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Finance 251

FINC 251: Personal Finance

Prerequisite: Sophomore standing or permission of instructor

Credit Hours: (3)

Deals with personal financial planning including investment basics, wealth creation, insurance planning, the importance of savings, credit management, and basic estate planning.

 

Detailed Description of Content of Course
(1) The Financial Planning Process
(a) Personal Financial Planning
(b) The Planning Environment
(c) What Determines Personal Income?
(2) Measuring Financial Standing
(a) The Role of Financial Statements in Financial Planning
(b) The Balance Sheet: A Statement of Financial Condition
(c) Using Personal Financial Statements
(3) Financial Planning Basics
(a) Defining Financial Goals
(b) Setting up a Cash Budget
(c) Following a Cash Budget
(4) Personal Tax Planning Basics
(a) Principles of Federal Income Taxes
(b) Determining Taxes
(c) Effective Tax Planning
(5) Managing Savings and Other Liquid Assets
(a) The Role of Cash Management in Personal Financial Planning
(b) Establishing a Savings Program
(6) Meeting Housing Needs
(a) Housing Affordability
(b) Buying a Home
(7) Managing Credit
(a) The Basic Concepts of Credit
(b) Obtaining Credit
(8) Consumer Loans
(a) Basic Features of Consumer Loans
(b) Computing the Costs of Credit
(9) Managing Insurance Needs
(a) Basic Insurance Concepts
(b) Life Insurance
(c) Health Insurance and Disability Income Coverage
(d) Homeowner’s Insurance
(e) Automobile Insurance
(10) Investment Basics
(a) Investing in Stocks and Bonds
(b) Investing in Mutual Funds
(c) Investing in Real Estate
(11) Retirement Income, Estate Planning, and Wills
(a) Social Security
(b) Pension Plans and Retirement Programs
(c) Estate Taxes and Planning

 

Detailed Description of Conduct of Course
FINC 251 is taught primarily as a lecture - discussion course.

 

Goals and Objectives of the Course
Having successfully completed this course, the students will be able to develop personal financial plans. Students should also be able to more effectively handle their personal financial decisions including personal budgeting, consumer credit, insurance purchases, home buying, and personal investments.

 

Assessment Measures
The students will be evaluated on their performance on class examinations, term paper(s), assignments, and class participation.

 

Other Course Information
Outside readings may be assigned.

 

REVIEW AND APPROVAL
DATE ACTION APPROVED BY
February 2010 Reviewed Dr. Dan Davidson, Chair
July, 2010