Personal Management Requirements

The Boy Scouts of America has several merit badges that scouts earn during their time in the Boy Scouts. One of these badges is the Personal Management badge, which requires scouts to learn about money, investments and loans.

Major Expense

Scouts must identify a major expense in their family's life and write a plan for purchasing this item. The plan must be discussed with the scout's family for approval.

Budget

Another step in the Personal Management badge is learning to create a household budget. This teaches scouts how to balance their budget if expenses exceed income or vice versa.

Money

Scouts must discuss their feelings about money and how they feel about spending their money. Troop leaders also discuss issues like savings, charitable giving and buyer's remorse with their scouts.

Stocks

To learn about stocks, scouts are given a fictional $1,000 to create a plan for investing in their future personal finances. Scouts must choose between stocks, bonds, savings accounts or certificates of deposits.

Loans

The final requirement for the Personal Management badge is for scouts to discuss loans with their counselor. Scouts must discuss loan rates, credit cards, why money is borrowed and how it should be used.

References

• Scouting.org: Personal Management
• Boy Scout Manual: Personal Management Merit Badge Requirements