that is expected to be used for a long time, consumers consider the product’s durability, maintenance costs, and various product features.
| For something you will use a long time, ask how long it lasts and what it costs to keep.Durability and cost over time, with worked shoe and phone examples. Comparing three competing products and environmental impact (12-3b, 12-3c) are not done. | Taught |
| How do you buy smart? | Spending 12-4Consumers may be influenced by how prices of goods and services are advertised, and whether prices are fixed or negotiable.
| Prices in a store are usually fixed, but some can be negotiated, like a used car or something from a reseller."Sale" and "was" prices under the FTC pricing guides (16 CFR 233.1), unit prices, and negotiable prices. Inflation (12-4b) is taught in Module 04, not here. | Taught |
| How do you buy smart? How do you save when it is hard? | Spending 12-5Consumers incur costs and realize benefits when searching for information related to the purchase of goods and services.
| Research takes time, so save the deep dive for things that cost a lot or that you will use a long time.The time cost and the payoff of research, where to look, and the pressure tactics built to make people buy: countdown clocks, limited drops and social media ads. | Taught |
| How do you make a budget? How do you save when it is hard? | Saving 8-2Savings decisions depend on individual preferences and circumstances, and can impact personal satisfaction and financial well-being.
| NIL money is lumpy: a deal one month, nothing the next.Pay that changes month to month as a reason saving is hard, and an emergency fund as protection. Comparing attitudes and personality types (8-2a, 8-2b) is not taught. | Partly |
| How do banks work? | Saving 8-3Financial institutions pay interest to depositors and loan out the money to borrowers who pay interest on their loans.
| the bank lends your money to other people, they pay the money back to the bank with interest, and the bank gives you a small amount of the money they make.Banks versus credit unions, where deposit interest comes from, and 2026 national average rates: savings at 0.37% (FDIC) against car loans, personal loans and credit cards (Federal Reserve G.19). The rates are national averages, not one institution's own. | Taught |
| How do banks work? | Saving 8-6Checking and saving deposit accounts in many financial institutions are insured up to certain limits by the federal government.
| Credit unions have the same $250,000 coverage through the NCUA.FDIC and NCUA coverage limits side by side. Module 05 covers 8-6a and 8-6c. | Taught |
| How do banks work? | Saving 12-2Deposit account interest rates and fees vary between financial institutions and depend on market conditions and competition.
| One account may charge a monthly fee unless you keep a minimum balance; another may not.Fees and rates differ between institutions, so compare before choosing (CFPB). Why market conditions move deposit rates (12-2b, 12-2c) is not taught. | Partly |
| How do banks work? | Saving 12-5Government agencies such as the Federal Reserve, the FDIC, and the NCUA, along with their counterparts in state government, supervise and regulate financial institutions to improve financial solvency, legal compliance, and consumer protection.
| charters and regulates state-chartered banks, and regulates state-chartered credit unions along with the NCUA.Names the Federal Reserve, FDIC, OCC and NCUA and which institutions each oversees, and New York's Department of Financial Services as the state regulator. What examiners check and why solvency matters (12-5a, 12-5c) are only touched on. | Partly |
| How do you save when it is hard? | Saving 12-9There are many strategies that can help people manage psychological, emotional, and external obstacles to saving, including automated savings plans, employer matches, and avoiding personal triggers.
| Pay yourself first, and make it automatic.Pay yourself first, automatic recurring transfers, and triggers named for athletes: friends, sneaker drops, social media and subscriptions. Employer matches are not covered. | Taught |
Also taught, outside the standards: Federal loss limits for lost or stolen cards and unauthorized transfers (Regulation E, 12 CFR 1005.6; Regulation Z, 12 CFR 1026.12(b)); registering a prepaid card for those limits (12 CFR 1005.18(e)(3)); the FTC pricing guides on "was" prices (16 CFR 233.1); unit pricing (NIST); planning a budget around NIL pay that changes month to month, with the tax set-aside taken first.
