Personal Finance Study Guide
A practical undergraduate course in personal financial management: financial planning and goal-setting, budgeting and cash flow, banking and financial institutions, credit and debt management, taxes (federal income tax basics, W-2, 1040, deductions), insurance (health, auto, renters, life), investing fundamentals (stocks, bonds, mutual funds, ETFs, risk and return), retirement planning (401k, IRA, Roth, compound growth), and consumer decision-making.
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12 Topics Covered
Financial Planning Foundations
SMART goals, financial planning process, time value of money, present/future value, and compound interest calculations.
Budgeting and Cash Flow Management
Income vs expenses, 50/30/20 rule, tracking spending, emergency funds, and opportunity cost in decisions.
Banking Essentials
Checking/savings accounts, APY calculations, online banking, overdraft protection, and FDIC insurance limits.
Understanding Credit and Credit Scores
FICO components, credit reports, building credit history, revolving vs installment credit, and credit utilization.
Credit Cards and Consumer Debt
APR calculations, minimum payments, grace periods, and comparing credit card terms for informed decisions.
Student Loans and Debt Management
Federal vs private loans, repayment plans, deferment/forbearance, avalanche vs snowball payoff strategies.
Federal Income Taxes
Tax brackets, marginal vs effective rates, W-2/1099 forms, deductions, credits, and 1040 filing basics.
Insurance and Risk Management
Health, auto, renters, life, and disability insurance; premiums, deductibles, copays, and policy comparisons.
Investment Fundamentals
Risk-return relationship, diversification, stocks, bonds, mutual funds, ETFs, index funds, and expense ratios.
Retirement Planning
401(k), 403(b), traditional/Roth IRAs, employer matching, Social Security basics, and early investing benefits.
Major Purchases: Housing and Automobiles
Rent vs buy analysis, mortgage basics, PMI, down payments, car financing vs leasing decisions.
Consumer Protection and Financial Security
Identity theft prevention, recognizing financial scams, consumer rights, and avoiding predatory lending practices.
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