1001 Rogers Street
Columbia, MO 65216
36 - Late Summer Session
16 / 36 - Late Summer Session
June - August 2017 Evening Campus
1001 Rogers Street
Columbia, MO 65216
|Course Prefix and Number:||FINC 298 A|
|Course Title:||Personal Financial Planning|
|Semester Credit Hours:||3|
|Class Day and Time:||
This course is web-enhanced, taught entirely in a classroom setting using D2L course management software to supplement in-seat content.
Broad coverage of personal financial decisions including basic financial planning, managing savings, taxes, the use of credit, buying a house, making insurance and employee benefit decisions, managing investments, and saving for retirement. Offered Fall and Spring.
- Personal Wealth: Turning Money into Wealth 7th edition
- Author: Kwoen (Prentice Hall)
Course Learning Outcomes
- Explain the components of a financial plan and the basics of the U.S. Income tax system.
- Explain strategies for managing cash and credit.
- Demonstrate an understanding of the basic types of life, health, and property insurance.
- Demonstrate an understanding of the fundamentals of investing including tax-advantaged investments
- Demonstrate an understanding of retirement and estate planning.
Special Course Requirements
Students are required to have a financial calculator for this course. If a student does not have a financial calculator, I recommend the Texas Instruments BA II Plus. The calculators are required by Thursday of Week Two.
Students should bring in articles relevant to personal financial planning and share this information with the class.
I will lecture, use PowerPoint and class discussion on material in the text; I will also use and discuss relevant current media information to supplement the text material.
I will hand out problems to be worked in class. These will not be graded; the problems will support and enhance the course materials.
I will also schedule speakers to present information on insurance, securities and estate planning. These speakers will address relevant issues, the planning processes and answer student questions.
Out of Class Activities
I will ask each student to review his or her insurance policies for amount and type of coverage, and the annual premium and recommend they discuss this information with their agent. I will also ask them to prepare a personal balance sheet and income statement in the format shown in the text. This information is for their purposes only and will not be shared with the class. We will review the information to be included in the financial statements and why this information is critical for sound financial planning.
I will also recommend to those students who have retirement plans to discuss the asset allocation and performance with their agents or advisers.
|Assigned Homework||100 Points||50% of grade|
|Description - |
There are five homework assignments from the chapters in the text.
|Method of Evaluation - |
Students' answers and supporting material for their answers. Students are required to show all their work for each problem to get credit.
|Midterm exam||25 Points||12% of grade|
|Description - |
The midterm will be multiple choice questions.
|Final Exam||25 Points||12% of grade|
|Description - |
Multiple choice questions.
|Developing a 5-year financial plan for a client||50 Points||25% of grade|
|Description - |
Students will prepare a five year financial plan for a fictitious client. The plan will include needs regarding asset allocation and management, to include insurance, education needs, retirement and estate planning, and funds for emergency needs, I will provide the relevant client information.
The paper should be 3-4 pages, excluding the title page. The format is MLA with Times New Roman font, 12 type size. Your last page will be the references. You may use the text as one reference; you will also need another reference. If the reference is an individual, the individuals professional title is required, (i.e. financial planner, broker, insurance agent, attorney, accountant, etc.). I will subtract two points if the report does not have a separate title page and two points if the report does not have a separate reference page.
The Purdue OWL for MLA format and description can be found here, https://owl.english.purdue.edu/owl/resource/747/01/.
|Method of Evaluation - |
The plan must be attainable. The student must be explicit in his/her reasoning for developing the requirements for the 5 year plan. S/he needs to answer in their recommendations as why s/he recommended this plan and how this plan better positions her/his client in risk reduction, asset allocation and flexibility.
Additional Information / Instructions
The homework assignments are in the syllabus and in the content section of the D2L. I will review these assignments during the first class. The assigned problems are in the text at the end of the chapters. There is a midterm and final exam. There will not be any makeup tests unless illness or an unexpected event occurs. If this happens, the student is expected to contact the instructor as soon as possible with the reason(s) for his/her absence. If a student knows s/he will be absent for a test, s/he can take the test early with the approval of the instructor.
I will deduct two points for each day the homework assignment and paper are late. If a student does not submit all homework assignments and misses one or both tests, the student will not receive any credit for the assignments not completed and/or tests not taken.
