Easy To Learn, Important Finance Courses

The digital age has proven useful in so many ways, from connecting us to faraway near and dear ones to enabling us to learn like we never have earlier. Online classes on personal finance are a great means to stay sharp when it comes to managing your budget and financial future, and these free, easily usable courses are a great way to begin. These courses will help you to manage your money, savings and budget. You will be able to manage debt successfully. It will help you to understand and analyze the choice of insurance products available to you today and why they are so vital. You will have a good acumen of wages, tax, and government benefits. You will learn about consumer rights as well as renting and buying accommodation. These courses will help you to plan for the future.

Personal financial management course offers broad based knowledge and detailed understanding of financial concepts and terms used in daily life for planning out personal finances. Managing your money is difficult, and enormous tuition costs make going back to school simply unrealistic. Fortunately, you don’t have to go back for a degree in personal finance, because plenty of great universities, organizations and non-profits and offer free online personal finance management courses to help you educate yourself all there is to learn about what to do with your pay.

There are many online sites with awesome lessons on everything from setting your priorities, all the way to choosing the right insurance policies and even estate planning. With glossaries and quizzes of key terms, personal financial management is a simple, easy-to-understand course that can help give you the extra boost you require when learning about your finances. The description of this course promises that by the end of the course, you will be able to set objectives, implement plan, and apply your new knowledge for the rest of your life.

Personal financial management course is aimed at improving lives through financial education and it is equipped with tools to answer any and every question you may have. It comprises things like budgeting and saving money during the vacation. There are great websites available for all those looking to streamline their budget and learn a thing or two about finance.

If you have to file for bankruptcy, you would need the debtor education and bankruptcy courses. These high-energy and motivating courses are not only fun, but also they meet all court requirements for pre-discharge debtor education in all states and territories. The latter course teaches you about the types of bankruptcy that can be filed.

A few years ago, a step was added to the bankruptcy filing process. Individuals filing for bankruptcy must take part in an approved credit counseling course before filing for bankruptcy. Also, before you get a discharge at the end of your case, another class on personal financial management must be taken. There are very limited exceptions for both requirements, however very few folks will qualify for them.

Once you have filed for bankruptcy, you are required to complete a debtor education course before you can get your discharge. In addition to the credit counseling need in bankruptcy, debtor education is required. In a nutshell, before you can file for your insolvency, you are required to complete a credit counseling course and before you can receive a discharge, you need to complete a debtor education course.

After your case is filed, you must complete the debtor education course. If you filed for straight bankruptcy, you have to finish it within 60 days of the date assigned for your meeting of creditors. In corporate bankruptcy, it must be completed before you make your last plan payment.

Similar to credit counseling, an approved agency must be used to file your certificate of completion with the court (the course can be completed in person, online or over the phone). If you fail to complete the requirement of debtor education course, the court can close your case without a release and additional fees will have to be paid in order to reopen your case to file your certificate.

The focus of debtor education course is on life post bankruptcy. It educates you on how to manage your money, use credit judiciously, and make the most of your bankruptcy discharge. The primary purpose of debtor education is to educate you on how to make sound and robust financial decisions to prevent bankruptcy in the future.

Since the debtor education course will cover money management techniques, you will still have to create a budget using your income and expenses after bankruptcy. But in contrast to credit counseling (which tries to figure out whether you need to file for bankruptcy), the focus of this course will be primarily in educating you about how to manage your money, budget and use credit wisely after a discharge in bankruptcy is received.

Accounting Ethics – The Importance of Ethical Practices in Business and Personal Finance

What is ethical accounting? The idea of accounting ethics deals with the moral and values-based judgments and decisions an accountant or accounting agency confront daily in their practice. Due to the nature of their work as communicators of financial information to business managers, shareholders, and the general public, as well bookkeeping and auditing of business entities, accountants and accounting agencies are held to the highest standards of transparency and morality in regards to their research and the information they convey. Accounting can be used as a way to study how and why a business may succeed or fail, but above all it is a public service; those who practice it must make judgments and decisions that can sometimes supersede the interests of their clients in favor of the interests of the public at large.

Failure to apply ethical standards to accounting creates the opportunity for manipulation of facts and information that, if used to mislead, could cause a person to invest under false pretenses, or a business to represent its finances fraudulently to its shareholders. It is of the utmost importance that the public be able to trust accountants and accounting, because their financial future, and that of their family or business, could be at stake.

Why is it important that accountants and accounting firms be ethical?

Over the years there have been several large accounting scandals in the United States, and in the world at large, which caused private investors and public shareholders to lose billions of dollars, and giant businesses and accounting firms to fold, because of falsified or incorrect information given out about the companies in which the money was invested. The Enron scandal is perhaps the most recent and glaring example of unethical accounting causing widespread negative effects, including the loss of $25 billion in shareholder assets, the closure of the Arthur Anderson auditing firm, and the subsequent loss of 85000 jobs when the unethical practices were reported and the company dissolved.

