Finance 251

FINC 251
Personal Finance

1. Catalog Entry

FINC 251
Personal Finance

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.

2. Detailed Description 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

3. Detailed Description of Conduct of Course

FINC 251 is taught primarily as a lecture – discussion course.

4. 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.

5. Assessment Measures

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

6. Other Course Information

Outside readings may be assigned.

Review and Approval

February 2010

July 2010

June 15, 2015