After the insightful Study Visit in Porto, Portugal, from May 14th to 16th, the FLIP Project continues to thrive with a mix of online and onsite sessions.
Life Goals: The Starting Point to Manage Our Finances
On June 16th, participants gathered virtually for a two-hour online session focused on Life Goals. Despite initial concerns that the session might drag on like a typical online meeting, it turned out to be highly engaging and dynamic thanks to interactive games and innovative tools that made the time fly.
The session began with a brief introduction and group division to strengthen interaction. This was followed by an illustrated, energetic presentation on the meaning and importance of financial literacy. The second hour shifted focus to life goals and consumer perspectives.
As one key message highlighted, “It means nothing if we have no purpose.” Envisioning our life goals is crucial. Beyond learning the tools to define them, we explored how self-imposed and societal limitations can be overcome. Believing in our vision is the first step to making it real.
To reinforce this, we engaged in a simple but powerful physical exercise. With our right foot grounded and right arm extended, we turned to face the furthest point we could reach. Then we repeated the same movement—this time with our eyes closed, guided by visualization. When we tried again with our eyes open, most of us reached farther than the first time. A clear illustration of how the mind can extend our physical limits.
In the final part of the session, we played a Kahoot quiz covering financial literacy and consumer awareness. The fun atmosphere and clear explanations created a safe, collaborative space, helping participants feel more connected despite the physical distance.
The session was far more enjoyable and interactive than anyone had expected, and now, everyone in the Luxembourg group is looking forward to the onsite session scheduled for June 18th.
Personal Budget: A necessary understanding
To gain a better understanding of our spending habits, we began with a quiz composed of 16 multiple-choice questions. Each answer was linked to a letter that reflected our spending tendencies, such as prioritizing social life, personal values, or other motivations.
We were then introduced to a practical budgeting strategy: the 50-30-20 rule. According to this method, 50% of our income should go to fixed expenses, 30% to variable expenses, and 20% to savings. A key point was the importance of clearly categorizing fixed and variable costs to ensure we can consistently set aside 20% for savings. These savings are primarily intended to build an emergency fund, ideally equivalent to six months of fixed expenses.
After the theoretical explanation, we moved on to a practical exercise using an online budgeting simulator based on American society. This tool allowed us to make financial choices and see the impact on our overall budget, helping us apply what we had just learned in a realistic scenario.
Investments: A Key Factor in Managing Your Money
After wrapping up on the information learnt from the onsite session, you explored (1) Build Your Stax, (2) Understand the concepts, and (3) How to invest… like for real.
When you consider and think about investments, you must rely on the picture of a triangle with three key elements: Risk, Return, and Liquidity (as the ability to turn something invested into cash) to take into account.
After this introduction, it is time for immersion: let’s play an interactive game – Build Your Stax.
In this game, you have 20 years to manage and grow your money as much as possible. Starting with $4,000, it’s up to you to decide where to invest it: savings accounts, certificates of deposit, index funds, individual stocks, and more.
Beyond simply learning how to invest through simulation, you are also competing against the computer—did you end up making more money than it?
After reviewing our techniques and the key points of each investment option together, we took a look at a real investment website to connect what we learned with practical tools.