Fundamentals of Personal Finance

Curriculum Guideline

Effective Date:
Return to Course
Print Guideline
Course
FINC 2300
Discontinued
No
Course Code
FINC 2300
Descriptive
Fundamentals of Personal Finance
Department
Finance
Faculty
Commerce & Business Administration
Credits
3.00
Start Date
End Term
201720
PLAR
No
Semester Length
15 Weeks X 4 Hours per Week = 60 Hours
Max Class Size
35
Contact Hours
Lecture: 4 Hours Total: 4 Hours
Method(s) Of Instruction
Lecture
Seminar
Learning Activities

Material will be presented within a lecture/discussion environment.

Course Description
This course covers the fundamentals of the six step financial planning process. Topics will include net worth and cash flow management, as well as debt management and analysis and calculation of mortgage financing options. Savings and investment products are covered as well as the essentials of RRSPs, TFSAs, government benefit programs, and personal insurance. Taxation as it relates to long term personal financial planning is covered at an introductory level. In addition, an overview of the products and services available to individuals and businesses through financial institutions will be covered.
Course Content
  1. Introduction to financial planning.
  2. Introduction to personal income tax.
  3. Overview of financial products and services for individuals and businesses.
  4. Insurance products and planning.
  5. Government programs including OAS, CPP, GIS, RRSP and TFSAs.
  6. Retirement planning.
  7. Saving and investing.
  8. Consumer credit rating and debt management.
  9. Home mortgages.
  10. Wills and estate planning.
  11. Legal and ethical conduct in the financial services industry.
Learning Outcomes

Upon successful completion of this course, students will be able to:

  1. Develop financial planning goals.
  2. Prepare personal financial statements (including a personal budget, cash flow statement, and statement of net worth).
  3. Incorporate basic knowledge of personal income tax in financial planning decisions.
  4. Consider and calculate various types of personal insurance needs and coverage options.
  5. Describe and explain the variety of products and services available from financial institutions.
  6. Describe and explain basic investment options (saving accounts, stocks, mutual funds, etc.) and types of accounts and their features for wealth management.
  7. Compare the advantages and disadvantages of renting versus buying a house.
  8. Explain basic concepts of retirement and estate planning.
  9. Demonstrate in a responsible and accountable manner the legal, ethical and social parameters of the financial industry.
Means of Assessment
Term Examination (2)                    40%
Final Examination  30%
Projects/Cases/Written Assignments     30%
Total 100%
Textbook Materials

Textbooks and Materials to be Purchased by Students

 

Madura, Jeff and Gill, Hardeep S. Personal Finance. Latest Canadian Edition, Pearson, or equivalent as approved by department.

 

Calculators as approved by Faculty of Commerce & Business Administration.

Prerequisites

FINC 1231 or equivalent