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Select Your Module
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1
Wealth
2
Earning
3
Spending
4
Budgeting
5
Investing
6
Risk
7
Patience
8
Debt
2
Earning
Teachers
Discussion:
“What are the benefits of having more than one stream of income?”
Below are some areas which you can get the students to explore:
Security if someone loses their job
Increased earning potential (as shown in the 4th activity)
Flexibility/Ability to take time-off (as they still earn money from passive income)
Achieve goals faster, e.g., retire, buy a house
Personal development (learning new skills which can earn money)
"Why do most people only rely on their careers/jobs for income?"
Below are some potential reasons:
Lack of knowledge about other ways to earn money
Risk aversion, i.e., they feel investing or starting a business is too risky
Social norms, i.e., most people don't see others earning money in different ways
Lack of savings to start a business or save/invest
Lack of time to start/manage a side-hustle or learn about passive income
Hopefully, by the end of this module, the students will see the benefits of exploring different ways of earning money as they grow up.
Activities:
For this module - the students will need to download the Worksheet (Module 2.xls). The teacher version of the worksheet has the answers pre-populated to discuss with the class after they have attempted the activities themselves.
Activity 1: Careers/Jobs
This activity is to help the students get an understanding of how much people earn in different careers/jobs.
There is a list of different careers which they have to research the average salary of in Singapore.
The careers listed are not specific, i.e., 'Lawyer' rather than 'Criminal Lawyer', to highlight that there is potentially a range of different starting salaries.
The students should also research the average salary of one other career/job of their choice.
The students will use some of these inputs in Activity 4 later in this module.
Activity 2: Entrepreneurship
This is only an introduction to the notion of earning money from working for yourself. This topic will be explored in more depth in Year 2 of the Money Management Program.
The key is for the students to learn that there is a large range of different opportunities to be an entrepreneur. It can be really small (writing a blog) or really big, such as starting a starting a company (like Meta or Telsa).
The vending machine activity is to introduce how people make money with small businesses. This requires the introduction of 'Income', 'Expenses' and 'Profit'.
The students will use some of these inputs in Activity 4 later in this module.
You can highlight that Warren Buffet, one of the world's richest people, started earning money when he was a teenager by buying a secondhand pinball machine and placing it in a babershop.
Activity 3: Passive Income
This is only an introduction to the notion of using savings to earn more money. This topic will be explored in more depth in modules 5 and 6 of the program.
For students who haven't heard of the stock market, you can let them know that investing in the stock market means you use your savings to own pieces of companies. As the companies grow, your savings/investments can grow.
The activity requires them to research the interest rate from a savings account, i.e., the bank pays them to keep their money there.
TIP: If the class is interested, you can highlight that the bank pays interest as the bank uses some of the money in the savings accounts to lend to other people. As the bank makes money from the money it lends out, it can offer to pay account holders some interest.
In the worksheet, the students can see the returns from investing in the stock market over different years. They have to use this information to consider what is an appropriate return for the next year.
TIP: No one really knows what will happen next year so they should use an average from all the previous years.
The students will use some of these inputs in Activity 4 later in this module.
Activity 4: One vs Many sourses of Income
The students have to use the inputs from the above activities to consider the future savings of two people, Tomas and Chloe.
There is a projection calculator ('Tomas vs Chloe' sheet) in the worksheet. The students need to enter the inputs to calculate the savings over time.
The purpose is to show that the savings from having multiple streams of income (Chloe) is much higher than from one income (Tomas).
Bonus Content:
If you cover the content above with time to spare, or want to give the students something to do after the lesson, please see the ‘Bonus Content’ section below for another discussion topic and activity.
Discussion:
"What are the pros and cons of working for someone else (a job/career) vs starting your own business (being an entrepreneur)?"
Points to be considered (if not raised by the students):
Security of income (higher in a career)
Flexibility (higher working for yourself)
Upside potential (higher if you work yourself but lower security)
Responsibility (greater if you work for yourself and then employ people)
Learning opportunities (specialisms in a career, learning when working for yourself)
Activity: List 5 different potential side-hustles that people could reasonably start, whilst working a full-time job, and how would they make money from this?
Examples can include:
Freelance writing or blogging: Write articles, blog posts, website copy, or marketing materials for clients. Charge clients on a per-project basis or hourly rate.
E-commerce or Selling Products Online: Sell physical or digital products such as handmade crafts, artwork, print-on-demand merchandise, or niche products. Earn revenue through product sales, with profits determined by markup and sales volume.
Tutoring: Offer tutoring sessions in subjects you're proficient in, such as math, language, or music. Charge an hourly rate for your time.
Photography or Stock Photography: Offer photography services for events, portraits, or commercial projects. Alternatively, sell your photos as stock photography on platforms like Shutterstock, Adobe Stock, or Getty Images and earn royalties each time your photos are licensed or downloaded
Write and sell a book(s): Self-publish a book (fiction or non-fiction) and sell it on Amazon.
Lesson Plan:
Introduction (3 mins): Highlight that before people can apply the 3 Rules of Wealth, they need to earn money. In this module, we introduce different ways to earn money. As a recap, ask the students if they can remember the 3 Rules of Wealth that Ronald Read followed in Module 1.
