PFP 3341 – Personal Finance: Goals Planning Personal Finance Concentration Instructor: Terrance K Martin Jr. Office: HS 272 Office Hours: By appointment Phone: 806-742-5050 ext. 239 Email: ll email communication will be through Blackboard Mailing Address: Broadway and Akron Street, Rm 272, Box 41210, Lubbock, TX 79409-1210 Course Website: www.blackboard.ttu.edu Required Texts: Personal Finance by E. Thomas Garman & Raymond E. Forgue, 10th edition, South-Western Publishing, ISBN: 1-4390-3902X. (Required chapters can be purchased at http://www.cengagebrain.com/tl1/en/US/storefront/US?cmd=catProductDetail&ISBN=97 8-1-4390-3902-1&echapterView=true# for $9.49 each if you do not want to purchase the entire book.) Achieving Objectives Made Easy: Practical Goal Setting Tools & Proven Time Management Techniques by Raymond Le Blanc, ISBN: 978-90-79397-03-7. A Survival Guide for Buying a Home by Sid Davis, 2nd edition, ISBN: 0-8144-1425-7. A financial calculator also required! TI BAII Plus is recommended. However if you have another brand/model that you know how to use, you are welcome to use it. Course Description: PFP 3341 on goal planning is an online course that focuses on financial goals typically sought by individuals. The material is beneficial for use in personal life and some professions. It can be taken separately or as part of the Personal Finance Concentration.1 Topics covered in PFP 3341 will include: • Goal planning & cash management • Purchasing strategies for vehicles • Housing decisions • Education funding • Retirement planning • Preparing for unexpected expenditures 1 The Studies in Personal Finance concentration meets the needs of students who will work in positions where knowledge of personal financial issues is required (i.e., financial services, credit counseling, social services, education). The Personal Finance Concentration will also be a valuable concentration for students who want to improve their knowledge in this area to enhance their own earning and wealth building potential. Two courses in the curriculum (PFP 3301 and PFP 3321) meet the educational requirements for the Accredited Financial Counselor (AFC) designation. This curriculum may also lead to graduate studies in Personal Financial Planning and/or to other designations; however, it will not meet the educational requirements for the Certified Financial Planner (CFP) certification. For further information about the PF concentration, go to http://www.depts.ttu.edu/pfp/documents/Studies_in_Personal_Finance_2009-2010.pdf. Expected Learning Outcomes: Upon successful completion of this course, students should be able to: • Recognize the importance of financial goals and identify strategies for attaining those goals. • Understand personal financial statements and the applications of TVM. • Determine the costs and financing options for purchasing a new vehicle. • Identify the advantages and disadvantages of renting vs. buying a home while determining costs, preparing and implementing a budget, and improving credit scores. • Identify strategies to pay for college and calculate costs associated with education. • Identify retirement needs and retirement savings strategies. • Identify strategies to work toward specific financial goals and prepare for unexpected expenses. In addition to these technical and knowledge-based learning outcomes, students should also be able to recognize and demonstrate the application of these outcomes to their personal and/or professional lives. Methods for Assessing the Expected Learning Outcomes: The expected learning outcomes for the course will be assessed through discussions, assignments, quizzes, and exams. Criteria for Grade Determination: Discussions (8 @ 25 points each) 200 points Assignments (8 @ 45 points each) 360 points Quizzes (7 of 8 @ 20 points each) 140 points Exams (2 @ 100 points each) 200 points Unexpected Expense Paper 100 points Total 1000 points Grading Scale: 900 to 1,000 points A 800 to 899 points B 700 to 799 points C 600 to 699 points D Below 600 points F Course Organization This course is organized into seven units. The content for each unit is broken up in the following manner: Unit Topics 1 Introduction to Goals Basics of Goal Planning Developing and Implementing Goals 2 Toolbox for Goals Personal Financial Statements Applying TVM 3 Ticket to Ride Buying a New vs. Used Vehicle Steps in Purchasing a New Vehicle 4 Home Sweet Home Renting Home Ownership 5 Paying for College Assessing Needs