fs444

Family Studies 444 - Family Finance

College of Education
University of New Mexico

Spring 2008	Credit (3)
Pam Olson, Ph.D. pamo@unm.edu	Simpson Hall 130 277-5550 Office Hours: T 2-3:30 and by appointment

Family Studies Mission Statement
The mission of the Family Studies program is to prepare students to work in areas that endeavor to enhance individual and family strengths. Strengthening families and their individual members facilitates the development of an environment for life long learning. Programs are designed to provide a solid foundation in human development, interpersonal relations, and individual and family functioning that recognizes the dynamic interaction of theory, research and relevant practices. Family Studies is an interdisciplinary and multi disciplinary field, exemplifying effective practice and scholarly inquiry that are sensitive and responsive to issues of cultural diversity. The scholarly work of the program extends to the community through collaboration with families, schools, health and social services agencies, businesses, public policy agendas, and government entities. Program strive to be responsive to the evolving needs of external constituencies.

NO PHONES IN CLASS, ANY OTHER EAR LISTENING DEVICE

OR COMPUTER NOTETAKING WITHOUT PERMISSION OF INSTRUCTOR
Any phone that rings during class will be answered by the instructor

or the student's final grade will be deducted two (2) points.
IT IS THE STUDENT'S CHOICE.

ANY CHEATING WILL RESULT IN AN ‘F’ FOR THE COURSE.

This course is to introduce concepts of money management for families and individuals. Topics include income, budgets, taxes, banking, consumer credit, insurance, and retirement.

The student will be able to:

describe and explain the family budgeting process in relation to family goals
analyze financial risks and financial protection available to individuals and families
analyze financial decisions and their short and long term effect on the family financial status savings and investment options
explain the impact of government regulations on family incomes
describe the social, political, and economic factors that impact on the family financial decisions and the financial consequences of these decisions

Incompletes are strongly discouraged and are only given when the conditions of the university are met and after a conference with the instructor at the initiation of the student. From the UNM Catalog: 'The grade of I is given only when circumstances beyond the student's control prevent completion of the course work within the official dates of a semester or summer session (p. 41).'

Required:Text: Garman, E. T. & Forgue, R. E. (2006). Personal Finance. 8th Edition. Houghton Mifflin. My Personal Financial Planner. Workbook.

Assignments:

Each student is required to keep a notebook, which you will be allowed to use during the final exam. There needs to be one section for each chapter (excluding 15, 16, and 17) in the text, 19. Within each section, chapter, the student must have:

1. Lecture/Class Notes – Videos.

2. Reading notes from the chapter.

3. Summary description and evaluation of two web sites related to the topic – approximately one page for both evaluations.

4. Group Discussion Items: Answer the GDI questions at the end of every chapter – each answer would be approximately one half page. Be prepared to discuss these topics in class.

5. Quiz – there will be a take home quiz after each chapter.

Notebooks will be checked following Chapter 2, Chapter 9, Chapter 12, and Chapter 19. Each chapter is worth 25 points for a total possible 400.

Each student will be assigned to a ‘family’. You will be making financial decisions for this family throughout the course. You will be provided with a case study and different situations depending upon the topic. You will be using the WORKBOOK for this assignment. You can earn a possible 50 points. Due at the time notebooks are checked.

The final, which will be open NOTEBOOK (NOT TEXT), will be worth a possible 100 points. The Final is scheduled for Tuesday, May 13 at 7:30 am. Plan NOW to be there!!!

Fifty (50) points will be given for participation. You can receive all 50 points without saying a word in class. Your participation grade is not based on your verbal contribution but on your attentiveness and engagement in class activities.

Notebook

1. Lecture Notes – 5

2. Reading notes – 5 A = 540 and above

3. Web sites – 2.5 B = 480 - 539

4. GDI – 2.5 C = 420 - 479

5. Quiz – 10 D = 360 - 419

Total 25 X 16 = 400 F = 359 and below

Case Study 50

Final 100

Participation 50

TOTAL 600

There will be occasional opportunities throughout the semester to earn extra points. These opportunities will be highlighted on the course outline. There is no chance for make-up.

