BSA Personal Management

I want to know about BSA personal management requirements. So can you give me information about it?

[Pathak]

The requirements to this merit badge are copyrighted by the Boy Scouts of America. If in doubt about the accuracy of a requirement, consult your Merit Badge Counselor.

Requirement 1:
Choose an item that your family might want to purchase that is considered a major expense then write a plan that tells how your family would save money for the purchase identified in requirement and develop a written shopping strategy for the purchase identified in requirement .


Requirement 2:
Prepare a budget reflecting your expected income (allowance, gifts, wages), expenses, and savings and compare expected income with expected expenses.


Requirement 3:
Discuss the topics with your merit badge counselor like emotions, hunger, experience, understanding etc.


Requirement 4:
Discuss the differences between saving and investing, Explain the concepts of return on investment and risk and concept simple interest and compound interest.

Requirement 5:
Discuss Current price, changed price and 52 week low and high price.


Requirement 6:
Explain to your merit badge counselor the advantages or disadvantages of saving or investing in Common stocks ,Mutual funds ,Life insurance company, A certificate of deposit (CD) and A savings account or U.S. savings bond.

Requirement 7:
Explain the loan, differences between a charge card, debit card, and credit card, different ways to borrow money and ways to reduce or eliminate debt .


Requirement 8:
Demonstrate to your merit badge counselor your understanding of time management.

Requirement 9:
Prepare a written project plan including the desired outcome. Discuss your completed project plan with your merit badge counselor.

Requirement 10:
Choose a career you might want to enter after high school or college graduation and
Research the limitation of your anticipated career and discuss with your merit badge counselor what you have learned.

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