How to Develop Your Own Personal Finance Course

Do you need to figure out a way to hold a successful, engaging personal finance course? Well, you’ve found it right here! Your hunt is finally over. We’ve expertly crafted a breakdown of the journey you’ll need to take to achieve your goal, and we explain everything step by step.

A Personal Finance Course in Practice

Alignment of Personal Finance Course Options

Essential Personal Finance Course Procedures

Success Story: A Pragmatic Approach

In the following example, you will get to read a scenario in which a working American reached out for help to plan a basic personal finance course:

Micah supervises 13 volunteer tutors, who give SAT study help to disadvantaged youth in Los Angeles county. Many of the college-aged tutors on his team had been asking him for advice related to personal finance, so he decided to start organizing a personal finance course that would benefit all of them. He was already very much familiar with this whole group of tutors, and he knew the subject matter well, but he still wasn’t 100% confident when it came to a few critical ingredients

After doing a quick sample survey, he realized that this group of tutors needed resources regarding personal finance basics – nothing too complex this early on.

Basic Personal Finance Course: Setting Goals

Micah knew that his short-term objective was to provide his team of tutors with a well-rounded education on important financial principles that could help improve their own money-related lives right now. Since the group participating in the personal finance course had limited free time, he realized that the maximum anyone would be able to participate would be 2-3 hours each week. That’s why he was cool with planning a more condensed type of course that focused on just the basics.

At the end of this basic personal finance course, his final hope was that everyone would reach the “Applying” phase of knowledge.

Appropriate Use of Personal Finance Course Capabilities

Arrangement of Personal Finance Course Proficiencies

Where Success Starts

Micah, with his goals now defined, needed to move on to how he would deliver this material. This particular group of tutors had schedules that were all over the place, so he understood that a technology-based solution that leveraged the internet would be his ideal solution.

Personal Finance Course: Fine-Tuning

Micah then had to narrow down the primary focus of his basic personal finance course. Because most of the team members were young tutors, he decided to make the course center around emergency savings and building up their credit scores.

Capacity of Personal Finance Course Policies

Significant Personal Finance Course Competencies

Asking for Help

Next, Micah had to get in contact with a qualified, seasoned educator for some help in delivering this essential personal finance course. He went looking for an instructor that had proven teaching skills, as well as a robust level of knowledge on the topic.

The educator he selected was a Certified Financial Education Instructor from NFEC, as it turned out.

Getting the Curriculum Right

Micah needed a solution that, given the group’s time limitations, would still be able to work smoothly. Understanding this particular goal, he decided to provide a course solution that was broken down into flexible sections that could be done piece by piece.

Strategies for Personal Finance Course Qualifications

Suggestions for Personal Finance Course Qualifications

Final Data and Analysis

Out of the 13 tutors who participated in the personal finance course, 12 ended up finishing the whole thing with an average improvement rate of 20%. Micah then compiled the final data and drew out a detailed report so that he could present to the group exactly how much progress they had made in a visual way.

Emphasizing Progress & Success

Micah knew at the end of it all that this group would be in an optimal position if she could keep providing continued support. When the basic personal finance course finally came to an end, he thanked and congratulated each one of them in person – encouraging them to continue their studies.

He decided to continue providing follow-up courses, once per month, so that all the tutors would have the power to retain everything they had already learned with him the first time around.

Given today’s uncertain economic climate, gaining a fundamental money management education has become vital. A good personal finance course will be one that not only covers basic money lessons, but that offers practical tips for applying the information to one’s day-to-day life. Mastering efficient methods for managing money may be the single most important life skill a person can learn.

It’s critically important that finance training courses set forth information in a way that people can actually use. For example, money management topics can be taught in much the same way as driver’s education. When you learn to drive a car, you might study written materials first to learn the rules of the road, but most of the learning process is done through practice. Practicing ways handle your finances is just as valuable.

As you learn basic money management skills, good financial literacy courses will train you to apply them to real-world situations. In the case of money managing, the coursework might guide you to create a budget. Simply put, a budget is a plan for handling your money. To return to the driving example, it’s like drawing a roadmap for your personal finances.

Your personal finance class might illustrate the need to budget by mentioning these advantages:

  • Control. Having a budget puts you in the financial “driver’s seat.”
  • Organization. Having your finances in order keeps you aware of every penny.
  • More money. Sticking within a budget leaves you with extra at the end of the month.
  • Opportunities. Having more money means you can take advantage of opportunity as it arises.

A big part of budgeting is adopting good spending and savings habits. While these skills are just one piece of personal finance wellness, they are extremely important. Any worthwhile personal finance books or courses will include a budgeting lesson early on.

