BA 218 : Personal Finance

Transcript title

Personal Finance

Credits

3

Grade mode

Standard letter grades

Contact hours total

30

Lecture hours

30

Description

Gives students skills in basic money management. Investigates spending habits and develops personal and family financial budgets. Also focuses on dealing with financial institutions, applying for loans and establishing personal credit. Develops understanding of managing major household expenses. Develops skill in renting, buying and selling residential property. Also focuses on buying and leasing transportation, personal income taxes and different types of insurance. Covers scope and planning of investments and retirement planning. Students develop understanding of different investments including mutual funds, stock market, real estate as an investment and Social Security. Also covers wills and trusts.

Learning outcomes

1. Manage their personal financial affairs competently and confidently in the five major areas of Risk Management, Cash Flow Management, Investing, Tax Planning and Estate Planning.
2. Develop an effective personal financial plan, including analyzing needs, forming well-defined objectives, planning actions required and measuring results.
3. Make intelligent and effective purchase decisions relating to financial products and services.
4. Recognize and avoid the common scams and mistakes which frequently victimize financial consumers.
5. Develop a risk management plan using auto, home, life, health and disability insurance by determining needs, analyzing policy features and selecting the right
product at the right price.
6. Construct a household budget and cash management program which will provide for both living expenses and savings and investment.
7. Manage successfully the use of personal debt.
8. Make major purchase decisions, including the selection of suitable housing and cars, and evaluation of financing choices.
9. Determine a personal investment profile, set short and long-term investment goals, analyze the suitability of investment vehicles and select appropriate investments to reach goals.
10. Understand the workings of the federal and state income tax regulations. Perform planning steps to avoid tax penalties and minimize tax liabilities.
11. Understand and execute estate planning documents; e.g., wills, trusts, powers of attorney, necessary to produce the orderly administration of an estate, both during life and after death.
12. Select a financial adviser, based on personal needs and preferences, with the goal of maximizing good advice and minimizing cost.

Content outline

Time Value of Money
Personal Financial Statement
Financial Services
Taxes
Credit
Purchases
Housing
Goals to Action Group Case
Home Auto Insurance
Life Insurance
Health Insurance
Bonds
Personal Budget Group Case
Stocks
Mutual Funds
Estate Planning

Required materials

Required online access textbook or open educational resources.

Grading methods

This course assessed through homework, midterm exams, group and individual assignments and a final exam.

Outside of
expected

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