"Every finance worry you want to banish and financial dream you want to achieve comes from taking tiny steps today that put you on a path towards your goals."
~ Suze Orman, American author, financial advisor, motivational speaker, and television host ~
Self-empowerment is tremendously enhanced when you have a firm grasp of your personal financial situation and how to navigate the minefields that happen in life as your strive to create wealth for yourself and your family. In our mother's generation, the concept of an empowered woman who actually stood her ground and understood personal financial wizardry was negligible. Thank God, times have changed!
There are a number of different reasons as to why a person should learn about personal finance, but it is perhaps understandable that most people can not see these reasons for themselves. Personal finance is a difficult topic to learn about and for that reason a person just naturally tends to shy away from it, making excuses in an attempt to avoid having to learn about it. Well, personal finance is extremely important, and here are some reasons why. If you understand personal finance, then you will understand your money flow a lot better. There are a number of people that muddle through life paying their bills and their mortgage payment with the money that they have and then spending the rest of it or maybe letting it sit in their bank account. These are people that have no idea how personal finance works, so even if they end up making the right decisions they are doing it through luck. While there is nothing inherently wrong with this particular approach, don't you think that you would feel much better if you knew exactly what was going on with your money flow? The old saying is that knowledge is power and if you know about your money flow, you arguably have the most important individual power that exists in the world today.
This 16-hour course covers the basics of true personal financial empowerment. In its modules, you will learn the rules for making and keeping money. You'll learn why it's never too late to start your financial planning even in your 40s and 50s and how to bounce back from financial disaster. This discussion will embrace what the "new normal" looks like now since The Great Recession, and teach you excellent techniques for personal budgeting, strategies on how to save your money wisely, how wealth is created, and the importance of creating an emergency fund. An overview of the different types of insurance, their purposes, and why each is important will also be provided to you and you will learn how to calculate your income taxes appropriately whether you are married, single, widowed, with kids or without. You will even learn how to make sense of your W4s and how to correctly calculate your federal income taxes on an annual basis. No personal finance course would be complete without teaching you what Good vs. Bad Credit is and how to calculate your Debt to Income Ratio, but you will also learn tried and true tips on credit repair and how to get started, and why it is necessary and how to create financial goals for you and your family. Lastly, the importance of estate planning plus understanding business continuity and the steps to accomplish it will be taught, coupled with an overview of economics, capitalism, the supply, and demand chain, and how it is relevant to you personally as you work to financially empower yourself and your family as you begin the tasks of building your new business.
1. Module 1 - Personal Finance Overview
Starting with a definition of Personal Finance, to breaking it down into bite sized pieces of information, this 2 hour module begins with a robust overview to encourage and show you how to start the process of making and managing your money so that you can begin your journey of creating personal wealth. Specifically you will learn the 10 rules of making money and you'll discover your current attitude about money so that you can then learn to make a budget that works for you. We have designed this course from the perspective of someone over 40, thus in this module we give you tips and rules you can follow for your financial life from that perspective wherein you learn the best moves you can make in you 40s, 50s, 60s and beyond.
2. Module 2 - Starting Over In Your 40s and After
We've dedicated this module to show you how to bounce back after a financial disaster because life can throw us curve balls! You will learn the steps you need to take to get out of debt and jump start your savings fund or even start over again after 40. Lastly we will touch on the basics of financial planning for your future and how economics play into your financial life. We have even thrown in, a massive bonus taught by one of today's top women financial powerhouses to help you harness your personal finances now and in the future.
3. Module 3 - Income and Expenses
Awareness of your money and how you spend it on your home, your car, your retirement fund, etc... is essential to empowering yourself with the financial realities of your life. In this 1 hour module we begin with a dissection of the 50/30/20 Rule and how this type of budgeting can allow for flexibility in your life while instilling discipline for how you budget your life. You will also have the opportunity to create your own Personal Budget Spreadsheet. As you build your business, it is imperative that you keep your personal and business finances separate. You will learn why and how to do so in this module. Your final lesson will be taught by one of the greatest teachers of entrepreneurs today who will teach you the money game and how to play it in the real world for your benefit.
4. Module 4 - Savings
At the end of the month, most of us have more month than money! Obviously we need to stop this, so this 1 hour module is dedicated to teaching you how to SAVE YOUR MONEY. It's not as hard as you think, you just need to sacrifice now for something better at a later date. You will learn about creating an Emergency Fund and why it's necessary and you'll learn how wealth is created through savings and investments. Lastly we'll share successful strategies for saving money over time.