Module 02: Understanding NIL Deals
| Lesson section | Standard (grade 8 or 12) | What the lesson says | Coverage |
|---|---|---|---|
| Can a high-school player do NIL deals? What is a contract really asking for? | Earning Income 12-11Owning a small business can be a person’s primary career or can supplement income from other sources.
| A long exclusive can block a bigger deal later.Treats an NIL deal as paid side work and weighs what it can cost: eligibility, and other deals it blocks. Running a small business is not taught. | Partly |
| Do I have to say a post is an ad? | Spending 8-3When evaluating information about goods and services, a consumer can better assess the quality and usefulness of the information by understanding the incentives of the information provider.
| If a brand pays you or gives you free stuff, you must say so clearly in the post itself, not only in your bio or at the end of a video.Taught from the poster's side: why a paid post has to be labeled, so viewers know the incentive. Comparing product information sources is not taught. | Partly |
| Do I have to say a post is an ad? What about agents? | Spending 12-8Federal and state laws, regulations, and consumer protection agencies (e.g., Federal Trade Commission, Consumer Affairs office, and Consumer Financial Protection Bureau) can help individuals avoid unsafe products, unfair practices, and marketplace fraud.
| An agent must be registered with the New York Secretary of State, the contract must be in writing, and you can cancel within 5 days of signing by written notice.Names a federal rule (the FTC Endorsement Guides) and a New York law (athlete agents), and the protection each one gives. | Taught |
| Red flags that mean walk away | Spending 12-8Federal and state laws, regulations, and consumer protection agencies (e.g., Federal Trade Commission, Consumer Affairs office, and Consumer Financial Protection Bureau) can help individuals avoid unsafe products, unfair practices, and marketplace fraud.
| Someone wants money up front to "get you deals."A list of common scams aimed at players: upfront fees, fake agents, pay in gift cards or crypto. | Taught |
| Red flags that mean walk away | Managing Risk 12-11Online transactions and failure to safeguard personal documents can make consumers vulnerable to privacy infringement, identity theft, and fraud.
| A "big brand" rep using a personal email or phone number.Covers message scams aimed at players. What to do after identity theft is not taught. | Partly |
Also taught, outside the standards: High-school league NIL rules (NYSPHSAA, PSAL, CHSAA, NJSIAA, PIAA, NEPSAC); New York law on minors' contracts and likeness releases; NCAA Division I reporting of high-school deals.
Module 03: NIL and Taxes
| Lesson section | Standard (grade 8 or 12) | What the lesson says | Coverage |
|---|---|---|---|
| Is NIL money taxable? Does free gear count as income? How much should I set aside? | Earning Income 8-7People are required to pay taxes on most types of income, including wages, salaries, commissions, tips, earnings on investments, and self-employment income. | All NIL income is taxable, including free products and gift cards, whether or not anyone sends you a tax form.The standard names self-employment income, and free gear counts too. The set-aside table shows federal tax rising with income, but at these amounts that tax is self-employment tax, not income tax, so 8-7a is not claimed. | Taught |
| Do I have to pay taxes during the year? | Earning Income 8-7People are required to pay taxes on most types of income, including wages, salaries, commissions, tips, earnings on investments, and self-employment income.
| paying it all in January can still bring a penalty for the earlier dates.Covers the penalty for paying tax late during the year, not the wider consequences of not paying. | Partly |
| What is self-employment tax? | Earning Income 8-6Social Security is a federal government program that taxes workers and employers to provide retirement, disability, and survivor income benefits for workers or their dependents.
| An employee pays half of this tax and the employer pays the other half. When you work for yourself, you pay both halves.Social Security and Medicare tax for someone self-employed versus someone on payroll. | Taught |
| How much should I set aside? | Earning Income 8-5Net income (take-home pay) is the amount left from wages and salaries after taxes and payroll deductions.
| Below about $17,300 of profit, about 14.1% of NIL profit covers federal tax, and it is all self-employment tax.The standard speaks of wages. The lesson applies the same idea, pay versus what you keep after tax, to NIL pay, deal by deal. | Taught |
| How much should I set aside? | Earning Income 12-6Federal, state, and local taxes fund government-provided goods, services, and transfer payments to individuals. The major types of taxes are income taxes, payroll taxes, property taxes, and sales taxes.
| Want your own numbers? Use the NIL Tax Calculator.Players estimate federal tax from income with a table, a calculator and a Film Room call. Property and sales taxes are not covered. | Partly |
| Will I get a 1099, and does it matter? Is NIL money taxable? | Earning Income 12-7The type and amount of taxes people pay depend on their sources of income, amount of income, and amount and type of spending.
| A business only has to send you a Form 1099-NEC once it pays you $2,000 or more in a yearContrasts W-2 pay, with tax taken out, and 1099 pay, with no tax taken out and self-employment tax on top. | Taught |
| Is NIL money taxable? Do I have to file a tax return if my parents claim me? | Earning Income 12-7The type and amount of taxes people pay depend on their sources of income, amount of income, and amount and type of spending.
