Financial Literacy

GENERAL STUDIES

Financial Literacy

Course Description:

The general objective of this course is for students to master fundamental concepts essential in meeting the financial challenge of the 21st century. They will learn how to define financial stability. Students will be able to read, analyze, manage, and communicate about the personal financial conditions that affect material well-being. Students will learn how to budget every day finances, make financial choices, plan for the future, and respond to life events and the general economy.

 

 

Course Objectives:

  • Students will be able to define, analyze, and evaluate financial stability.
  • Students will evaluate different aspects needed for career decisions.
  • Students will be able to analyze and create personal accounting and budgets.
  • Students will learn the value of saving and the differences between investment opportunities.
  • Students will understand the different payment methods and the pros and cons to consumerism and credit
  • Students will understand the different methods of borrowing and debt management
  • Students will learn the key needs behind philanthropy.

 

 

Scope and Sequence:

Financial Stability

  • Defining financial stability
  • Obstacles to financial stability
  • Different needs based on society, personality, conditioning, and circumstances
    • Needs vs. wants
    • Spending priorities
    • Attitudes toward money

 

Income

  • Considerations in choosing a career
  • Educational levels
  • Entrepreneurship
  • Writing a résumé
  • Hard vs. Soft skills
  • Concept of supply and demand in the workplace
  • Facing changing work conditions
  • Understanding paychecks and taxes

 

Household Accounting and Budgeting

  • Defining budget and the needs for it
  • Building a budget
    • Monthly vs. annual budget
    • Cash flow
    • Expenses
    • Basic banking and checking procedures

 

Leveraging Assets

  • Importance of savings
  • Investment options
    • Banks
    • Securities
    • Real Estate
    • Risk/return equation
    • Short term/long term
    • Compound Interest

 

Spending and Credit

  • Payment methods
  • Consumerism
  • Credit
    • Credit history
    • Credit rating
    • Credit cards

 

Loans and Borrowing

  • Types of loans/borrowing
  • Practical considerations of debt
  • Positive vs. negative loans
  • Psychological aspects of borrowing
  • Debt management

 

Charity

  • Significance of charity and philanthropy
  • Priorities
  • Financial independence