The Center for Financial Literacy at Palm Beach Atlantic University

About the Community Edition

This public resource is an adaptation of a PBA course focused on building skills and setting goals for personal finance. If you have benefited from this community edition and want to take your financial literacy to the next level, please contact the Center for Financial Literacy at Palm Beach Atlantic University (cfl@pba.edu).

Course Map

Module 1: Foundations

This module includes three topics. First, we define worldview and consider a biblical worldview in the context of personal finance. Second, we describe the most effective way to set financial goals and identify some practical processes to reach those goals. Lastly, we introduce the time value of money and compound interest.

Objective 1.1 Consider your worldview as it relates to your finances.
Objective 1.2 Identify the benefits of using a personal financial plan.
Objective 1.3 Define personal financial planning as it relates to goal setting.
Objective 1.4 Develop short-term and long-term goals and create strategies to reach them.
Objective 1.5 Implement SMART financial goal setting and implement processes to reach them.

Module 2: Managing Money & Records

This module will include a lesson on building your personal financial statements, a record-keeping system, and a quick reference directory for organizing information related to your finances.

Objective 2.1 Demonstrate your knowledge of the relationship between financial statements and financial plans.
Objective 2.2 Prepare and evaluate a personal balance sheet.
Objective 2.3 Prepare and evaluate a personal income and expense statement.
Objective 2.4 Develop and implement a record-keeping system for household and financial matters.

Module 3: Preparing & Using Budgets

This module will include building emergency funds, developing and monitoring your budget, and the importance of sinking funds. We will research budgeting and tracking tools and begin the process of tracking every dollar.

Objective 3.1 Implement tools for budget tracking.
Objective 3.2 Connect money management and budget activities with personal financial goals.

Module 4: Financial Services & Savings

This module will include an exploration of saving alternatives, financial institution products and services, and interest rate considerations.

Objective 4.1 Describe today's financial institutions (both depository and non-depository).
Objective 4.2 Research and Select the checking, savings, electronic banking, and other banking services that meet your individual needs.
Objective 4.3 Calculate interest earned using simple and compound interest.
Objective 4.4 Develop a cash management strategy for saving and identify vehicles for your personal saving needs.

Module 5: Avoiding & Eliminating Debt

This module provides statistics on debt, reasons for avoiding debt, and evaluating debt reduction options.

Objective 5.1 Demonstrate an understanding of biblical principles regarding debt.
Objective 5.2 Calculate debt payments, interest owed, and time of principle payoff of various debts.
Objective 5.3 Describe how to reduce and avoid debt.
Objective 5.4 Develop a debt avoidance or reduction plan.

Module 6: Major Purchases

In this module, you will explore strategies and processes for major purchases. We'll explore leasing versus buying, renting versus owning, and 15 and 30-year mortgage options. We'll identify key terms and discuss how marketing affects our decisions.

Objective 6.1 Summarize rules for making large purchases.
Objective 6.2 Identify subtle marketing and financing strategies that influence buyers.
Objective 6.3 Compare the costs of leasing versus buying a vehicle.
Objective 6.4 Perform a rent or buy analysis.
Objective 6.5 Compare home mortgage options.
Objective 6.6 Describe the home-buying process.

Module 7: Taxes

This module provides basic tax information and strategies for planning, calculating, and paying taxes.

Objective 7.1 Identify different types of taxes in our society.
Objective 7.2 Describe tax withholding basics.
Objective 7.3 Describe tax deductions and tax credits and how they affect tax liability.
Objective 7.4 Calculate adjusted gross income and taxable income to determine the amount owed for federal income tax.
Objective 7.5 Develop a tax preparation checklist and a list of required tax records.

Module 8: Insurance

This module includes an assessment of the different types of insurance to consider when formulating a personal financial plan. We will learn about health insurance, life insurance, and property insurance.

Objective 8.1 Identify the important types of insurance coverage needed for various circumstances.
Objective 8.2 Assess the insurance coverage and policy types available to homeowners and renters.
Objective 8.3 Assess the insurance coverage available to automobile owners.
Objective 8.4 Evaluate factors that affect the cost of automobile insurance.
Objective 8.5 Recognize the importance of health insurance in financial planning.
Objective 8.6 Assess current and needed health care insurance.

Module 9: Investing

This module provides a basic understanding of investment options, terms, and a few professional recommendations.

Objective 9.1 Describe the importance of investing in your personal financial planning process and identify several different investment objectives.
Objective 9.2 Demonstrate an understanding of key investment terms.
Objective 9.3 Develop a personal investment strategy.

Module 10: Generous Giving

This module provides encouragement for giving and generosity.

Objective 10.1 Describe the reasons for giving.
Objective 10.2 Identify incentives to give.
Objective 10.3 Develop an effective giving strategy.

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