1001 Rogers Street
Columbia, MO 65216
17 / SPRG2 - Late Spring 8-week Session
17 / SPRG2 - Late Spring 8-week Session Evening Campus
1001 Rogers Street
Columbia, MO 65216
|Course Prefix and Number:||FINC 298|
|Course Title:||Personal Financial Planning|
|Semester Credit Hours:||3|
|Class Day and Time:||
5:30 p.m.- 9:30p.m.
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 Finance-Turning Money into Wealth 7th edition
- Author: Keown (Pearson)
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.
Additional Instructor Objectives
We will have guest speakers, individuals properly licensed to discuss the assets they provide to clients. These speakers will address relevant issues in their respective industries, the planning processes and answer student questions.
Special Course Requirements
Students are required to write a paper with recommendations on asset planning and restructuring for a client. The instructor will provide the current financial detail for the client. The paper should be 3-4 pages, excluding the title page. The format is Purdue OWL, 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 individual's 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.
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 the second class period.
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.
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. These worksheets can be used as an aide in structuring and detailing one's financial plan. 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||12.5% of grade|
|Description - |
The midterm will be multiple choice questions.
|Final Exam||25 Points||12.5% 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 students must review the client's current asset structure for diversity, risk and quality and make recommendations on changes, if any, and why.
Since there is no financial data included in this study, students are not required to submit forecasted dollars in this study. I will look for recommendations on types of accounts and assets the family should have based upon the information provided in the case study. What should the client do for the next five years, and why?
|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. He/she needs to answer in the recommendations why he/she recommended this plan and how this plan better positions his/her client in risk reduction, asset protection and allocation and flexibility.
You will develop the plan knowing the male is 40 years old. While I am asking you for only a five-year plan, you should determine if he needs a retirement plan, and/or an estate plan and why or why not.
Additional Information / Instructions
The homework assignments are in the syllabus and in the content section of the D2L, week 1. 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. If a student will miss a class, he/she must notify the instructor as soon as possible.
Late papers and homework will not be accepted. If a student does not submit all homework assignments or 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 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. I will discuss the risk and return impact on financial planning. This includes protecting assets, learning the use and application of ratio analyses, and setting financial goals.
Read chapters 1 and 2 before class.
We will do a work sheet in class.
I will lecture and provide examples of the need for financial plans and asset protection.
|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. I will discuss tax planning, and how to account for any business profit or loss on your return. I will also discuss the importance to the students who use outside assistance in preparing tax returns, that the tax preparer, if other than the tax payer, must be licensed to prepare returns.
Read chapters 3, 4 and 5 before class.
Assignment number one is due by midnight of the day 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 inclass assignment and work some Time Value of Money assignments in class as well. This is in addition to your homework assignment.
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 white board for the class session.
Paper is assigned this week. I will discuss the requirements at this time.
|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 by midnight of the day of class. This assignment includes the following problems: problem 3 on page 160; problem 1 on page 192; problem 6 on 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. We will also discuss the cost of using credit cards, and how one's credit report determines the ability to obtain loans, the interest rates, the premiums on insurance policies and the ability to get credit.
|Home, Auto, Life and Health Insurance|
We will complete an in-class assignment and discuss the features and costs of health insurance and their impact on consumers.
Read chapters 8 and 9 before class.
The third homework assignment is due by midnight of the day 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 this week and will cover 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.
I will lecture and use PowerPoint.
|Health, Property and Liability Insurance|
We will complete an in-class assignment, look at strange but actual issues regarding drivers and reasons for accidents. We will also look at the impact of a margin call on investors funds.
Read chapter 10 before class.
The fourth homework assignment is due by midnight the day 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.
I will distribute a handout that has the math workup of a margin call. We will discuss how a margin call impacts an investor.
I will lecture and use PowerPoint this week.
|Investment Basics, The Securities Market, Stocks|
We will complete an in-class problem, look at historical returns on various classes of mutual funds. I will discuss past returns on investments, their importance, and how one can understand but not necessarily use these as projections for future returns. We will also discuss how to evaluate our investments.
Read chapters 11, 12 and 13 before class
The fifth homework assignment and papers are due by midnight of this 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.
I will lecture and use PowerPoint.
|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.
None this week.
I will return papers this week. I will lecture and use PowerPoint. I will discuss the reasons why many companies stopped employee benefit plans and went to either no plans or an employee contribution plan. I will also discuss why social security benefits will NOT replace pre-retirement salaries and why other income sources are necessary to provide retirees with a similar life style to which they have become accustomed.
Its all about time value of money!
|Retirement and Estate Planning|
Read chapter 17 before class
The final exam will be this week and cover the 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. Why legal documents are necessary to ensure the people you want to get your inheritance actually receive it rather than have the court decide who gets what.
The students will have two hours for the final exam.
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Dress code -
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