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By Jim Munchbach
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The podcast currently has 11 episodes available.
Week 9 Investment Basics Assignment Review
The Perfect InvestmentIn this week’s assignment, you’ll learn a few important basics about investing, including asset classes. Over the next two weeks, you’ll learn the 4 Investment Strategies designed to maximize returns in your portfolio while minimizing risk.
Retirement AnalysisYou will incorporate what you learn in the investment section of this course by using your financial plan (Retirement Analysis) to highlight your probability of success before and after applying what you learn about investing into your plan.
The Perfect InvestmentWell, there may not actually be a “perfect” investment, but matching funds in your 401k comes as close as anything I’ve ever seen.
401K MatchMany companies offer to match money we put into retirement accounts, and that’s free money! It doubles your income immediately, and it will multiply your savings over time.
Sadly, I’ve known a number of people who didn’t take advantage of this incredible opportunity. If your employer offers it, do whatever you need to do to get the maximum you can get. You might not be able to afford the latest gadget for your computer, the newest iPhone every time a new one comes along, but you’ll have something far more valuable: peace of mind that your future is looking good!How it Works
- Get The Match!
- Tax Deduction
- 15% Baby Step
- $100k Example
Planning PortalLogin to your Planning Portal and take a quick look at your Retirement Analysis.
- Take a Screenshot showing your Probability of Success
- Before Moving Forward
- Grab a screenshot of your Probability of Success
- Include the Action Items dropdown list
- Grab a screenshot of your Income Data Cards
- Grab a screenshot of your Savings Data Cards
- Grab a screenshot of your Expenses Data Cards
Add your 401k to your planBased on your Dream Job, be sure to include…
- How much will you be investing in your 401K?
- What is your company “Match”?
- What is your goal for Retirement?
- Age?
- Monthly Income?
- How are you feeling about reaching that goal?
- List Three Options can you consider to improve the probability of success in your plan.
- Grab a new Screenshot for your Retirement Analysis
- How did your options “move the needle” on your probability of success?
Include a screenshot for this week’s QuizInsurance 101 Assignment: Add Home and Auto Insurance to Your Plan
Insurance (Risk Management) is an essential element of Personal Finance. You’ll spend a lot of money buying insurance in your lifetime. So, a little insurance knowledge can help you Make Your Money Count.This week, we’re focusing on Property and Casualty insurance. In this assignment, you will add insurance to your financial plan. The following information will help you understand Homeowners and Auto Insurance so that you can add the coverage you need to protect your investment (your new home and car).
Part One: Get Auto Insurance QuoteObtain One Auto Insurance Quote online (or in a local insurance agency).
You can use your actual car, a family car, or a friend’s car to obtain the quote. Or, feel free to use the car you “pretended” to buy in your credit crush assignment for the auto quote.
Save the quote (PDF) along with your comments related to each coverage you selected - see below, Part Three.
Be sure to address the following coverages in your comments:
— Collision and Deductible (Earn 5 extra points by getting a quote for more than one deductible. How much will you save if you take a $1,000 deductible? Is it worth it? Or, how much more will you pay if you take a $250 deductible?)
— Comprehensive and Deductible
- Consider getting a quote for more than one deductible.
- How much will you save if you take a $1,000 deductible?
- Is it worth it? Or,
- How much more will you pay if you take a $250 deductible?)
— Liability 100/500/100 (address each of these three numbers and what they mean)
— Rental
— Emergency Road Service
— Personal Injury Protection 2500/5000/10000
— Medical Payments Coverage 2500/5000/10000
If you’re employed, you will want PIP (Personal Injury Protection); if you’re unemployed, you will want MPC (Medical Payments Coverage).— Uninsured
— Underinsured
Also discuss any other coverage offered by the agent you meet with or talk to online. In order to receive full credit for this assignment, you will need to convince me that you understand each of the coverages listed above.— What is a deductible? How does it work? Explain that, too.