| If a company only pays to use your picture or name and you do no work at all, that is a royalty, which is taxed differently.Shows that payroll pay, self-employment pay and royalties are taxed differently, and that profit and the standard deduction set the income tax. Names federal, New York State and New York City tax, but does not compare rates in full. | Partly |
| Do I have to file a tax return if my parents claim me? Can I lower what I owe? | Earning Income 12-9Tax deductions and credits reduce income tax liability. | If NIL pay for work is your only income and your profit is under about $17,300, federal income tax is $0 and the only federal tax is self-employment tax.Shows how the standard deduction and business costs lower the tax owed. Tax credits, the difference between a credit and a deduction, and Form W-4 (12-9a to 12-9c) are not taught. | Partly |
| Can I lower what I owe? | Spending 12-9Having an organized system for keeping track of spending, saving, and investing makes it easier to make financial decisions.
| Keep receipts and a simple log of every payment, every piece of free gear and every cost, and keep them as long as you might need to back up your return.A record-keeping system for NIL income and costs. Tracking spending and investing is not covered. | Partly |
| Whose income is it if the brand pays my parent? | Managing Risk 12-11Online transactions and failure to safeguard personal documents can make consumers vulnerable to privacy infringement, identity theft, and fraud.
| Only give your Social Security number to a company you have checked is realWhen a Social Security number is needed (a Form W-9 for a real brand) and when it is not. | Taught |
Also taught, outside the standards: The Form 1099-K threshold for payment apps; the $400 self-employment filing rule for dependents; estimated tax due dates; Form W-9 backup withholding.
Module 04: Make It Grow
| Lesson section | Standard (grade 8 or 12) | What the lesson says | Coverage |
|---|---|---|---|
| What is compound growth? | Saving 8-5Compound interest is interest on both the original principal and previously earned interest, as compared to simple interest which is only interest on the original principal.
| So you gain $74.90 instead of $70 and end the year at $1,144.90.Compares growth on growth with growth on the starting amount only. | Taught |
| What is compound growth? | Saving 8-4Interest earned on savings is the interest rate multiplied by the balance in the account, which includes the original amount saved (principal) and previously earned interest.
| The SEC defines compound interest as interest paid on the original amount and on the interest already added.Principal and interest are shown. The Rule of 72 (8-4c) is not taught. | Partly |
| What is compound growth? Why does starting at 16 beat starting at 26? | Investing 8-7The benefits of compounding for building wealth are greatest for people who invest regularly over longer periods of time.
| The one who starts at 16 puts in $6,000 more in total but ends up with about twice as much.8-7d compares starting at 30 and at 40. The lesson makes the same comparison at 16 and 26, with the formula shown. | Taught |
| Why does cash lose value? | Saving 12-4Inflation can erode the value of savings if the interest rate earned on a savings account is less than the inflation rate.
| A $100 bill that sat in a drawer that whole year now buys only about $96.71 worth of what it used to.Cash that earns nothing loses buying power to inflation, using the August 2026 CPI. | Taught |
| Why does cash lose value? | Investing 12-4Because inflation reduces purchasing power over time, the real return on a financial asset is lower than its nominal return.
| Something that cost $100 in August 2025 cost about $103.40 in August 2026.Real versus nominal returns (12-4b, 12-4c) are not taught. | Partly |
| What can you actually own? | Investing 8-1Investors in financial assets expect an increase in value over time (capital gain) and/or receipt of regular income, such as interest or dividends.
| You can make money if the price goes up, or if the company pays out part of its earnings to owners, called a dividend.Price gains, dividends and bond interest as the ways investors are paid. | Taught |
| What can you actually own? | Investing 8-2Common types of financial assets include certificates of deposit (CDs), stocks, bonds, mutual funds, and real estate.
| A stock is a small piece of ownership in a company.Defines stocks, bonds and funds. CDs, real estate and looking up prices (8-2b) are not covered. | Partly |
| What can you actually own? | Investing 8-3Investors who buy corporate or government bonds are lending money to the issuer in exchange for regular interest payments. | A bond is a loan you make to a company or a government, which pays you interest.The idea is taught. Comparing corporate and government bonds and working out coupon interest (8-3a, 8-3b) are not. | Partly |
| What can you actually own? Why can't anyone promise you a return? | Investing 8-4Investors who buy corporate stock become part-owners of a business, benefit from potential increases in the value of their shares, and may receive dividend income.
| large company stocks as a group "have lost money on average about one out of every three years."Ownership, price gains, dividends, and the risk that stocks fall. | Taught |
| What can you actually own? What is diversification, and what is an index fund? | Investing 8-5Instead of buying individual stocks and bonds, investors can buy shares of pooled investments such as mutual funds and exchange-traded funds (ETFs).
