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Aug 31, 2024
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FIN 121 - Personal Finance Credits: 3 Lecture Hours: 3 Lab Hours: 0 Practicum Hours: 0 Work Experience: 0 Course Type: Open This course emphasizes family financial planning including financial statements, budgeting, taxes, risk management and retirement. Competencies
- Outline the life-cycle approach to financial planning
- Describe why setting financial and non-financial goals are an important first step in financial planning
- Define marginal analysis and opportunity costs
- Define the importance of career planning to financial planning
- Define time value of money in the context of financial planning
- Evaluate cash management strategy
- Compare the various services offered by commercial banks, savings and loan associations, and credit unions
- Differentiate the various types of savings investments and the characteristics associated with each type of savings account
- Illustrate the process of reconciling a bank statement
- Define compounding and the effects on your deposits over time
- Assess the various types and sources of credit and characteristics associated with obtaining credit
- List reasons for and against using credit
- Define credit history and the necessary steps to establish a credit history
- Analyze a credit contract or installment loan contract
- Explain the purpose of taxation
- Identify the individual components which determine the amount of income taxes
- Explain effective tax planning strategies to save or defer income taxes.
- Relate financial statements to your individual financial goals
- Identify the components of a balance sheet
- Identify the components of an income statement
- Identify pertinent consumer financial ratios used to evaluate financial position and financial performance
- Explain the role of the cash budget in financial planning
- Identify the major steps involved in the budgeting process
- Compare monthly income and expenses to budget amounts
- Review year end activities as part of next year’s budget
- Identify how a consumer durable purchase would fit into budget planning
- Identify a consumer durable
- Outline the different trade-off between purchase price and cost of operations
- Describe the characteristics of warranties and lemon laws
- Define between express and implied warranties
- State your rights under lemon laws
- Examine the automobile purchase decision
- Outline the sources of information about various brands and models of cars
- Distinguish between the lease vs. buy decision when purchasing an automobile
- Compare housing options
- Summarize the own vs. rent decision involved in housing
- List the steps taken when purchasing a home
- Explain the importance of insurance in your life cycle
- Identify the various characteristics of life insurance
- Identify the various characteristics of health insurance
- Identify the various characteristics of property and casualty insurance
- Assess investment tools
- Evaluate stock investment strategies
- Evaluate bond investment strategies
- Evaluate mutual fund investment strategies
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