Personal Finance 101: Essential Basics for Young Adults
Personal finance is the foundation of financial success, but many young adults lack the knowledge and skills to manage their money effectively. This course aims to bridge that gap by providing a comprehensive introduction to personal finance, taught by Kevin Cuthill, an experienced financial advisor from Edward Jones (now Ameriprise).
Target Audience
This course is designed for the individuals who are:
- Young Adults
- College Students
- Recent Graduates
- Anyone who wants to learn about the basics of personal finance
Course Prerequisites
No prior knowledge of personal finance is required. This course is appropriate for anyone wishing to improve their financial literacy and establish a solid financial foundation.
Objective
This course will help you learn:
- The Basics of budgeting, credit, and debt management.
- Creating a financial plan and setting long-term goals.
- Strategies for investing and managing your money effectively.
- Solid foundation for making informed financial decisions.
Topics Covered
This course will cover the following topics:
- Budgeting entails creating a budget, tracking costs, and establishing financial objectives.
- Credit and Debt: Understanding credit ratings, managing debt, and distinguishing between good and bad debt.
- Investments: Basics, Risk Tolerance, and Diversification Strategies
- Mortgages and Loans: Various types of loans and how to select the best one
- Foundations of Investment: Creating a strategy, committing to quality, and focusing on long-term investing
Course Modules
This course contains only one module that has:
- Agenda & Introduction to the 5-Step Process
- Step 1: Where Am I Today? (Budgeting)
- Step 2: Identify Your Goals
- Step 3: Prioritize (The Four Uses of Cash, Mastering Credit, Good Debt, Bad Debt)
- Step 4: Debt Consolidation & Payoff Strategies
- Step 5: Review Your Strategy
- Mortgages & Loans
- Agenda & Introduction to Foundations of Investing
- Rule 1: Develop a Strategy
- Rule 2: Stick with Quality
- Rule 3: Diversify
- Rule 4: Invest for the Long Term
- Rule 5: Focus on What You Can Control
- Part 2 Closing: Recap & Closing
By the End of this Course
You will have a strong grasp of personal finance and practical strategies for managing money, building wealth, and securing your future.
Enroll Now
Take control of all your financial decisions at a young age by making conscious decisions. Enroll in this course now and know effective techniques to do so.
Agenda & Introduction to the 5-Step Process
Kevin introduces his background and what he enjoys about being a financial advisor, then outlines the agenda of the first portion of the presentation.
Step 1: Where Am I Today?
Kevin describes a budgeting worksheet you can fill out to get a realistic picture of what you spend each month.
Step 2: Identify Your Goals
This lesson explores how to be specific about what your goals are - for six months from now, one year, 10 years, and so on.
Step 3: Prioritize
Kevin explores the Four Uses of Cash and tips for each - although not in the order of USES!
Learn how to master credit by using debit and credit cards to your advantage.
This lesson explores the difference between good debt and bad debt, including the explanation of credit profiles and credit scores.
Step 4: Debt Consolidation & Payoff Strategies
In this section, the potential credit card payoff strategy of paying off one card at a time is discussed, including an example of what to do if you have multiple cards to pay off.
This lesson discusses things to consider before refinancing, including the difference between a fixed rate and Adjustable Rate Mortgage.
Step 5: Review Your Strategy
Discover the importance of reviewing your strategy annually or especially when you experience a life event.
Part 1 Closing
Kevin recaps the first part of the presentation highlighting the Four Uses of Cash and the importance of mastering credit.
This lesson gives a general overview of what to keep in mind when looking to buy a home or a car.
Agenda & Introduction to Foundations of Investing
Discover what's to come with the second half of the presentation with this introduction to the foundations of investing.
Rule 1: Develop a Strategy
This lesson uncovers what determines your investment strategy, as well as introducing risk tolerance.
Rule 2: Stick with Quality
With so many stocks to choose from, this lesson explains how you can pick quality stocks.
Rule 3: Diversify
Kevin dives into why diversifying your portfolio is so crucial, and describes the "point" (no pun intended) of the investment pyramid.
Learn all about bonds with this brief explanation.
Why is the stock market described as a bull or bear market? Find out in this lesson with an overview of stock basics.
Kevin provides an introduction to packaged investment products from mutual funds and Exchange Traded Funds to Unit Investment Trusts.
This lesson goes into depth for one packaged investment product in particular - the mutual fund.
Rule 4: Invest for the Long Term
Understand how putting money in the market will make you money long-term - and how the market historically has always bounced back after it's down.
Learn what systematic investing is and what the benefits are of investing this way.
Rule 5: Focus on What You Can Control
This lesson addresses the financial considerations you can control vs those you cannot.
Part 2 Closing
In closing, Kevin recaps the 5 rules and the importance of keeping these in mind.
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