I expect the students to have their textbooks and syllabus by the start of the first class period.
I do not accept e-mailed assignments or papers. All assignments and papers are to be entered in the D2L dropbox.
Schedule of Activities and Assignments
We will review the worksheet on personal financial goals in Chapter 1 and the personal balance sheet and a simplified income worksheet in Chapter 2. I will also distribute blank sheets to the students to complete for their personal use. These are not to be returned to the instructor.
Read chapters 1 and 2 before class.
We will do a worksheet in class. This is in addition to your homework assignment.
I will lecture and have class discussion on the important of preparing financial plans and how the information can be used.
|Time Value of Money, tax planning and liquidity|
We will complete an in-class assignment, look at different planning worksheets and complete time value of money problems in class.
Read chapters 3, 4 and 5 before class.
Assignment number one is due at the start of class. Homework assignment one includes the following problems: problem 1 on page 25; problem 4 on page 55; problem 8 on page 56; problem 21 on page 87 and problem 5 on page 125.
We will do an in-class assignment and work some Time Value of Money problems in class as well. This is in addition to your homework assignment.
I will assign the paper this week and discuss the requirements.
I will use PowerPoint and class lecture to discuss the time value of money, how it works, the features of tax planning and the meaning of and need for liquidity. I will also use the whiteboard for the class session.
|Using credit cards and consumer loans|
We will complete an in-class assignment, discuss payday loan laws in Missouri and other current topics relating to financial planning.
Read chapters 6 and 7 before class.
The second homework assignment is due. This assignment includes the following problems: problem 3 on page 160; problem 1 on page 192; problem 6 page 193; problem 4 on page page 232 and problem 6 on page 232.
We will do an in class assignment. This is in addition to your homework assignment.
I will have a class discussion on the cost of payday loans, the advantages and disadvantages of credit cards. We will also discuss the various types of consumer loans, the difference between the nominal rate and APR and how the APR is calculated. We will discuss the steps to take if one's credit cards are stolen, to report an error on a credit card statement, and the terms of a loan. I will also do loan problems on the board and show how the APR is calculated.
|Home, Auto, Life and Health Insurance|
We will complete an in-class assignment and discuss the important provisions of the Affordable Care Act.
Read chapters 8 and 9 before class.
The third homework assignment is due at the start of class. This assignment includes the following problems: problem 2 on page 277; problem 7 on page 277; problem 3 on page 328; problem 3 on page 357 and problem 7 on page 357.
The midterm will be on Thursday of Week Four, covering the materials in chapters 1-9.
I will finish the material in chapters 8 and 9 that we did not cover the previous meeting.
The students will have two hours for the exam.
|Health, Property and Liability Insurance|
We will complete an in-class assignment, look at strange but actual issues regarding drivers and reasons for accidents.
Read chapter 10 before class.
The fourth homework assignment is due at the start of class. This assignment includes the following problems; problem 1 on page 399; problem 8 page 400; problem 1 on page 427; problem 2 on page 427 and problem 4 on page 460.
|Investment Basics, The Securities Market, Stocks|
We will complete an in-class problem, look at historical returns on various classes of mutual funds.
Read chapters 11, 12 and 13 before class
The fifth homework assignment and papers are due at the start of class. This assignment includes the following problems: problem 5 on page 493; problem 5 on page 531; problem 1 on page 556; problem 2 on page 594 and problem 7 on page 595.
We will do an in-class assignment. This is in addition to your homework assignment.
|Investing in stocks, bonds and mutual funds|
We will work on an excel spreadsheet to plan our financial needs at retirement.
Read chapters 14,15 and 16 before class
We will do an in-class assignment. I will also show how to complete the retirement planning worksheet.
I will return papers this week. I will lecture and use PowerPoint.
I will distribute a handout that has the math workup of a margin call. We will discuss how a margin call impacts an investor.
|Retirement and Estate Planning|
Read chapter 17 before class
The final exam is Thursday of Week Eight, covering material in chapters 10-17.
I will discuss the material not yet covered from the previous meeting and the material in Chapter 17. I will discuss the need for annual review of retirement accounts portfolios the portfolio's performance. I will also discuss the importance of regular wills, living wills (health care directives) and powers of attorney.
The students will have two hours for the final exam.
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