| You can spread out across kinds of investments, like stocks and bonds, and inside each kind, like many companies in different industries.Funds as pooled investments, and spreading out within and across kinds of investments. | Taught |
| Why can't anyone promise you a return? | Investing 12-3Investors expect to earn higher rates of return when they invest in riskier assets.
| The SEC says all investments involve some degree of risk, and investors who take more risk look for higher returns to make up for it.Long-run average returns by kind of investment (12-3b) are not given. | Taught |
| What is diversification, and what is an index fund? | Investing 12-6When making diversification and asset allocation decisions, investors consider their risk tolerance, goals, and investing time horizon.
| Diversification means spreading your money across many investments so one bad pick cannot sink you.A fund that owns many companies versus a few single stocks. | Taught |
| What is diversification, and what is an index fund? | Investing 12-7Expenses of buying, selling, and holding financial assets decrease the rate of return from an investment.
| It usually trades less and charges lower fees than a fund where managers pick and choose.Fees lower returns, and why index funds usually cost less. Comparing expense ratios fund by fund (12-7b) is not done; the lesson names no fund. | Taught |
| How do you spot an investment scam? | Spending 12-8Federal and state laws, regulations, and consumer protection agencies (e.g., Federal Trade Commission, Consumer Affairs office, and Consumer Financial Protection Bureau) can help individuals avoid unsafe products, unfair practices, and marketplace fraud.
| Watch for promises of guaranteed high returns, pressure to buy right now, and claims of inside or secret information.Investment scam warning signs from the SEC. | Taught |
| How do you spot an investment scam? | Managing Risk 12-11Online transactions and failure to safeguard personal documents can make consumers vulnerable to privacy infringement, identity theft, and fraud.
| Messages you did not ask for that want your personal information.Spotting unwanted messages and pay-by-gift-card demands. Steps to take after identity theft (12-11d) are not taught. | Partly |
Also taught, outside the standards: Investor.gov as a free place to check whoever is selling an investment.
Module 05: Accounts That Build Wealth
| Lesson section | Standard (grade 8 or 12) | What the lesson says | Coverage |
|---|---|---|---|
| Checking, savings or high-yield savings: what is the difference? | Saving 8-6Checking and saving deposit accounts in many financial institutions are insured up to certain limits by the federal government.
| the FDIC does not cover stocks, bonds, mutual funds or crypto, even when a bank sells them.What deposit insurance covers and what it does not. Credit union insurance (NCUA, 8-6b) is not compared. | Taught |
| Checking, savings or high-yield savings: what is the difference? | Saving 12-3Unless offered by insured financial institutions, mobile payment accounts and cryptocurrency accounts are not federally insured and usually do not pay interest to depositors. | Second, a payment app is not a bank.Payment apps are not insured banks. Payment app and crypto account features (12-3b) are not compared in depth. | Taught |
| Checking, savings or high-yield savings: what is the difference? | Saving 12-1Financial institutions offer several types of savings accounts, including regular savings, money market accounts, and certificates of deposit (CDs), that differ in minimum deposits, rates, and deposit insurance coverage.
| A high-yield savings account is a savings account that pays a higher rate.Money market accounts and CDs are not covered. | Partly |
| The key idea: can I put NIL money in a Roth IRA? When can money come out of a Roth IRA tax-free? | Saving 12-6Tax policies that allow people to save pretax earnings or to reduce or defer taxes on interest earned provide incentives for people to save.
| The payoff comes later: the growth can come out tax-free.Roth IRA only. Traditional IRAs and education accounts (12-6b, 12-6c) are not compared. | Taught |
| The key idea: can I put NIL money in a Roth IRA? | Investing 12-8Tax rules affect the rate of return on different investments, and can vary by holding period, type of income, and type of account.
| For 2026, the IRS limit is $7,500 (IRS Notice 2025-67).The Roth IRA limit and tax treatment. The traditional IRA side is not taught. | Partly |
| The key idea: can I put NIL money in a Roth IRA? | Earning Income 12-8Interest, dividends, and capital appreciation (gains) are examples of unearned income derived from financial investments. Capital gains are subject to different tax rates than earned income.
| A deal that only pays to use your name or picture, with no work, may not count, because the IRS leaves out "earnings and profits from property."Separates pay for work from income from property. Capital gains tax rates (12-8b) are not taught. | Partly |
| What could $1,000 at 16 turn into? | Investing 8-7The benefits of compounding for building wealth are greatest for people who invest regularly over longer periods of time.
| $1,000 put into a Roth IRA at 16 and never touched grows to about $19,628 by age 60.The future value of one lump sum, with the formula shown. | Taught |
| Where should money go: savings or investing? | Investing 12-6When making diversification and asset allocation decisions, investors consider their risk tolerance, goals, and investing time horizon.
