Course Description
Review of practical money skills that college students need as they enter the world of work. Covers basic budgeting, credit management, making decisions about employer-provided health care, and savings and investments, especially employer-provided options. Emphasis will be on preparing students to make decisions as they leave college and begin employment.
Athena Title
Money Skills for Life
Prerequisite
Fourth-year student standing
Semester Course Offered
Not offered on a regular basis.
Grading System
A - F (Traditional)
Course Objectives
1. Learn the principles of making and following a budget. 2. Understand the different types of credit, the advantages and disadvantages of each, and rights and responsibilities related to consumer credit. 3. Understand what is in a credit report and a credit score, the impacts of one's credit history and credit score, and how to obtain each. 4. Learn strategies for managing credit. 5. See the advantages of starting a saving and/or investment plan early; learn criteria to assess retirement plan options available through employment. 6. Learn the basic types of health care plans; learn criteria to assess health care options available through employment. 7. Identify the risks associated with identity theft, ways to avoid, and appropriate responses when it occurs.
Topical Outline
INTRODUCTION The importance of controlling your finances; the importance of decisions related to personal finance made in the first year out of college MANAGING YOUR SPENDING How your money personality affects your spending Assessing your values and goals Strategies for tracking your spending Making and sticking with a spending plan MANAGING CREDIT Types of credit Advantages and disadvantages of credit Evaluating a credit card offer Rights and responsibilities related to credit Managing your credit What to do when you can't pay CREDIT REPORTING AND CREDIT SCORING What's in a credit report What's in a credit score How credit reports and credit scores are used Obtaining your information and correcting errors STARTING A SAVING AND/OR INVESTMENT PLAN Time value of money -- start early! Savings and investment choices Employer provided options -- 401k/403b and other retirement plan options, including IRAs Social Security Which retirement plan is right for me? CHOOSING A HEALTH CARE PLAN Different types of health care plans (indemnity, PPO, HMO) Evaluating typical employer provided health care plans -- Which health care plan is right for me? IDENTITY THEFT What it is and how it happens How to avoid it
Syllabus