Sep 12, 2016
1) Wants vs. Needs, SMART Goal-setting and Life Planning exercise
Click on this link to access an Excel workbook with 3 tabs at the bottom.
a) The first part is to separate or distinguish between wants vs.needs -
sort the desired items in the right column, based on your own opinions.
b) Apply SMART goal setting guidelines to 3 needs that you foresee
over the short-term (<1-year), medium-term (1-5 years out),
and long-term (>5 years out).
c) Medium to long-term life goal setting. Studies show that
the more precise and realistic your goals are, the more likely it is
that you will attain them. Try to get your life on track by filling in the grid!
For exemplars for this assignment, please click on this link.
This assignment is due on Mon Sep 26th
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Sep 19th
2) Smart Action Plan for buying a used car. Use this spreadsheet to set up a SMART plan to buy a used car. Assume that you have saved up some money for a down-payment and that you will need to finance (or borrow) the difference. Typically, car loans have a duration of 3-4 years. You should also assume that your car loan has an APR of 9%. Enter in your own assumptions about your annual salary and how much you saved up for the car. Here's the key question: what if you paid off your car loan in half the time? How much money would you save in cumulative interest?
and send it to me as an email attachment to rwiegs@gmail.com
If you can't get to a spreadsheet, write down all your assumptions and use the Bankrate.com Car loan Calculator to figure out how much you would end up paying in total interest for the car loan. You can watch this instructional video as well that shows you how to use the Bankrate.com car loan calculator.
Also for next week, please read pages 11-15 in the text on how to calculate your personal Net Worth.
This assignment is due on Mon Oct 3rd
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Sep 26th
*) Smart Action Plan for buying a used car exercise - use the spreadsheet from last week's homework to set up a SMART action plan for buying a used car of your liking that costs less than $7,000. Go to KBB.com to find your car as well as to determine its sale price. You can calculate the cost of the car loan by using either Bankrate.com's auto finance calculator or the KBB Auto Financing Calculator to calculate your total interest cost and monthly payments.
3) Net worth calculation exercise - sum up Thomas Woods' assets and liabilities in order to calculate his net worth.Click on this link to access the
*) Smart Action Plan for buying a used car exercise - use the spreadsheet from last week's homework to set up a SMART action plan for buying a used car of your liking that costs less than $7,000. Go to KBB.com to find your car as well as to determine its sale price. You can calculate the cost of the car loan by using either Bankrate.com's auto finance calculator or the KBB Auto Financing Calculator to calculate your total interest cost and monthly payments.
- When will you need to buy the car?
- What year, make and model of car did you select?
- Have you considered selling things on Ebay or on Craigslist to help save for a down-payment?
- How much money have you already saved towards a down-payment on the car?
- Will you have to get auto financing to help pay for the difference?
- Use the online auto loan calculators to figure out your monthly payments.
Input this information in the SMART Action Plan table.
Here is a sample SMART Action Plan for the purchase of a 2006 Chevy Malibu, with $2000 down and borrowing $4785 for 4 years (48 months).
This assignment is due on Weds August 4th
Here is a sample SMART Action Plan for the purchase of a 2006 Chevy Malibu, with $2000 down and borrowing $4785 for 4 years (48 months).
This assignment is due on Weds August 4th
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Feb 4, 2015
3) Net worth calculation exercise - sum up Thomas Woods' assets and liabilities in order to calculate his net worth.Click on this link to access the
Net Worth Excel spreadsheet.
This assignment is due on Weds Feb 11th
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Feb 11, 2015
a) Read the Kiplinger article that was handed out last class entitled 4 Ways to Trim Your Spending.
b) Read text chapter 3 pp.79-93 on budgeting. Once again, to download the pdf file of the entire textbook Personal Finance by Magnarelli, please click on this link.
c) Make a list of all your monthly income sources and expenses. If you would prefer to create a hypothetical person's income and expenses (as opposed to your own), then do this instead. Are you or this person cash flow positive at the end of each month? Which expense areas could you cut back on to become more cash rich?
c) Make a list of all your monthly income sources and expenses. If you would prefer to create a hypothetical person's income and expenses (as opposed to your own), then do this instead. Are you or this person cash flow positive at the end of each month? Which expense areas could you cut back on to become more cash rich?
d) Calculate Janet Spelling's Net Income (preferably in Excel) and briefly suggest ways you would improve the way she allocates money to pay for her expenses. Remember that she she shouldn't spend more than 27% of her monthly income on rent/mortgage, and she should be saving at least 10% of her gross income in her Roth IRA retirement account.