Activity 1 (10 mins): Careers/Jobs. The most common way for people to earn money is via a career/job, i.e., working for someone else. Ask the students to use the internet to find the average salaries of different careers and put their answers in their worksheet. (Background/tips in the activity section below)
Activity 2 (10 mins): Entrepreneurship. Another way people earn money is to work for themselves. This can be something small which they do in addition to working in a career or it can be starting a business. The activity in the worksheet shows how they can make money from owning a vending machine (Background/tips in the activity section below)
Activity 3 (10 mins): Passive Income. A third way of earning money is to get the money they have saved to grow. This activity requires the students to research how much they could earn from saving money in the bank and how much they could expect from investing their money. The worksheet has information on investment returns for them to use. Background/tips in the activity section below.
Activity 4 (15 mins): One vs Many Sources of Income. This last activity highlights the potential benefits of having more than one stream of income. The students need to use the projection calculator in the worksheet to estimate the future wealth (savings) of two different people introduced in the slide deck. They have to use the inputs from the previous activities as part of this activity.
Discussion (5 mins): Ask the students why it is important that they should try to earn money in different ways. Also, get them to consider why many people only rely on their career/job to earn money. See the 'Discussion' section below for ideas to expand the discussion.
Key message (2 mins): When it comes to money, many people rely solely on their salaries from their jobs. There are other ways to earn money and those who are the most financially secure have money coming from different places. In this module, we learned about three different sources: Careers/Jobs (working for someone else), Entrepreneurship (working for yourself) and Passive Income (money working for you).
Bonus content: If you cover the content above with time to spare, or want to give the students something to do after the lesson, please see the ‘Bonus Content’ section below for another discussion topic and activity.
Worksheet Download
Plkease download the worksheet below. This contains the activities and discussion topics for this module.
You can transfer this worksheet into your Module1 workbook by using the following process:
Select the sheet to be copied: Click on the sheet tab at the bottom of the Excel window. This will activate the sheet.
Right-click on the sheet tab: After selecting the desired sheet, right-click on the tab at the bottom of the Excel window.
Choose "Move or Copy": From the right-click menu, select the "Move or Copy" option.
Select the destination workbook: In the "Move or Copy" dialog box that appears, you'll see a dropdown at the top labeled "To book." Click on this dropdown and select "Module1.xlsx" or whichever workbook you want to copy the sheet to. (Make sure Module1.xlsx is open)
Choose the location for the copied sheet: Below the "To book" dropdown, you'll see a list of sheets in the destination workbook. Select the sheet before which you want to place the copied sheet.
Check the "Create a copy" box: Ensure the checkbox labeled "Create a copy" at the bottom left of the dialog box is checked.
Click "OK": Once you've chosen the destination workbook, the location for the copied sheet, and ensured the "Create a copy" box is checked, click the "OK" button.
Verify the copy: Go to the destination workbook (Module1.xls) and check if the sheet has been copied as intended.
Introduction
Before we can apply the 3 Rules of Wealth that Ronald Read followed in Module 1, we need to earn some money.
In this module, we consider the various ways in which someone can earn money. The main focus for this module will be:
A Job/Career (working for someone else)
Entrepreneurship (working for yourself)
Passive Income (your money working for you)
The purpose of this module is to introduce different ways of earning money. Entrepreneurship and Passive Income will be discussed in more detail in future modules.
Worksheet Download
Please download the worksheet (Teacher version) below. This contains the activities and discussion topics for this module.
The Teacher version of the worksheet contains the answers to the activities. The students should log-in using the student log-in details below. The Student version does not contain the answers.
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Introduction
Welcome to the Money Management Program
This program consists of 9 lessons. The initial 8 lessons cover various modules, and the final session is reserved for students to present their 'Money Plan' (explained below).
Each module introduces a distinct money-related topic based on the 3 Rules of Wealth:
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Spend less than you earn.
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Invest what you save.
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Be patient.
For every module, we've provided:
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Lesson plans
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Slides (including some with videos)
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Worksheets for students
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Teacher notes to assist in leading discussions
Depending on interest, new modules will be developed which will delve deeper into entrepreneurship and investing.
Should you have any questions about the program or specific money-related topics, please reach out to will@bluetreesavings.com.
Money Plan
For the final lesson (lesson 9), students should create and present their 'Money Plan'. This Money Plan should set out how they plan to manage their money to become 'Financially Healthy' over time.
The Money Plan is a very important step for the students. Many people learn the basic principles of managing money but don't implement them as they don't have a clear plan.
Their Money Plan will set out:
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How they will earn money
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How they will ensure they save money
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How they will grow their money
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How they will avoid falling into common money traps (debt, social pressure to spend, gambling)
A slide to explain this part of the program to the students is included in the slides for Module 1.
DEMO
Only modules 1 and 2 are included in the Demo.
Please sign up for the program to gain access to all 8 modules.
Contact Will Rainey (will@bluetreesavings.com) for more information on how to access the full program (please ensure you have first joined the waiting list here)
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