Part Two: Add Auto and Homeowners Insurance to Your PlanLink to this post:
https://missionalmoney.com/financial-training/car-insurance/
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Enroll in Make Your Money Count (Free Course for NON-Students at the Bauer College of Business at University of Houston):
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Sponsored by BayRock
https://bayrockfinancial.com
Lance Fontenot
I have been managing my finances well and I feel confident in my money managing skills currently, but I do worry about how that will change once I take on more expenses. I always feel like I could be saving more, and I anticipate that saving will only be more difficult in the next couple of years. I hope to gain skills in managing my expenses to be able to optimize my savings for the future.Hela Ali
I feel anxious thinking about financial freedom and how to manage my finances right now and after graduating college. I took this class because I know there is so much more to saving money. I'm excited to learn about all these different ways I can grow my income and feel confident spending money.Averie Beaty
The thought of having to manage my money seems overwhelming but I honestly believe that once I get the hang of it, it won't be as difficult of a task to manage. I think that people get overwhelmed when they feel as if they have no direction or guidance, but after completing educational courses such as this one, I think it'll give more people peace of mind. The challenge I anticipate being faced with is the discipline that comes with having to save my money and keeping myself within a budget because it is not something that comes easy for me, but it will definitely be rewarding to see the benefits of me doing so.Jazmin Miralda
I've improved my spending habits significantly, but I always worry if I've saved enough money for the future. I'm looking forward to learning how to better save and what channels I can use to invest my money into.sophie robertson
Hello Professor! Managing money as an adult can weigh very heavy mentally on the head but it is important to make good choices when it comes to financials and if you are smart 90% of the time, everything will be okay! Currently my troubles of saving just come from mindless spending on dinners and nights out, which add up pretty fast. In order to accomplish my goals I need to start budgeting myself and cut down on the mindless spending and start investing in my future.Summer School 2021
Capstone Review
4 Goals for Your Capstone Assignment- Earn 250 of the 950 Points Needed for an “A” (50 Points Extra Credit)
- Define and Describe the Essential Elements of Your Financial Plan
- Create a Capstone Report to Illustrate Your Financial Plan
- Demonstrate Your Understanding of Cash Flows in Your Plan
- Watch The Capstone Assignment Video (https://youtu.be/x2VYDschix8) in Money Study Group
- Review the Course Material Posted in Money Study Group
- Create Your Final Report and Upload in BB
- For each of the Essential Elements listed below, include the following:
— Include Screen Shots
— Tell me What Changes You Made, if any, Before and After each element.
— Address the specific questions listed next to each element.
Balance Sheet- Assets
- Liabilities
- Net Worth
- Be sure to include your detailed budget in the screenshot.
- If you did not link your credit/debit card, explain why and be sure you’ve added the detailed budget items manually (25 points).
Debt and Debt Strategy- Refer back to your Credit Crush Assignment if you need a refresher.
- Describe your Debt Payment Strategy.
- Tell me how you plan to use what you learned about Credit Cards (and debt in general) after you graduate.
Asset Allocation- Tell me what you learned about Asset Allocation in this course.
- How did you apply this new information in your financial plan?
- What Asset Allocation will you use in your 401k after you graduate?
- How much did Asset Allocation change your Probability of Success?
Tax Allocation- In general, what did you learn this semester about Tax Allocation? — What is Tax Allocation?
- How will you use what you learned about Tax Allocation after you graduate?
- Will you fund a Roth IRA?
- Discuss the actual holdings you selected for your portfolio.
- Explain the difference between a holding and an asset class.
- Explain the difference between a holding and Type of Account.
- Explain the difference between a holding and Type of Investment.
Retirement Analysis- Which elements in a financial plan can “move the needle” the most in terms of Probability of Success?
- In reviewing your Cash Flow Summary Screen, was there anything you saw that would raise a question when I review it?
- Spend a few minutes trying to figure out how to answer the question I’m going to ask about your Cash Flow Summary.
- If it all looks great, move on to the next screen.
Net Worth- In reviewing your Net Worth Summary Screen, was there anything you saw that would raise a question when I review it?
- Spend a few minutes trying to figure out how to answer the question I’m going to ask about your Net WorthSummary.
- If it all looks great, move on to the next screen.
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These are the most common and most powerful investment strategies available to young and old investors alike, designed to help you maximize returns and minimize risk so that you build more wealth over time:Three factors determine the performance of your portfolio:
In a ten-year study of ninety-one large corporate pension plans in the United States, the authors of an article in Financial Analysts Journal found that…
94% Of Performance Was Determined By Asset Allocation.Many of us are tempted to wait for a windfall—winning the lottery or a big inheritance from Aunt Phoebe—before we even start to invest. Our hopes are high because we’ve heard stories of people who hit it big, but those stories are in the news because they’re so rare, not because they’re commonplace.The best way to develop a substantial nest egg is to develop the discipline of putting money into a fund every month—no excuses. The market will go up or down, but our funds continue to grow slowly and steadily. I know people who began putting as little as $25 a month into an investment, and over time, they’ve accumulated a substantial amount of money.