| Money you need soon, like your tax set-aside or an emergency cushion, belongs in insured savings, where it will not drop in value.Where money goes for a short-term goal versus a long-term one. | Taught |
| Where should money go: savings or investing? | Investing 8-6Different types of investments expose investors to different degrees of risk.
| Money you will not touch for many years has time to be invested and ride out the ups and downs.Safer places for money a player cannot risk. | Taught |
| Where should money go: savings or investing? | Saving 8-1People save money for many different purposes, including large purchases such as cars and homes, education costs, retirement, and emergencies.
| It depends on when you need it.Names common saving goals: taxes, emergencies, purchases, retirement. A written savings plan (8-1b) is not built. | Partly |
Also taught, outside the standards: Custodial (UTMA/UGMA) accounts for minors; SIPC protection at brokerage firms; Roth IRA withdrawal ordering and the 5-year rule.
Module 06: Protect the Bag
| Lesson section | Standard (grade 8 or 12) | What the lesson says | Coverage |
|---|---|---|---|
| Which scams target athletes, and how do you spot them? | Spending 12-8Federal and state laws, regulations, and consumer protection agencies (e.g., Federal Trade Commission, Consumer Affairs office, and Consumer Financial Protection Bureau) can help individuals avoid unsafe products, unfair practices, and marketplace fraud.
| Report it at ReportFraud.ftc.gov, and online fraud to the FBI at ic3.gov.Scams aimed at athletes: pay-first brand deals, fake checks, money flipping, money mules, and gift card and crypto payment demands, with where to report each (FTC, FBI IC3). | Taught |
| Which scams target athletes, and how do you spot them? How do you protect your identity? | Managing Risk 12-11Online transactions and failure to safeguard personal documents can make consumers vulnerable to privacy infringement, identity theft, and fraud.
| If it happens, report it at IdentityTheft.gov for a free recovery plan.Message and phishing scams, when a Social Security number should and should not be given (a W-9 for a real brand, never to an unexpected call or text), credit freezes, and the steps after identity theft. | Taught |
| How do you protect your identity? | Managing Risk 8-7Identity theft is the use of someone else’s personal identification information to commit a crime.
| Identity theft is when someone uses your personal or financial information without your permissionHow thieves get information (phishing texts, fake calls), how to protect it, and phone safety: going to the real app yourself, strong passwords and multi-factor authentication. | Taught |
| How do you protect your identity? What is a credit score, and what moves it? | Managing Credit 12-7Lenders assess creditworthiness of potential borrowers by consulting credit reports compiled by credit bureaus.
| AnnualCreditReport.com is the only website authorized to give the free reports federal law guaranteesNames the three nationwide credit bureaus, how to get free reports and why (spotting identity theft), and how to dispute an error. 12-7b is not taught in depth. | Taught |
| What is a credit score, and what moves it? | Managing Credit 8-5Lenders charge different interest rates based on borrower risk of nonpayment, which is commonly evaluated using information in the borrower’s credit report.
| Your report lists your accounts, balances, payment history, debts sent to collections, and who has looked at it.What a credit report contains, and that lenders use it to set whether and at what rate they lend. | Taught |
| What is a credit score, and what moves it? | Managing Credit 12-8A credit score is a numeric rating that assesses a person’s credit risk based on information in their credit report.
| A credit score is a number made from that report that predicts how likely you are to pay a loan back on time.The factors scoring models use (CFPB), why the score changes the cost of credit, and the habits that raise it: paying on time and paying cards in full. | Taught |
| What is a credit score, and what moves it? | Managing Credit 12-9Credit reports and credit scores may be requested and used by entities other than lenders.
| Checking your own report is a soft inquiry, which does not.Landlords, insurers and employers (with permission) use credit reports; hard versus soft inquiries. | Taught |
| What does debt really cost? | Managing Credit 8-2Financial institutions advertise loan costs to potential borrowers using the Annual Percentage Rate (APR), expressed as an annual percentage of the loan principal. Low introductory rates offered to attract customers may increase later.
| A low starting rate on a new card has to last at least six months, unless you are more than 60 days late on a payment, and then the card company can raise your rate.APR as the disclosed cost of borrowing, and what a late payment can do to a low starting rate. Calculating APR (8-2b) is not taught. | Taught |
| What does debt really cost? | Managing Credit 8-3The longer a loan repayment period and the higher the interest rate, the larger the total amount of interest paid by a borrower.
