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11:373:353 (Section 01) Personal Finance (3 credits).
Two 80-minute class periods weekly
Offered during the fall semester by Professor II Dr. Barbara O’Neill, CFP
Lecture and discussion with small group activities, in-class student presentations, required hands-on learning assignments, and synthesis papers about personal finance books.
Recent research studies describe a dismal financial situation for many individuals and families. The U.S. personal savings rate is lower than that of any other industrialized nation and few people have adequately prepared to achieve their financial goals. In addition, the average U.S. household that carries revolving credit card debt has a $15,788 credit card balance and over 1.5 million bankruptcies were filed annually during the past few years. Among the largest increases in filings have been those by young adults in their 20s. In recent years, more young people have filed bankruptcy than graduated from college. Many times, debt problems start in college. Starting post-college life with a poor credit history can tie up future income and result in the loss of housing, employment opportunities, and favorable low-cost credit terms.
This course will teach personal financial management skills with a focus on maximizing the awesome power of compound interest by investing at an early age and repaying debt promptly to avoid interest charges that can stretch out for decades. Specific topics that will be covered include: an overview of the financial planning process, goal-setting, cash flow management, financial statements and ratios, income taxes, banking, credit and debt, identity theft, predatory lending, insurance, the time value of money and compound interest, investing, investment products, renting and home buying, and retirement planning.
The course is designed to encourage the personal application of financial planning concepts and will include assignments that foster critical thinking skills and analyses of financial data. Students will be able to directly apply what they have learned to their lives in order to become successful financially. There will be eight assignments, each worth 5% or 10% of a student’s grade (for a total of 50% of the class grade), and a midterm exam (25%) and a non-cumulative final exam (25%). There are two assigned books, Focus on Personal Finance (Third Edition, 3-Ring Binder) and a choice between The Wealthy Barber or The Automatic Millionaire. Copies of the instructor’s biography, syllabus, PowerPoint presentations, exam review questions, and assignments are available online at http://rci.rutgers.edu/~boneill/.
Poor attendance will result in the lowering of student grades (a half a grade for every three unexcused absences). There will also be two optional extra credit opportunities for students to raise their grade.
Instructor: Dr. Barbara O'Neill, CFP®, Extension Specialist in Financial Resource Management and Professor II
Office: Room 107, Cook Office Building, 55 Dudley Road, New Brunswick, NJ 08901
Phone: 732-932-9155 x250
E-Mail: oneill@aesop.rutgers.edu
Web Page: njaes.rutgers.edu/money | investing.rutgers.edu