Please click on this link to download the Janet Spelling Net Income spreadsheet.
Please click on this link to download the Janet Spelling Net Income spreadsheet.
This assignment is due on Wednesday Feb 18th
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Feb 18, 2015
5) How to read and understand a pay-stub report
In this Powerpoint presentation, we review how to read a pay-stub or earnings statement from an employer. To access this presentation, please click on this link.
Remember to answer the key questions on the last slide of the presentation.
Read Chapter 2: Working and Earning, pp. 35-78 and answer the questions on the worksheet entitled Pay-stub Review (refer to p. 77 in the text).
This assignment is due on Wednesday Feb 25th
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Feb 25, 2015
5) Answer the questions on budgeting on the worksheet entitled Activity 1: Cliff's Wonderful Financial Adventure. Remember to keep the suggested percentage expense allocations in mind, that can be found in the Powerpoint spreadsheet. You can access and download the Powerpoint spreadsheet by clicking on this link.
5) Answer the questions on budgeting on the worksheet entitled Activity 1: Cliff's Wonderful Financial Adventure. Remember to keep the suggested percentage expense allocations in mind, that can be found in the Powerpoint spreadsheet. You can access and download the Powerpoint spreadsheet by clicking on this link.
This assignment is due on Wednesday Mar 4th.
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Mar 4, 2015
6a) Answer the Key Questions from the handout entitled Pay Stub Review.
6a) Answer the Key Questions from the handout entitled Pay Stub Review.
6b) Also, please answer the questions and provide definitions for the terms on the handout entitled "Buckets."
6c) Read chapter 5 in the text on Managing Credit Wisely, pp. 161-197. To access a pdf file of the text, please click on this link.
This assignment is due on Wednesday Mar 11th.
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Take-home part (2) of the mid-term exam
8) Good Debt and Bad Debt
At the end of our last class on Wednesday March 26th, I distributed the take-home part (Part 2) of the mid-term exam. If you weren't able to make that class, you can accessPart 2, you can do so by clicking on this link. Bring your answers in to next class on April 9th, when everyone will be asked to complete the in-class (Part 1) part of the mid-term exam.
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Mar 18, 2015
7) The Reward to Risk Trade-off of Investing
Like most things in life, there is a trade-off between reward and risk. The more risk you assume, the more you should be rewarded - and the less risk you assume, the less you should expect to be rewarded.
Here is a Powerpoint presentation for the unit on investing.
Here is a link for an Excel workbook with a scatter plot exercise and 6 questions on investing.
Here is a Powerpoint presentation for the unit on investing.
Here is a link for an Excel workbook with a scatter plot exercise and 6 questions on investing.
This assignment is due on Wednesday Mar 25th.
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Mar 25, 2015
8) Good Debt and Bad Debt
To access this Powerpoint Presentation please click on this link and download the file.
Remember to answer the questions on slides 3, 14 and 15. After you answer the questions, save your downloaded version asGoodDebtBadDebt_FirstNameLastName.PPT, attach this file to an email and send it to my email address at rwiegs@gmail.com
Remember to answer the questions on slides 3, 14 and 15. After you answer the questions, save your downloaded version asGoodDebtBadDebt_FirstNameLastName.PPT, attach this file to an email and send it to my email address at rwiegs@gmail.com
The reading assignment for this unit is Chapter 5 from the Magnelli text.
This assignment is due on Wednesday Apr 1st.
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Apr 1, 2015
10) a) Read Chapter 5 in the text entitled Using Credit Widely and answer all 25 of the fill-in-the-blank questions on pages 197-198.
c) Late submissions for the mid-term take-home Part 2.
This assignment is due on Wednesday Apr 7th.
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Apr 8, 2015
In this final exercise, we will consider some of the more personal decisions and issues faced by individuals regarding their finances. For the questions on the take-home final assignment, please click on this link.
This assignment is due on Wednesday Apr 15th.
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