| Smaller payments stretch the loan out, and a longer loan costs more interest.A worked table: the same $500 balance paid at $50 and at $25 a month, with months and total interest. Comparing different interest rates (8-3a) is not shown. | Partly |
| What does debt really cost? | Managing Credit 12-1Borrowers can compare the cost of credit using the Annual Percentage Rate (APR) and other terms in the loan or credit card contract.
| On most cards, if you pay the full balance by the due date, you pay no interest on purchases.Grace periods, interest on a carried balance, daily interest, and late fees. Comparing the cost of $1,000 across credit options (12-1b) is not done. | Taught |
| What does debt really cost? | Managing Credit 8-4Credit cards typically charge higher interest rates on balances due compared with rates on other types of loans.
| Pay only part, and interest grows on the rest.How to keep card interest low: pay in full by the due date. Why card rates run higher than secured loans (8-4a) is not taught. | Partly |
| What does debt really cost? | Managing Credit 8-7Borrowing increases debt and can negatively affect a person’s finances.
| In 2022, about 63 percent of BNPL borrowers had more than one loan going at the same timeStacking several buy now, pay later loans as a warning sign of too much debt (CFPB). The effect of high debt payments on income (8-7b) is not taught. | Partly |
| What does debt really cost? | Managing Credit 12-10Borrowers who face negative consequences because they are unable to repay their debts may be able to seek debt management assistance.
| credit counseling, usually from a nonprofit, can help with a budget and a plan.Names credit counseling as a source of help. A repayment plan and the for-profit versus nonprofit comparison are not taught. | Partly |
| Can you get a credit card before 21? What does debt really cost? | Managing Credit 12-12Consumer credit protection laws govern disclosure of credit terms, discrimination in borrowing, and debt collection practices.
| Minimum Payment Warning: Making only the minimum payment will increase the amount of interest you pay and the time it takes to repay your balance.Federal disclosure rules (APR before use, the minimum payment warning) and the Credit CARD Act rule for under-21 applicants. Discrimination and debt collection rules are not taught. | Partly |
| How do you spot a misleading money ad? | Spending 8-3When evaluating information about goods and services, a consumer can better assess the quality and usefulness of the information by understanding the incentives of the information provider.
| Ask who is paying for the post, and whether the results shown are what most people get.Judging money content by who paid for it: undisclosed paid endorsements, paid testimonials and fake account screenshots (FTC Endorsement Guides, SEC). | Taught |
| How do you spot a misleading money ad? | Spending 8-2Making an informed purchase decision requires a consumer to critically evaluate price, product claims, and quality information from a variety of sources.
| Before you buy, search the name plus "scam" or "complaint," and compare what several well-known sources say, not just one account.Spotting misleading money ads and checking a claim. Gathering product information to make a purchase (8-2a, 8-2b) is not taught. | Partly |
Also taught, outside the standards: The federal rule for credit cards under 21 (15 U.S.C. 1637(c)(8); Regulation Z, 12 CFR 1026.51(b)); authorized users and secured cards; free credit freezes for children under 16; fake check and money mule schemes; buy now, pay later research from the CFPB.
What's next: the standards we do not cover yet
These are the gaps, grouped by where they would most naturally go. All six modules are live. The first list is the budget and banking topics Module 01 does not cover yet, and the second is the credit and debt topics Module 06 does not cover yet. A standard marked "Partly taught now" is already started in a live lesson.
Budget and banking, not in Module 01 yet: 4 standards
- Spending 12-2. Consumer decisions are influenced by the price of products or services, the price of alternatives, the consumer’s budget and preferences, and potential impact on the environment, society, and economy. Partly taught now
- Saving 8-2. Savings decisions depend on individual preferences and circumstances, and can impact personal satisfaction and financial well-being. Partly taught now
- Saving 12-2. Deposit account interest rates and fees vary between financial institutions and depend on market conditions and competition. Partly taught now
- Saving 12-5. Government agencies such as the Federal Reserve, the FDIC, and the NCUA, along with their counterparts in state government, supervise and regulate financial institutions to improve financial solvency, legal compliance, and consumer protection. Partly taught now
Credit and debt, not in Module 06 yet: 14 standards
- Managing Credit 8-1. Interest rates and fees vary by type of lender, type of credit, and market conditions.
- Managing Credit 8-3. The longer a loan repayment period and the higher the interest rate, the larger the total amount of interest paid by a borrower. Partly taught now
- Managing Credit 8-4. Credit cards typically charge higher interest rates on balances due compared with rates on other types of loans. Partly taught now
- Managing Credit 8-6. When people borrow money to invest in higher education or housing, the risks and costs may be outweighed by the future benefits.
