Personal Finance

Catalog description

Lectures and discussion on problems of managing one’s personal finances. Covers budgeting; use of and cost of credit; life and property insurance; income and estate taxation; housing; wills, trusts and estate planning; saving and investments. Not available for credit towards economics and business economics concentrations. Credit only for one of the following: ECON 24000, FIN 24000, OR FIN 44200. Typically offered Fall Spring Summer. Course Learning Outcomes 1. Describe the personal financial planning process including the use of time value of money concepts to put a monetary value on financial goals. 2. Prepare a personal balance sheet, income statement and a cash budget and use it to monitor and control spending. 3. Understand the basics of an effective tax planning strategy, home buying and developing a strong credit history. 4. Explain the concept of risk and the basics of life, liability, health and property insurance. 5. Identify and evaluate alternative investments in stocks, bonds, mutual funds and real estate to accomplish personal financial goals. 6. Recognize the importance of retirement planning and estimating income needs in retirement. 7. Describe the role of estate planning in personal financial planning and use of effective planning techniques to minimize estate taxes. View Class Schedule