Ethical accounting is not only important to private businesses or individuals for reliable information about their respective financial states, but has a responsibility to the public to provide transparent evaluations of publicly held business entities. Ethical accounting can help eliminate the serious problems raised when incomplete or incorrect information about business or individual is disseminated, saving money and jobs and helping to increase stability in financial markets.

The Smart Woman’s Guide to Planning for Retirement by Mary Hunt – Personal Finance Book Review

Money maven, Mary Hunt, returns with a new book, “The Smart Woman’s Guide to Planning for Retirement,” to help women prosper financially in the New Year and beyond. While geared toward females, men can also benefit from Hunt’s money knowledge, honed after she amassed over $100,000 in debt earlier in life; and took 13 years to erase.

“Have you had a retirement wake-up call?” Hunt asks early in the book. “I can promise you they intensify with age.”

Hunt sites a 2012 survey that found that 92 percent of women of all ages do not feel educated enough to reach their retirement savings goals.

Saving for retirement requires determination and hard work; and Hunt believes women can succeed. “If we lack confidence, it’s because we lack knowledge and desire, certainly not because we lack intelligence and ability,” Hunt says.

Time trumps all factors when saving for retirement. The sooner you start, the better. But, Hunt emphasizes, regardless of what stage you are in life, you must begin now. “It’s only too late if you don’t start now. No matter where you are or how little you think you have, start now. Today. Start. Saving.” Take baby steps to produce long-term results.

Hunt’s teachings feature:

Retirement Savings Plan. Hunt promotes a six-step Retirement Savings Plan, which includes:

Build an emergency fund. Also known as a Contingency Fund. Save money for life’s unexpected expenses (car repairs, home repairs, etc.) This money needs to be liquid (easily accessible within two or three days), safe from erosion (build in a risk-free savings account) and able to fund at least six months of living expenses should a job loss or other compromised income event occur.

Get out of debt. Eliminate all unsecured debt (credit card debt, student loans, personal loans). Hunt says they’re like cancer stealing your future. Incorporate Hunt’s Rapid Debt-Repayment Plan (RDRP) to abolish the debt.

Own your home outright. Buy half as much house as your mortgage approval. Make monthly mortgage payments equal to the full approval amount to own your residence in half the time. Fiercely protect your home equity (the difference between your home’s market value and mortgage balance). Avoid taking a home equity loan or line of credit, which resets the clock on a thirty-year mortgage.

Consider hiring a financial planner once debt is eradicated or managed, a respectable amount in savings is amassed, retirement funds are growing, or an IRA inheritance or other cash windfall appears.

Hunt describes three types of financial planners:

  1. Commission-based. This planner doesn’t charge based on time, but by selling investment products. He or she earns commissions on those sales.
  2. Fee-based. This planner works on a fixed fee or charges by the hour. Fees are stated up front and the planner is a registered investment advisor (RIA). They’re required by law to meet fiduciary standards, making them responsible for putting the best interests of their clients first.
  3. Combo. This planner is a combination of the first two. Clients pay a fee, fixed or hourly and the planner earns commissions when the client buys financial products based on their recommendations.

Choose a financial planner with at least five years experience Hunt suggests. Ensure they act in your best interests, and can explain financial concepts on your level. Be wary of any planner who claims to be able to beat the market. Ultimately, collaborate with a planner; yet make your own investment decisions. Hunt underscores that, “An advisor’s or planner’s primary loyalty will be to the hand that feeds her. That is simply human nature.”

Hunt educates in a conversational tone, avoiding jargon, charts and mind-numbing data, which makes for an engaging read. A Christian, she teaches faith-based money management. Hunt believes that God is the source of all life’s blessings, including money. An employer, spouse, investments, trust account, parents or any other entity are the channels through which money flows, but not the ultimate source. She’s making reasonable preparations for retirement without obsession; and trusting God for the outcome.

While having a retirement nest egg is important, Hunt reminds readers there is more to life than money. Health, spirituality, nurturing relationships, staying active, continual learning and volunteering are some attributes of a well-balanced existence.

Decade-by-decade financial planning, the five necessary tools for a money management system, investment basics (automate all payments to avoid not making monthly contributions (out-of-sight, out-of-mind), reverse mortgages, and parents paying for their children’s college education (not required), are other money-saving/building topics addressed in the book.

Anyone committed to improving their financial fitness in 2014, will reap life treasures, beyond the bounds of cash, by inheriting Mary Hunt’s money practices.

To establish your baseline financial status, and/or monitor your progress, order your free credit reports from the three big credit companies: Equifax, Experian, TransUnion, visit: Annual Credit Report.