- Managing Credit 8-7. Borrowing increases debt and can negatively affect a person’s finances. Partly taught now
- Managing Credit 12-2. Loans that are secured by collateral have lower interest rates than unsecured loans because they are less risky to lenders.
- Managing Credit 12-3. Monthly mortgage payments vary depending on the amount borrowed, the repayment period, and the interest rate, which can be fixed or adjustable.
- Managing Credit 12-4. Post-secondary education is often financed by students and families/caregivers through a combination of scholarships, grants, student loans, work-study, and savings.
- Managing Credit 12-5. Federal student loans have lower rates and more favorable repayment terms than private student loans, and may be subsidized.
- Managing Credit 12-6. Down payments reduce the amount needed to borrow.
- Managing Credit 12-10. Borrowers who face negative consequences because they are unable to repay their debts may be able to seek debt management assistance. Partly taught now
- Managing Credit 12-11. In extreme cases, bankruptcy may be an option for people who are unable to repay their debts.
- Managing Credit 12-12. Consumer credit protection laws govern disclosure of credit terms, discrimination in borrowing, and debt collection practices. Partly taught now
- Managing Credit 12-13. Alternative financial services, such as payday loans, check-cashing services, pawnshops, and instant tax refunds, provide easy access to credit, often at relatively high cost.
Not on the current plan: 54 standards
- Earning Income 8-1. Careers are based on working at jobs in the same occupation or profession for many years. Careers vary in their education and training requirements.
- Earning Income 8-2. People make many decisions over a lifetime about their education, jobs, and careers that affect their incomes and opportunities.
- Earning Income 8-3. Getting more education, training, and experience can increase a person’s human capital, productivity, and income-earning potential.
- Earning Income 8-4. Education, training, and development of job skills have opportunity costs in the form of time, effort, and money.
- Earning Income 8-8. The government provides income support and assistance for people who qualify based on low income or other criteria.
- Earning Income 8-9. Entrepreneurs gain satisfaction from working for themselves and expect to earn profits that will compensate for the risks associated with new business ventures.
- Earning Income 12-1. Compensation for a job or career can be in the form of wages, salaries, commissions, tips, or bonuses, and may also include contributions to employee benefits, such as health insurance, retirement savings plans, and education reimbursement programs.
- Earning Income 12-2. In addition to wages and paid benefits, employees may also value intangible (noncash) benefits, such as good working conditions, flexible work hours, telecommuting privileges, and career advancement potential.
- Earning Income 12-3. People vary in their opportunity and willingness to incur the present costs of additional training and education in exchange for future benefits, such as earning potential.
- Earning Income 12-4. Employers generally pay higher wages or salaries to more educated, skilled, and productive workers than to less educated, skilled, and productive workers.
- Earning Income 12-5. Changes in economic conditions, technology, or the labor market can cause changes in income, career opportunities, or employment status.
- Earning Income 12-6. Federal, state, and local taxes fund government-provided goods, services, and transfer payments to individuals. The major types of taxes are income taxes, payroll taxes, property taxes, and sales taxes. Partly taught now
- Earning Income 12-8. Interest, dividends, and capital appreciation (gains) are examples of unearned income derived from financial investments. Capital gains are subject to different tax rates than earned income. Partly taught now
- Earning Income 12-9. Tax deductions and credits reduce income tax liability. Partly taught now
- Earning Income 12-10. Retirement income typically comes from some combination of continued employment earnings, Social Security, employer-sponsored retirement plans, and personal investments.
- Earning Income 12-11. Owning a small business can be a person’s primary career or can supplement income from other sources. Partly taught now
- Spending 12-6. Housing decisions depend on individual preferences, circumstances, and costs, and can impact personal satisfaction and financial well-being.
- Spending 12-7. People donate money, items, or time to charitable and nonprofit organizations because they value the services provided by the organization and/or gain satisfaction from giving.
- Spending 12-9. Having an organized system for keeping track of spending, saving, and investing makes it easier to make financial decisions. Partly taught now
- Saving 8-1. People save money for many different purposes, including large purchases such as cars and homes, education costs, retirement, and emergencies. Partly taught now
- Saving 8-4. Interest earned on savings is the interest rate multiplied by the balance in the account, which includes the original amount saved (principal) and previously earned interest. Partly taught now
- Saving 12-1. Financial institutions offer several types of savings accounts, including regular savings, money market accounts, and certificates of deposit (CDs), that differ in minimum deposits, rates, and deposit insurance coverage. Partly taught now
- Saving 12-7. Employer defined contribution retirement plans and health savings accounts can provide incentives for employees to save.
- Saving 12-8. People can reduce the potential for future financial strife with a partner or spouse by sharing personal financial information, goals, and values prior to combining finances.