Date	Topic	Assignments
January 22	Introduction to Course Assignments What is an “adequate income? New Mexico Statistics
January 24	Minimum Wage? Results 30 Days on Minimum Wage	*What is the current Federal Minimum Wage?*
January 29	Case Studies Assignments
January 31	Chapter 1 Objectives Economic Environment Forecasting Opportunity Costs and Decision Making	Worksheet 1 *What is the current CPI?* Bring Worksheet 2
February 5	Time Value of Money	Worksheets 2-6 Quiz 1
February 7	Chapter 2 Objectives Past-Present-Future Present: Balance Sheet Cash Flow Statement
February 12	Financial Ratios	Worksheets 7-8 Worksheet 9 Quiz 2
February 14	Chapter 3 Objectives Phases of Budgeting Game	Notebook: Section 1 – Chapters 1-2 DUE Worksheet 14 Quiz 3
February 19	Chapter 4 Objectives Taxes Monetary and Fiscal Policy Tax Reform Taxable vs. Nontaxable Income
February 21	Eight Steps in Calculating Your Income Taxes Tax Scams	Worksheet 18 What if….. Quiz 4
February 26	Chapter 5 Objectives Monetary Asset Management Financial Institutions Electronic Banking Checking Savings Alternatives to traditions financial institutions	Worksheet 21 Quiz 5 *What is the difference between a debit and a credit card?* Quiz 5
February 28	MAXED OUT
March 4	Chapter 6 Objectives Credit Why people use credit FICO Score Rule of 78
March 6	Credit continues… Payday Loans Bankruptcy
March 11	Chapter 7 Objectives Installment Credit Marketing	Worksheet 24 Quiz 6 and 7
March 13	Credit and the College Student UNM’s policy	*Credit Cards at Colleges* Robert Hunt from the Philadelphia Reserve Bank has an article (for a general audience) that examines the economics and historical evolution of the consumer credit counseling industry in the U.S. The article focuses on the following: 1 What makes credit counseling different from a Chapter 13 bankruptcy filing? 2. How prevalent is credit counseling? How many consumers enroll in debt management plans? 3. What are the effects of credit counseling and debt management plans? What more do we need to know? 4. What explains the influx of bad actors into this industry? What has been the response of established counseling organizations, creditors, and regulators? 5. What role will credit counselors play under the new bankruptcy reform law? You can download a pdf of the article from: *http://www.philadelphiafed.org/files/br/Q4_05_ConsumerCounsel.pdf* Quiz 6 and 7
	SPRING BREAK
March 25	Chapter 8 Objectives Transportation Buying a Vehicle	Worksheet 29
March 27	Maynes Decision Making Tool
April 1	Chapter 9 Objectives Housing To Rent or to Buy Steps in Home Buying Financing a Home	Worksheet 35-36
April 3	AMI and the Housing Market today	*Bring a news clip about the current housing situation.* Quiz 9
April 8	Chapter 10 Insurance Planning for Trouble Risk and Risk Management	Notebook: Section 2 – Chapters 3-9 DUE
April 10	Property Liability Chapter 11 Health Care Disability Insurance	Quiz 10 Worksheet 42
April 15	Numbers of Uninsured Three Major Sources General Benefits/Typical Costs Long Term Care	Quiz 11
April 17	Chapter 12 Objectives Life Insurance	Worksheet 45 Quiz 12
April 22	Chapters 13-14 Objectives Investments General Investments	Notebook: Section 3 – Chapters 10-12 DUE
April 24	Video Game	Quiz 13-14
April 29	Chapter 18 Objectives Retirement Social Security Employer Sponsored Retirement Plans	Worksheet 61
May 1	Personal Accounts Chapter 19 Objectives Estate Planning
May 6	New Mexico Law Legal-Financial Aspects-of Marriage, Divorce and Children	Quiz 18 and 19
May 8	REVIEW	Notebook: Section 4 – Chapters 13-14 DUE Notebook: Section 5 – Chapters 18-19 DUE
May 13	Final – 7:30 am