Year 1 Session 6 (5/22/21)
Hello Aim Families -
It's been quite the adventure this week. (And really this whole session!)
This Economics Quest included a whole studio goal of having more than $8,000 in combined savings. If the Eagles reached this, there would be the reward of an additional field trip this session. In order to reach this, every Eagle needed to save the full amount to earn their Economics badge. If even one person didn't save enough, they would either ALL miss out or someone else would need to save more.
At the outset of this session, the amount seemed too large and almost impossible for many of the Eagles. After week one, they didn't even have $1,000 in combined savings. Some gave up; others dug in.
A couple of weeks went by with progress being made, but definitely not on track to reach the big goal. It was at this point, a few mentor leaders emerged within the group. These leaders encouraged and supported their fellow travelers to work hard, try new things and save money.
Last week saw a lot more progress toward the combined goal - so much that they were back on track to hit the whole studio goal. A few Eagles even hit their personal savings goals, which encouraged the others. At this point, we introduced the Economics BOSS badge. The way to earn it would be to save double the original requirement in your account (with 25% coming from business or investments). Yet, the question lingered: Could they keep it up? Would those who were still behind pick up the pace and contribute?
This week was the first time EVERYONE in the studio had money in their savings account. Putting money in savings was a hard choice for many. It meant not being able to have easy access to it if you needed cash on hand since there was a penalty for taking it out of savings. Others struggled with having any money to put into savings because the draw of spending their money as soon as they earned it was too appealing. Some Eagles chose to have fun playing or relaxing or helping others instead of earning money for themselves. One Eagle chose to spend most of the time researching options for a business instead of executing any plan. Some wrestled with the choice of risking their capital for a chance to make a lot of money versus earning a smaller but steady amount. And a few Eagles realized they wouldn't have enough for taxes if they put it in savings.
Another Federal expense became due on Thursday and they did not have the amount to pay it because the Tax collector did not collect taxes on time. (They decided to fire the person and hire someone else.) Even after collecting taxes, the amount fell short - leading to a whole studio consequence of losing Free Choice Friday and needing to do an extra Studio Maintenance.
On Friday, when it came time to calculate interest on savings and tally the combined studio savings to date, the Bank Teller quit his job! They had no one to complete the task. The studio was alerted that the position was open. At first, no one applied. Then, one brave soul stepped out of the crowd and announced a willingness to fill the role. With a quick training and not much time to complete the task, the Eagle focused and worked through the spreadsheet, calculating interest and the totals for each savings account. Right as the bell rang, the final amount was entered. As each personal savings account total was called, another Eagle added them up.
The final number? $8,847.75!!! Cheers erupted through the studio - they exceeded their goal!
Two types of business categories we have been learning about this session are products and services. As you know, the first field trip we went on this session was to Mrs. Cavanaughs where the students saw a company which makes a delicious product. To celebrate the Eagles reaching their whole studio goal, we will be going to Mr. Lance's trampoline park, Lowes Xtreme Air Sports, in Provo on Friday, May 28th where the Eagles will be learning a bit from Mr. Lance about what a services business model can look like.
In order to attend, each student will need an active waiver on file. Please follow this link to fill it out online. We will leave at 9:30 and return for pickup at 12:30. Please let us know if you would be willing to attend with us and be an additional driver. And for those of you that have kids not currently at Aim Academy, please feel free to bring them along!
Looking forward to a great final week to this Economics Quest!
Kind Regards,
Aim Guides