- Investing 8-2. Common types of financial assets include certificates of deposit (CDs), stocks, bonds, mutual funds, and real estate. Partly taught now
- Investing 8-3. Investors who buy corporate or government bonds are lending money to the issuer in exchange for regular interest payments. Partly taught now
- Investing 12-1. A person’s investment risk tolerance depends on factors such as personality, financial resources, investment experiences, and life circumstances.
- Investing 12-2. Investors earn investment returns from price changes and annual cash flows (such as interest, dividends or rent). The nominal annual rate of return is the annual total dollar benefit as a percentage of the beginning price.
- Investing 12-4. Because inflation reduces purchasing power over time, the real return on a financial asset is lower than its nominal return. Partly taught now
- Investing 12-5. The prices of financial assets change in response to market conditions, interest rates, company performance, new information, and investor demand.
- Investing 12-8. Tax rules affect the rate of return on different investments, and can vary by holding period, type of income, and type of account. Partly taught now
- Investing 12-9. Common behavioral biases can result in investors making decisions that adversely affect their investment outcomes.
- Investing 12-10. Financial technology can counterbalance negative behavioral factors when making investment decisions.
- Investing 12-11. Many investors buy and sell financial assets through discount brokerage firms that provide inexpensive investment services and advice using financial technology.
- Investing 12-12. Federal regulation of financial markets is designed to ensure that investors have access to accurate information about potential investments and are protected from fraud.
- Investing 12-13. Investors often compare the performance of their investments against a benchmark, such as a diversified stock or bond index.
- Investing 12-14. Criteria for selecting financial professionals for investment advice include licensing, certifications, education, experience, and cost.
- Managing Risk 8-1. Financial loss can occur from unexpected events that damage health, wealth, income, property, and/or future opportunities.
- Managing Risk 8-2. Insurance is a financial product that allows people to pay a fee (premium) to transfer the cost of a potential financial loss to an insurance company.
- Managing Risk 8-3. An insurance company creates a pool of funds from many policyholders’ premium payments and then uses these funds to compensate customers who experience a loss. People at higher risk for making a claim usually have to pay a higher premium.
- Managing Risk 8-4. Four key insurance terms that contribute to out-of-pocket costs with an insurance policy are: premium, deductible, copayments, and co-insurance.
- Managing Risk 8-5. People can choose to avoid, reduce, retain, or transfer risk through the purchase of insurance. Each option has different costs and benefits.
- Managing Risk 8-6. Extended warranties and service contracts provide protection against certain product mechanical failures during the contract period.
- Managing Risk 12-1. People vary with respect to their willingness to accept risk and in how much they are willing to pay for insurance that will allow them to minimze future financial loss.
- Managing Risk 12-2. The decision to buy insurance depends on perceived risk exposure, the price of insurance coverage, and individual characteristics such as risk attitudes, age, occupation, lifestyle, and financial profile.
- Managing Risk 12-3. Some types of insurance coverage are mandatory.
- Managing Risk 12-4. Insurance premiums are lower for people who take actions to reduce the likelihood and/or financial cost of losses and for those who buy policies with larger deductibles or copayments.
- Managing Risk 12-5. Health insurance provides coverage for medically necessary health care and may also cover some preventive care. It is sometimes offered as an employee benefit with the employer paying some or all of the premium cost.
- Managing Risk 12-6. Disability insurance replaces income lost when a person is unable to earn their regular income due to injury or illness. In addition to privately purchased policies, some government programs provide disability protection.
- Managing Risk 12-7. Auto, homeowner’s and renter’s insurance reimburse policyholders for financial losses to their covered property and the costs of legal liability for their damages to other people or property.
- Managing Risk 12-8. Life insurance provides funds for beneficiaries in the event of an insured person’s death. Policy proceeds are intended to replace the insured’s lost wages and/or to fund their dependents’ future financial needs.
- Managing Risk 12-9. Unemployment insurance, Medicaid, and Medicare are public insurance programs that protect individuals from economic hardship caused by certain risks.
- Managing Risk 12-10. Insurance fraud is a crime that encompasses illegal actions by the buyer (e.g., falsified claims) or seller (e.g., representing non-existent companies) of an insurance contract.
- Managing Risk 12-12. Extended warranties and service contracts are like an insurance policy.
Educational content only. Not tax, legal, or investment advice. Standards text quoted from the National Standards for Personal Financial Education (2021), Council for Economic Education and Jump$tart Coalition. NYC Honor Foundation is not affiliated with either organization. Developed and taught by NYC Honor Foundation volunteers.