The requirements for earning a Personal Management merit badge with the Boy Scouts of America include setting plans and budgets for major financial decisions with the scout's family, learning the difference between the various types of financial accounts and researching potential career opportunities following high school. The badge also requires the scout to meet with a merit badge counselor to discuss and explain various investing and savings strategies and tactics.Continue Reading
The basis of the Personal Management merit badge is to develop a strong sense of financial responsibility, acquire the ability to set goals and learn the process of planning for the future. This begins with the scout writing out a plan and budget for making a fictional major purchase for his family, including ways to save on the purchase and factor in other financial implications. He also needs to practice making a projected budget and compare it to 13 weeks of actual spending data. Following this, the scout needs to discuss the way he feels about receiving and spending money with the merit badge counselor.
Many of the other requirements focus on learning about the various aspects of adult finances, including the difference between savings and checking accounts as well as investment options. The scout needs to learn about how to invest in the stock market and the different options for retirement funds. He also needs to show an understanding of time management, prepare a written project about a fictional event and plan for his career.Learn more about Education