This course will provide students of all disciplines with an essential foundation in personal finance. The course will focus on four core areas of personal finance: 1) Budgeting & saving; 2) Investing; 3) Obtaining credit & controlling debt; and 4) Minimizing financial risk through the use of insurance.
The course will also cover the essentials of personal taxation, retirement planning, and estate planning. This course will enable students to gain the fundamental knowledge and skills needed to make wise financial decisions as they move forward in life, which in turn will impact their ability to function as productive leaders in the workplace and financially literate citizens.
A student may not receive credit for both MGMT 205 and MGMT 395 with the topic “Achieving Personal Financial Security.”
MGMT 206: Personal Financial Management with Digital Technology
In the digital era, financial technologies have worked their way into our digital wallets and portfolio. Mobile banking services, budgeting and investing apps are inextricably linked with how we conduct our personal finances. While financial literacy deals with underlying finance concepts such as time value of money, compounding, budgeting and investing, financial technologies dictate how we access tools to carry out day-to-day budgeting, investing and consuming. In the digital era, financial technologies, Fintech, serve as an enabler of financial literacy, FinLit. While technology is not a substitute for literacy, Fintech complements literacy. Technology has created a level playing field and has advanced the access to credit and investments.
This course will cover four areas:
Comparing banking services and costs
Digital banking: Using mobile apps and financial technologies for financial management and decision making