5. Module 5 - Insurance
Insurance. The word alone is so boring that just saying it, much less studying it, puts you in a coma, right? Oh, how wrong your are! Insurance is crucial to financial success. It protects your dreams and everything you’re working to achieve through your business by managing risk. In this 1 hour module you'll get a basic overview of the principles of how insurance works for you personally and in your business. You will study key terms and definitions that will help you to understand your policy better. You'll learn the types of insurance available and determine through analysis which is best for you. We've also given you a Case Study in this module to help you avoid the 5 insurance buying mistakes that plague many people today, and a section dedicated to teaching you how insurance premiums are determined. Lastly, you'll be given contact information for insurance resources available to you from anywhere in the nation.
6. Module 6 - Earning Power and Taxes (Double Module)
Nothing impacts your incentive and drive to earn money more than taxes. In this 3 hour module we will investigate factors that impact your take-home pay and you will learn about choices you have to make the most of your hard-earned money. We begin with an examination and tracking of your expenses, receipts and bank statements. Most of us have problems in determining which receipts and paper to keep and which to throw away - thus you will learn how to determine the best course of action for your situation. You'll learn key terms and definitions that will help you in understanding tax and financial issues. You will learn how to keep deductions and payroll taxes in check as well as how to make sense of your W4. You'll even get to calculate weekly tax with holdings for a Sample Paycheck based upon what you will have learned. As our target student is a woman over 40, we have included teachings on how to file your taxes as a single, married, widowed, woman with or without children and even provide you a thought provoking case study and learning activity designed to stretch your intellectual capability.
7. Module 7 - Credit and Debt
This 2 hour module will help you navigate through common credit and debt issues such as borrowing and using credit wisely, working with lenders, getting help with credit card issues, and improving your credit scores. Having a good plan for using credit and debt will help you feel more secure, and possibly less stressed about your spending decisions. You will learn the difference between good and bad credit, what a payday loan is, why you need credit as an adult and how be strategic with it, as well as how consumer spending fuels the economy. You will become familiar with how credit cards work for you and how they can become your biggest credit nightmare if your are unprepared. You will learn credit strategies that will benefit you and your family. You will learn what your Debt to Income Ratio is and how to calculate it appropriately. We have thrown in a section on borrowing and the costs associated with it such as compound interest and how to calculate it. In any discussion of credit, your credit score and its accompanying implications must be taught. You will learn what and how your Credit Score is calculated and where you can go to obtain your FREE credit report. You will see the ranges of credit scores, and what they mean for you - and how to improve your score should it not be where you want it to be. Lastly, you will learn how to review your credit report and we will discuss credit repair and how to dispute items on your credit report as well as how to make a plan to improve your credit.
8. Module 8 - Household Budgeting and Planning
In order to start budgeting correctly and to get on top of your finances you must begin by tracking your spending habits! In this 1 hour module we will begin by sharing the different methods of tracking - which one you choose is up to you. You will then learn why and how to set financial goals from a master financial guru who has taught hundreds of thousands how to get out of debt and live within their means. Another issue that plagues us when we are setting goals for our budgeting and household spending is that of fear and emotional turmoil when handling financial issues. You will learn how to overcome these fears and manage your emotions and most importantly, you will learn the purpose of problems and why they actually are necessary to make you a better person.
9. Module 9 - Estate & Business Continuity Planning
Well we're at the age that we need to start embracing our own mortality. We can't live forever, that is a fact, but what we can do, is to leave a legacy. In this 1 hour module we will give you a high level overview of what estate planing and business continuity are and how important they are for your family and business. You will learn a few principles of estate planning in order to protect your heirs. You will learn the five main goals of estate planning and through a series of videos produced by FEMA and the Department of Homeland Security, you will obtain a clear understanding of exactly what Business Continuity is and what it means for your business. Lastly, you will get an opportunity to create your own Business Continuity plan for your new business.
10. Module 10 - Economics and the Cost of Living
Most of us do not have an expertise in Economics. In fact, visions of old men in bow ties, spectacles and too many pens in their breast pockets speaking in monotone is what most of us think about economics! We're here to put a new spin on it. Economics is actually extremely vibrant and drives everything in your world and this nation! There is complete relevancy and real world applications of economics. In this 1 hour module, with the help of The Muppets, you'll get a crash course in the subject matter! You'll learn key terms and definitions to help you get a grasp of economics and how the individual is the basic unit of economic analysis - not business. You'll learn about cooperation and competition as well as the 7 ways entrepreneurs drive economic development. You will also learn about markets, supply and demand as well as voluntary exchange and its relevance to the birth of your new business. Lastly, we will also discuss capitalism vs. socialism and the concept of inflation and what it means for business and for you personally.