Introduction
Money management can be the key to having the money you need to do the things you need and want. Once you develop the skills to manage your money, you’ve gained an important skill for the rest of your life.
Here's an outline of what we will cover in this course:
- Explain how limited personal financial resources affect the choices people make
- Discuss the importance of taking responsibility for personal financial decisions
- Apply a decision making process to personal financial choices
- Describe how insurance and other risk-management strategies protect against financial loss
- Identify your current financial risks
- Give examples of various ways to manage risk
- Describe types of insurance including, life, health, disability, property and auto insurance
- Design a plan for earning, spending, saving and investing
- Describe the advantages and disadvantages of spending now rather than saving for a future goal
- Step 1: Create financial Goals after identifying needs and wants
- Step 2: Create a current Income and Expense Record
- Step 3: Create an Insurance Plan
- Step 4: Create a Savings and Investing Plan
- Step 5: Create a Budget
- Understand a net worth statement