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Income Investigator

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Tammy Thompson

Tier 1
For Schools

Lesson Plan

Exploring Income Streams

Students will be able to identify and describe various sources of income and understand the concept of earning money.

Understanding where money comes from is a foundational life skill. This lesson helps students recognize the diverse ways people contribute to society and earn a living, fostering an appreciation for work and financial literacy beyond just receiving an allowance.

Audience

6th Grade Students

Time

40 minutes

Approach

Through discussion, activities, and a slide deck, students will explore different income streams.

Materials

How Money Is Made (slide-deck), Jobs and Earnings Brainstorm (discussion), and What's Your Gig? (warm-up)

Prep

Teacher Preparation

15 minutes

  • Review the Exploring Income Streams Lesson Plan and all linked materials: How Money Is Made Slide Deck, Jobs and Earnings Brainstorm Discussion, and What's Your Gig? Warm-Up.
  • Ensure projector and computer are set up for the slide deck.
  • Prepare any necessary writing materials for students to use during the warm-up and discussion (e.g., notebooks, pens/pencils).

Step 1

Warm-Up: What's Your Gig?

5 minutes

  1. Begin the class with the What's Your Gig? Warm-Up.
  2. Ask students to quickly write down or share one way they think people earn money.
  3. Briefly discuss a few responses to get students thinking about income.

Step 2

Introduction: Income Investigator

5 minutes

  1. Introduce the concept of an "Income Investigator" – someone who explores and discovers how people earn money.
  2. Explain that today, students will be junior income investigators, broadening their understanding of where money comes from.
  3. Transition to the How Money Is Made Slide Deck to present the main concepts.

Step 3

Presentation: How Money Is Made

15 minutes

  1. Present the How Money Is Made Slide Deck.
  2. Go through each slide, explaining different income sources (salaries, wages, freelance, entrepreneurship, etc.) with simple, relatable examples.
  3. Encourage questions and facilitate brief discussions after each new concept.

Step 4

Discussion: Jobs and Earnings Brainstorm

10 minutes

  1. Divide students into small groups or facilitate a whole-class discussion using the Jobs and Earnings Brainstorm Discussion prompts.
  2. Ask students to brainstorm as many jobs as they can and how people in those jobs earn money (e.g., "A doctor earns a salary," "A graphic designer earns money per project").
  3. Have groups share their ideas with the class, noting any unique or surprising income streams.

Step 5

Wrap-Up and Reflection

5 minutes

  1. Ask students to reflect on the most interesting way they learned someone earns money.
  2. Briefly recap the main idea: There are many different ways people earn income, and it's important to understand them.
  3. Assign any follow-up activities or encourage further discussion.
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Slide Deck

Welcome, Income Investigators!

Your Mission:

Discover the many ways people earn money!

Welcome students and introduce the concept of being an "Income Investigator." Explain that today's mission is to uncover different ways people earn money.

What is Income?

It's the money you receive, often for doing work.

Where do you think most adults get their income?

Ask students: "What does 'income' mean?" Guide them to understand it's the money people receive, usually for work or investments. Emphasize it's not just pocket money.

Income Stream 1: Salaries

What is a Salary?

  • A fixed amount of money paid regularly (e.g., monthly or bi-weekly).
  • It doesn't usually change based on how many hours you work each week.

Examples:

  • Teachers, Doctors, Office Workers

Explain what a salary is. Give examples of jobs that typically earn a salary (teachers, doctors, office workers). Highlight that it's a fixed amount, usually paid regularly.

Income Stream 2: Wages

What are Wages?

  • Money earned based on the hours you work.
  • Often paid "per hour."

Examples:

  • Cashiers, Lifeguards, Construction Workers

Explain wages. Contrast it with salary by emphasizing it's based on hours worked. Give examples like retail workers, lifeguards, or restaurant staff.

Income Stream 3: Freelance/Gig Work

What is Freelance Work?

  • Working for yourself on specific projects or tasks for different clients.
  • You get paid for the job, not a fixed salary or hourly wage from one boss.

Examples:

  • Graphic Designers, Writers, Tutors

Introduce freelance work. Explain it's about working for yourself and often on different projects for different clients. Examples: graphic designers, writers, tutors.

Income Stream 4: Entrepreneurship

What is an Entrepreneur?

  • Someone who starts their own business.
  • They create a product or service and hope to earn money from it.

Examples:

  • Bakery Owner, App Creator, Etsy Artist

Discuss entrepreneurship – starting your own business. Emphasize the risk and reward. Examples: small business owners, app developers, artists selling their work.

Other Ways to Earn Money

Think outside the box!

  • Investments: Money you put into something that grows over time (e.g., stocks, real estate).
  • Rental Income: Earning money by letting someone use your property.
  • Royalties: Getting paid each time your creative work is used (e.g., a musician, author).

What other ways can you think of?

Briefly mention other less common but important income sources like investments (though keep it simple for 6th graders) or benefits. Focus on the idea that there are many ways.

Time to Investigate!

Now that we've explored different income streams, it's your turn to be the detective!

Let's discuss and brainstorm more jobs and how people in those roles earn their income.

Transition to the discussion activity. Remind students of their role as "Income Investigators" and to apply what they've learned.

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Discussion

Jobs and Earnings Brainstorm

Objective: To collaboratively identify various jobs and the different income streams associated with them.

Instructions:

  1. As a class or in small groups, brainstorm as many different jobs as you can think of.
  2. For each job, discuss how the person in that role typically earns money. Is it a salary, wages, freelance, entrepreneurship, or something else?
  3. Be ready to share your ideas with the class!

Brainstorming Prompts:

  • Think about people you know or jobs you see in your community.
  • What about jobs you learn about in books or on TV?
  • Are there any jobs that earn money in surprising ways?

Jobs and How They Earn Income:

  1. Job: Teacher
    How they earn income: Salary


  2. Job:

    How they earn income:


  3. Job:

    How they earn income:


  4. Job:

    How they earn income:


  5. Job:

    How they earn income:


  6. Job:

    How they earn income:


  7. Job:

    How they earn income:


  8. Job:

    How they earn income:


  9. Job:

    How they earn income:


  10. Job:

    How they earn income:


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Warm Up

What's Your Gig?

Objective: To activate prior knowledge about how people earn money and pique curiosity about different income streams.

Instructions:

Take a moment to think about the word "income." It's the money people earn. How do you think most adults in your life earn their income?

Write down one or two ways people you know (or even you!) earn money. Think broadly! There are no wrong answers here, just what comes to mind first.







Bonus Question:

If you could have any "gig" (a job or way to earn money) right now, what would it be and why?












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