and Targeting Resources Education Savings Programs 6 Plan for the Golden Years Retirement Funding Types of Retirement Plans 7 Other Goals and Financial Surprises Working Toward Other Specified Goals Unexpected Expenses Discussions: Students will receive participation points by participating in eight guided discussions pertaining to the course material. A minimum of 2 postings should be made to the discussion board for each topic. The postings need to include an original response and a response to a classmate’s posting. The due date for responses for each topic will be given on the discussion board and course calendar. Posting early promotes discussion and allows classmates to respond. Feel free to comment beyond the required two postings. See the attached grading rubric for information on how discussion board postings will be evaluated. Assignments: Eight assignments are included in the course to encourage exploration and application of the material. Further details pertaining to the assignments will be available on Blackboard. Due dates for the assignments will be available on the course calendar. All assignments must be completed independently. While it is fine to discuss assignments with other students, including helping each other with how to do the work, each student must turn in a unique and individually prepared project. All work submitted (including spreadsheets, forms, and written work) must be your own work. Submitting work that is not your own is considered academic dishonesty. Assignments will be penalized 10% per day they are late, for a maximum of three days. Assignments will not be accepted more than three days past the due date. To compensate for unexpected emergencies, each student will receive one ―gift‖ for the semester, where they can turn in an assignment for up to three days late with no penalty. It is highly recommended that students save their gift for unexpected events. In order to apply your gift, add a comment stating your desire when you upload the assignment. Unexpected Expense Paper: You will be required to write a research paper on an unexpected expense and how to prepare for it. To ensure regular progress, the paper will have three deadlines: 1) selecting a topic, 2) submitting a rough draft, and 3) submitting the final paper. Additional details will be available on Blackboard. Quizzes and Exams: Eight open-book quizzes and two open-book exams will be given. Quizzes and exams must be completed independently. You are not allowed to help other students or accept help from anyone in completing quizzes or exams. To give or accept help with a quiz or exam is considered scholastic dishonesty, and, at minimum, you will fail this course. The quizzes and exams will be multiple-choice and will be taken on Blackboard. The quizzes and exams will be timed, so there will not be enough time to look up all answers - you must study to be prepared for the exams! There will not be a comprehensive final examination. Exam dates will be posted on the course calendar. Quizzes and exams will not be accepted late. The lowest quiz grade will be dropped. To be Successful: To be successful in this course, students must read the assigned chapters and listen to the audio lectures. In addition, students must complete assignments and participate in discussions. The chapter questions are not required but should be used to gain a better understanding of the chapter. Successful students complete required work on time. Blackboard: The course will be managed through Blackboard (www.blackboard.ttu.edu). Students are advised to log on to Blackboard and conduct a browser tune-up to ensure that their computer is Blackboard ready (this may require downloading software). Students are responsible for making sure they can access Blackboard and for checking the site regularly for updated information. Students are also responsible to ensure that their files upload properly before the due date. For assistance with Blackboard, consult the links under the ―Login to Blackboard‖ button on the above website. For help resolving technical difficulties, contact TTU IT Help Central at (806) 742-HELP(4357), or www.ttu.edu/it4students. Do not contact the instructor about computer problems. It is the student’s responsibility to allow ample time to deal with computer glitches. Students who do not have experience using Blackboard should go to the Student Resources Section on the homepage and use the resources available to familiarize