Accounting and Career program students visit the
UFirst Credit Union

Financial Crisis-Connecting Community & Students:
PHS students from Mrs. Rock’s Accounting & Internship Classes and Mr. Everleth’s Business Law Class visited the UFirst Federal Credit Union on Rugar St. on Oct. 16. They had many questions in these uncertain economic times, such as:

Q. Are Financial Institutions safe anymore to put your money into for savings?
A. According to Jody Carpenter of UFirst Federal Credit Union, deposits at UFirst FCU and all banks and credit unions are insured up to $250,000, so your money is safe.

Q. How will this crisis affect my ability to get a student loan for college?
A. Many financial institutions have less money available for loans, so they are reluctant to lend money to anyone but the most creditworthy customers.  Students were told that this is only one reason to protect their credit rating in the future.  College students who have defaulted on loans or have maxed out a credit card may have trouble getting student loans.  On the other hand, students who have a history of savings, living within their means, and making payments on time would have a better chance of securing a loan, and likely at a lower rate.

Q. What is the main problem with the financial institutions today?
A. Some financial institutions have acquired so-called “toxic loans” – mainly loans generated by mortgage brokers working on commission - that may never be paid back. Credit unions, like UFirst FCU which operates locally, have not participated in the “sub-prime” mortgage frenzy, and are not in danger from these bad loans.

Q. What can we do as students and citizens today to assist in this crisis?
A. Develop good money management habits such as making regular deposits to a savings account, limiting purchases to necessary items and not putting it on a credit card.  Responsible money practices by students will help them to ride out the current crisis and save for college.  Students were also shown how by starting a savings plan such as a 401K early in their careers will greatly increase their potential total savings down the road.

All students attending the site visit received a NEFE High School Financial Planning Program textbook from UFirst Federal Credit Union. These textbooks will help educate the students on many important topics such as, planning, budgeting, investing, credit card debt, insurance, etc. In today’s uncertain economic times, more of these efforts and resources regarding financial literacy must become a priority for us all.

Accounting & Internship Classes involved in The Stock Market Game:
Game Session Date: September 2nd-December 12th
Current PHS rankings are in the top 20% out of 242 schools across NY State.
What is SMG? The SMG is comprehensive educational program based on real-life simulations of the stock market. How does SMG work? Students received a virtual $100,000 to invest in stocks. They are divided into 3 teams of 6 students and have entered trades on the Internet using the ticker symbol of each company.

The Friday SMG lessons, provided by Mrs. Rock, will guide the students through the SMG session until December 12th. Mrs. Rock has been teaching this stock market for several years, and now more than ever, students have such a huge learning opportunity regarding our economy.