STANDARD COMPETENCIES:

 

 1.    Identify both personal and financial goals with clear steps on how to achieve such goals.

 2.   Identify the various stages of the life cycle and where you are and how that impacts financial decisions.

 3.   Create and maintain personal budget and record keeping documents for the period of the course.

 4.   Articulate how to choose a financial planner, and how to choose a bank and other financial institutions.

 5.   List the steps involved in how to make major purchases.

 6.   List the fundamentals of investment and portfolio management.

 7.   Generate a sample retirement plan.

 8.   Generate a sample estate plan including tax considerations.

 TOPICAL OUTLINE:

 

 I.      An Overview of Personal Finance

         A.      How to set personal goals

         B.      Financial Planning---a lifelong Activity

         C.      Time value of Money

 II.     Career Aspect of Personal Finance

         A.      How to choose a career

         B.      How to write a resume

         C.      How to write a cover letter

         D.      Handling the interview

 III.    Developing Financial Statements, Plans & Budgets

         A.      Record Keeping

         B.      Steps to a successful financial plan

 IV.     Cash Management

         A.      Money management and savings

         B.      The right place for your money

         C.      Using a checking account

         D.      Savings options

 V.      Credit Management

         A.      What is credit?

         B.      Types of consumer credit.

         C.      Source of consumer credit.

         D.      The cost of borrowing.

 VI.     Understanding Taxes

         A.      Types of taxes

         B.      Preparing your income tax return

         C.      Tax planning

 VII.    Transportation and Other Major Consumer Decisions

         A.      Separating needs from wants

         B.      Your rights as a consumer

 VIII.   The transportation decision

         A.      How to buy a car

 IX.     The Housing Decision

         A.      Major housing options

         B.      The buy-versus-rent decision

         C.      Finding the right house

         D.      Selling a home

 X       The Insurance Decision

         A.      Characteristics of insurable risk

         B.      Categories of insurance

         C.      Basic elements of insurance

         D.      Where and how to buy insurance

 XI.     Life Insurance

         A.      How much life insurance do you need?

         B.      Types of life insurance

         C.      The life insurance contract

         D.      Buying a life insurance policy

 XII.    Health and Disability Insurance

         A.      The cost of health care

         B.      Managed-care programs

         C.      Understanding your health-care plan

         D.      Disability income insurance

 XIII.   Property and Liability Insurance

         A.      The concept of liability

         B.      Automobile insurance

         C.      Homeowners insurance

         D.      Making the right insurance decisions

 XIV.    The Investment Decision

         A.      Steps in the investment process

         B.      Lessons for new investors

         C.      Understanding risk and return

         D.      Selecting the right investment

 XV.     Mutual Funds

         A.      What are mutual funds?

         B.      Avoiding mutual fund mistakes

         C.      Managing your investment

         D.      Diversification

 XVI.    Retirement Planning

         A.      Retirement planning worksheet

         B.      Long-term care insurance

         C.      Social Security

         D.      Individual Retirement Accounts

 XVII.   Estate planning

         A.      What is estate planning?

         B.      Estates and taxes

         C.      Trusts

         D.      Gifts