yourself with Blackboard. Communication with the Instructor: We prefer that you use the discussion board on Blackboard, rather than email, for questions that are applicable to everyone in the class. The instructor will communicate with class members through the discussion board and email within Blackboard. If a student prefers to use another account, it is the student’s responsibility to set up their Blackboard email account to forward mail. Students will be held responsible for all email sent to the Blackboard account, regardless of whether or not it was forwarded to the other account. The instructor will attempt to answer student questions by email or post a message to the discussion board within 48 hours on school days. Do not expect responses on weekends. Netiquette for Online Discussions and Email: Netiquette refers to ―Network Etiquette‖. It is the way one should behave when sending email, posting to threaded discussions, or chatting online. Here are some basic rules to help you get the most out of your online learning. • ALL CAPS IMPLIES THAT YOU ARE SHOUTING - Please do not do this! • Watch your ―tone‖ - it’s written, not verbal communication. It can be very easy to misinterpret someone’s meaning online. • Check your spelling - Always! • Never ―say‖ anything that you would not want posted on the wall of a face to face classroom, because it could be! • Behave as you would in a face-to-face classroom. • Remember there is a real live person at the other end reading your posts and email. Treat them with respect. • Foul language, insults and harassment are not tolerated (just as it would not be tolerated in a face to face classroom). • Don’t flame others (a flame is a series of angry responses to someone’s comments). • Think about what you have written before you submit it. Source: http://www.tltc.ttu.edu/content/asp/Blackboard/student/netiquette.asp Academic Honesty: Academic honesty is expected. Students who violate University rules on scholastic dishonesty are subject to disciplinary penalties, including the possibility of failure in the course and dismissal from the University. Since dishonesty harms the individual, fellow students, and the integrity of the University, policies on scholastic dishonesty will be strictly enforced. Each student is expected to follow the honor code and behave in accordance with the rules of the University as outlined in the Code of Student Conduct. Disability: Any student who, because of a disability, may require some special arrangements in order to meet course requirements should contact the instructor as soon as possible to make necessary accommodations. Nondiscrimination Statement: Texas Tech is committed to the principle that in no aspects of its programs shall there be differences in the treatment of persons because of race, creed, national origin, age, sex, or disability, and that equal opportunity and access to facilities shall be available to all. REMINDER: The course syllabus provides a general plan for the course. The instructor reserves the right to make adjustments as necessary for the appropriate instruction of the course. Tentative Course Outline More detailed information on due dates for discussions, assignments, quizzes, and exams can be found on the Blackboard calendar. Unit Week Topic Readings Assignment Due Introduction 6/1/2011 Navigating the Instructor Introduction (Q1)Syllabus Quiz – Due 6/2/11 Course Syllabus Blackboard Basics Be Familiar with Blackboard (D1)Introduction Discussion – Due BAII Plus Setup Document 6/2/11 1 - Introduction to 6/3/2011 Basics of goal ―Achieving Objectives Made Easy!‖ Text Part 1 (A1)Financial Goal Assignment – Due Goals planning "Five Principles of Goal Setting" & "Goal 6/7/11 Setting Basics" Articles Developing and ―Achieving Objectives Made Easy!‖ Text Part 2 (D2)Discussion Topic 2 – Due 6/7/11 implementing goals (Q2) Unit 1 Quiz – Due 6/7/11 2 – Toolbox for 6/8/2011 Emergency Funds ―Creating a Cash Cushion‖ & " Does Money (A2)Personal Financial Statements Goals Grow on Trees" Articles Assignment – Due 6/14/11 Personal Financial Personal Finance Ch 3: Financial Statements, (P)Unexpected Expense Paper Topic – Due Statements Tools, and Budgets 6/15/11 "Wedding Bells" & "Best Budgeting Sites" (D3)Discussion Topic 3 – Due 6/14/11 Articles (Q3) Unit 2 Quiz – Due 6/14/11 3 - Ticket to Ride 6/15/2011 Applying TVM Time Value of Money Document Personal Finance Ch 8: Vehicle and Other Major Purchases Buying a New vs. a "Buying