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Personal Finance (ECON 1000)

Total Credits: 3
Lecture Credits: 3

Description: In this course, the student will aquire the tools to achieve personal financial responsibility and well-being. These tools include, for example, developing financial goals and plans, preparing and analyzing financial statements, undertaking time value of money calculations, determining income tax liabilities, using sound cash and credit management principles, making good auto and housing decisions, assessing insurance needs, investing, and retirement planning.

Topical Outline:
1. Personal Financial Statements and the Principles of Financial Planning
2. Tax Liabilities
3. Cash and Credit Management
4. Major Expenditures
5. Insurance
6. Investment and Retirement Planning

Learning Outcomes:
1. Prepare financial statements, identify financial goals consistent with economic factors and personal values, and undertake financial planning for a civically responsible life anchored in financial freedom
2. Calculate federal taxes and demonstrate knowledge of various taxes, including the use of ethical strategies to minimize tax liabilities
3. Demonstrate knowledge of financial services and their role in economy; employ the principles and techniques of responsible cash and credit management
4. Evaluate the costs and benefits of major consumer purchases, such as houses and automobiles, using knowledge of effective purchasing strategies and legal rights
5. Determine insurance needs; demonstrate knowledge of the role of insurance in the economy and in personal financial risk management; explain the characteristics of major types of insurance, such as life, health, auto and home insurance
6. Demonstrate knowledge of basic investment products and principles and use those to develop responsible retirement plans

Prerequisites:  Placement into READ 0200 or ESOL 0052 or completion of READ 0100 or ESOL 0042

  • Goal 5: History and the Social and Behavioral Sciences
  • Goal 9: Ethical and Civic Responsibility