 

Personal Finance Course

The Money XLive online personal finance course and multimedia learning center engages today’s youth in the learning process. This is not the typical ‘boring’ online program that just offers a series of articles. The MXL coursework features exclusive celebrity videos, interactive tools, comprehensive guides, testing and motivates participants to take action. This program is aligned with national financial education standards while remaining practical in nature so our youth can utilize these lessons in the ‘real world’.

 

This personal finance course covers 10 area, including: financial psychology, accounts & budgeting, skill growth, risk management, credit, savings & investing, social entrepreneurship, income, business relations and money management.

By the time students graduate the Money XLive coursework, they have completed a series of activities that help them build a solid financial foundation. Participants have a budget in place, a long-term financial plan, financial goals, credit plan, understand what skills will help them and they possess more financial knowledge than the average person of any age.

This video and activity-based financial literacy workshop will keep your students entertained and wanting to learn more.

  • Over 25 educational and entertaining videos.
  • 15 exclusive celebrity video interviews.
  • Quick tip section for fast, convenient learning.
  • Quizzes and surveys to measure literacy growth.
  • Online testing and surveys.
  • 100% independent, non-bias, training tools.
  • A sixteen step companion course.

By now you know, the Money XLive Personal Finance Course will help secure your children’s future. More information on the MXL personal finance online course can be viewed here. Give your children or the youth you serve the advantage many of us wish we’d had—a practical financial education course. The NFEC commends your interest in the MXL virtual learning center that is helping to secure the future of today’s youth.

 

Personal Finance Courses for Teens and College Students

Why are 60+% of college graduates are planning on moving back home with their parents? It boils down to the fact they have not received a practical financial education at any time in their school career. Today, with uncertain economic times and high unemployment rates, it is more important than ever young adults are prepared for the financial real world that awaits them when they graduate.

For the younger generation today, they need achieve financial security because the entitlement programs that serve our retirees will be drastically cut. There is a strong possibility that the social security program won’t be around so the need for them to achieve financial independence is critical. A study by the GAO (Government Accountability Office) predicts that 33% of workers will have zero saved in a 401k style account by 2050. The National Association of State Boards of Education states ‘most workers aren’t participating sufficiently enough to allow comfortable retirement’.

With the lifespan of this generation longer than ever before our kids need to start preparing early. The baby boomer generation is nearing retirement age and most analysts predict that Social Security will be nothing but a memory by the time your teen- and college-aged children are ready to retire.

Providing personal finance courses is a proactive solution. Just like early health screening, financial education courses can prevent the consequences that accompany financial illiteracy. Even today’s youth are aware that they need to start saving for their future; yet the average student has no idea where to start. Providing money management training to kids early in life can help them achieve a state of financial wellness.

Parents realize the importance of a financial education but most don’t realize that this is not taught in school. It is important for parents understand how important knowing basic personal finance lessons is for their children’s future and enroll them in a professional level financial literacy courses before they move out on their own.

Personal savings are at an all time low and credit card debt is hitting new highs. The average American spends MORE than they earn. Rising housing costs, combined with increasing bankruptcies and foreclosures, are sending families into financial crisis. This is the reality your child faces once they’re on their own, all because their parents and grandparents before them were not taught personal money management skills.

So the solution is simply. Ensure your children and the youth you serve receive a personal finance course. It is an investment that will provide them substantial returns in their future relationships, overall wellness, health, happiness and financial security.

Savings is Key Focus of Personal Finance Courses

In today’s world, people of all ages—from pre-kindergarten through mature adulthood—would benefit from learning more about money. Fortunately personal finance courses have become increasingly more available to provide such vital education. One primary focus of such a program should be teaching people the basics of a savings plan. Positive savings habits set the stage for a secure financial future.

According to the National Financial Educators Council, a personal finance course should cover savings very early in the coursework. A healthy approach to saving money underpins a financially secure lifestyle. When people set money aside each month, even a small amount, they construct a foundation for building future wealth, while keeping opportunities to enjoy life now.

In the NFEC’s finance training course they suggest that savings should be separated into three categories: 1) an emergency fund equal to six months’ worth of essential expenses; 2) a short-term savings account to pay for fun activities; and 3) long-term savings where you hold money for future investments.

How much should you save? The recommendation set forward in the NFEC program and personal finance books is a 15-15 split: 15% of your income for fun, and 15% for long-term investments. This plan should go into place after you have saved enough in your emergency fund to last six months. If you find 30% a difficult target, try either cutting down on expenses or find ways to earn more income.

A savings plan is the backbone of one’s financial future. Thanks to compounding interest, a person who starts saving early can see even a small monthly amount grow into a fortune by the time he or she reaches middle age. That’s why the NFEC places key emphasis on savings in programs to teach personal finance for kids of all ages.