vs. Leasing" Article Used Vehicle Steps in Purchasing (A3)Kelly Bluebook Assignment – Due a New Vehicle "Extended Warranties" Article 6/21/11 "Great Deals on Used Cars" Article (D4)Discussion Topic 4 – Due 6/21/11 (Q4)TVM Quiz – Due 6/21/11 4 - Home Sweet 6/22/2011 Renting Personal Finance Ch 9: Buying Your Home (A4)Credit Score Assignment – Due Home 6/27/11 Home Ownership Survival Guide Ch 1 - 3 (A5)House Affordability Assignment – Due 6/27/11 Survival Guide Ch 4 - 5 & Ch 9 (D5)Discussion Topic 5 – Due 6/29/11 (Q5) Unit 3 Quiz – Due 6/29/11 EXAM I (Units 1 - 4) - Due: 7/1/11 SESSION BREAK (P)Unexpected Expense Paper Rough Draft – Due 7/7/11 5 – Paying for 7/6/2011 Assessing needs and Education Planning Reading (A6) Scholarship Assignment – Due College targeting resources 7/9/11 Education savings "College - Keep on Saving" & "Salvaging Your (A7) Education Planning Assignment – programs College Savings" Articles Due 7/12/11 "A Better GI Bill" & "GI Bill for Families" Articles Further Reading: (D6)Discussion Topic 6 – Due 7/12/11 Education Funding Vehicles , Education (Q6) Unit 5 Quiz – Due 7/12/11 Funding—Tax Incentives , & Education Planning Resources 6 – Plan for the 7/13/2011 Retirement funding Personal Finance Ch 17: Retirement Planning (A8) Retirement Assignment – 7/19/11 Golden Years Types of retirement ―Best Ways to Raid Your Nest Egg‖, ―Retire (D7)Discussion Topic 7 – Due 7/19/11 plans When You Want‖, ―RMD Rules for Retirees‖, (Q7) Unit 6 Quiz – Due 7/19/11 & ―Social Security‖ Articles 7 - Other Goals 7/20/2011 Working toward "Simplify Your Life", Take Control", & "What and Financial other specified goals to Keep" Articles Surprises Unexpected "12 Money Mistakes", "Frightening Financial (D8)Discussion Topic 8 - Due 8/2/11 Expenses Mistakes", & "Save $50 and Feel No Pain" (Q8) Unit 7 Quiz – Due 8/2/11 Articles (P)Unexpected Expenses Paper Final Draft – Due 8/3/11 Goals Planning 8/3/2011 EXAM II (Units 5-7) - Due: 8/5/11 Course Feedback – Due 8/5/11 Wrap-Up Grading Rubric for Discussion Board Postings Postings to the discussion board will be graded as follows: 5 (Excellent) 4 (Good) 3(Fair) 2 (Poor) Contribution to Required number of Required number Required number Required number the class postings met and of postings met, of posting met, of postings met, posting is insightful, and posting is posting is posting is thorough and thorough and interesting but uninteresting and interesting. interesting. lacks depth. not thorough. Inspires Reply A serious effort is A serious effort is Some effort is No effort is made Postings made to frame the made to frame the made to frame the to frame the posting to encourage posting to posting to posting to reply. The posting encourage reply. encourage reply. encourage reply. should generate questions and open avenues for discussion. Demonstrates Posting demonstrates Posting Posting Posting does not Understanding thorough demonstrates demonstrates demonstrate an of Reading understanding of the understanding of some understanding of reading assignment the reading understanding of the reading and is substantiated assignment. the reading assignment. with examples. assignment. Grammar and Posting does not Posting contains 1 Posting contains 2 Posting contains Mechanics contain grammar or grammar or grammar or more than 2 spelling errors. spelling error. spelling errors. grammar or spelling errors. Timeliness At least the original At least the Both postings are At least one posting is made 48 original posting is made on due date. posting is late. hours before the due made 24 hours date and both posts before the due are not made on the date. same day. The following are some guidelines and suggestions about discussions: 1. To earn full points, posts will need to be at least a paragraph long. 2. If you agree (or disagree) with a post, then say why you agree by supporting your statement with concepts from the readings or by bringing in a related example or experience. Avoid simply saying ―I agree,‖ or ―I disagree.‖ 3. Address the questions as much as possible. 4. Try to use quotes from the articles that support your responses. Include page numbers when possible. 5. Build on other posts to create threads. Feel free to make additional posts if the topic interests you. 6. Bring in related prior knowledge (work experience, prior coursework, other readings, etc.) 7. Use proper etiquette (civility, proper language, typing, etc.).
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