When they were young, they had every reason to put off investing because they could easily use that $25 for dinner and a movie. But they were committed to save and invest, even if it was a small amount. When they got promotions and raises, they increased the amount they put away each month.
To explain the benefit of regular investing, I use the illustration of a farmer who invests each month in his favorite commodity: Cows.
Portfolio Rebalancing Portfolio Rebalancing is Like Balancing a Tire, it’s the process of realigning the weightings of assets in your investment portfolio. Rebalancing involves periodically buying or selling securities to maintain an original or desired or risk level.Summer School Capstone Pre-Review
- Watch it on YouTube (https://youtu.be/9MraNWFLXE4)
3 Goals for Your Capstone Assignment- Earn 200 of the 950 Points Needed for an “A”
- Define and Describe the Essential Elements of a Financial Plan
- Create a Capstone Report to Illustrate Your Financial Plan
The Capstone ReportThe Essential Elements- Watch The Capstone Assignment Video (https://youtu.be/_1_Lk7WIhqc) in Money Study Group
- Review the Course Material Posted in Money Study Group
- Create Your Final Report and Upload in BB
- For each of the Essential Elements listed below, include the following:
— Include Screen Shots
— Tell me What Changes You Made, if any, Before and After each element.
— Address the specific questions listed next to each element.
- Assets
- Liabilities
- Net Worth
- Be sure to include your detailed budget in the screenshot.
- If you did not link your credit/debit card, explain why and be sure you’ve added the detailed budget items manually (25 points).
Debt and Debt Strategy- Refer back to your Credit Crush Assignment if you need a refresher.
- Describe your Debt Payment Strategy.
- Tell me how you plan to use what you learned about Credit Cards (and debt in general) after you graduate.
Asset Allocation- Tell me what you learned about Asset Allocation in this course.
- How did you apply this new information in your financial plan?
- What Asset Allocation will you use in your 401k after you graduate?
- How much did Asset Allocation change your Probability of Success?
Tax Allocation- In general, what did you learn this semester about Tax Allocation? — What is Tax Allocation?
- How will you use what you learned about Tax Allocation after you graduate?
- Will you fund a Roth IRA?
Holdings- Discuss the actual holdings you selected for your portfolio.
- Explain the difference between a holding and an asset class.
- Explain the difference between a holding and Type of Account.
- Explain the difference between a holding and Type of Investment.
Retirement Analysis- Which elements in a financial plan can “move the needle” the most in terms of Probability of Success?
Cash Flow Summary Screen- In reviewing your Cash Flow Summary Screen, was there anything you saw that would raise a question when I review it?
- Spend a few minutes trying to figure out how to answer the question I’m going to ask about your Cash Flow Summary.
- If it all looks great, move on to the next screen.
Net Worth- In reviewing your Net Worth Summary Screen, was there anything you saw that would raise a question when I review it?
- Spend a few minutes trying to figure out how to answer the question I’m going to ask about your Net WorthSummary.
- If it all looks great, move on to the next screen.
Invested Assets- In reviewing your Invested Assets Summary Screen, was there anything you saw that would raise a question when I review it?
- Spend a few minutes trying to figure out how to answer the question I’m going to ask about your Invested Assets Summary.
- If it all looks great, move on to the next screen.
Accounts- In reviewing your Accounts Summary Screen, was there anything you saw that would raise a question when I review it?
- Spend a few minutes trying to figure out how to answer the question I’m going to ask about your Accounts Summary.
- If it all looks great, move on to the next screen.
InsuranceIn each of the insurance categories listed below, briefly explain…
- What insurance did you add to your plan and why?
- After you graduate, what insurance...
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Summer School Week 2
Welcome to Money Study Group Summer Session at the Bauer College of Business at University of Houston.
Introducing First Memories of Money - #Videohttps://youtu.be/xaR_iW4Glag
Full Zoom Meeting #Videohttps://youtu.be/-4EN3tvcOIc
In this Zoom Meeting, we discuss Week 1 Assignments and preview the next two Assignments.https://moneystudygroup.com
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We’ll give a shoutout whenever you leave a 5 Star Review.https://money-study-group-online.captivate.fm/listen
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The podcast currently has 11 episodes available.