Dr Dean’s Personal Finance Course
I have been working over the past couple of months on an online course. The course will teach basic personal finance to nurses. (not limited to nurses, per se-but directed at my target audience. Anyone watching Scrubs, NCIS, or CSI probably understands enough medical lingo to get my jokes and medical references….)
The course will consist of video’s, expert interviews, work-sheets, and action plans, along with a forum for interaction with me and course participants.
1960's Classroom, photo from Cushing Library-Texas A&M
What are your concerns in personal finance?
What do you consider BASIC personal finance?
Here is an outline of what I am covering. I want to get input from my readers- both nurses and non-nurses. And if you are in the personal finance blogging world, I would appreciate your input.
Areas of Personal Finance Included:
Theory of Personal Finance
- Relationship with money-why do you have trouble being successful? Do you sabotage yourself sub-consciously?
- Goal setting-why it is so important.
- Planned spending-why every dollar you make needs a pre-planned place to go. A place that will advance your goals.
- Money-what is it, and how your finances relate to the US, and world economy.
- Investing-outside of a formal retirement plan-when and how to.
- Frugality-lifestyle management
Mechanics of Personal Finance
- Planned Spending-How to do it. Pencil and paper, spreadsheets, money management software, and online choices all explained.
- Banking-Savings/Checking, Online or Bricks and Mortar? How to automate your money management-to make it less burdensome to succeed.
- Taxes-How to decide your withholding, and common tax mistakes. Do-it-yourself, or professional help?
- Retirement savings-The intricacies of 403b or 401k retirement plans.
- Retirement savings part two-Saving for retirement outside work-IRA’s, both Roth and Traditional.
- Credit Cards-Yes or No, how to resolve credit card debt.
- Investing-How to set up a brokerage account, and what to do with it.
Income
- How to improve your income
- Other income streams
Debt
- Good vs bad debt
- How to decrease/eliminate debt
- Student loans
Support areas of personal finance:
- Insurance: Life, health, liability, auto, and homeowners. How to decide the when, what and where.
- Housing-rent or buy, financing, selling, and making a good purchase.
- End of life-Will’s and Durable Power of Attorney for Health-care.
This outline covers the important basics of personal finance-my areas of focus.
Reader Questions:
- What would motivate you to take such a course?
- What are your personal finance concerns, or areas of interest?
- What is the area that most concerns you, or you think need the most emphasis?
- What mistakes did you make, and wish you had been taught earlier in your life?
Let’s get a dialogue going-help me help others- before their finances need a “Code Red!“
Tags: basics of personal finance, personal finance course for nurses, what are the most important areas of personal finance, what are your personal finance questions
Dr. Dean,
The course outline looks good to me. I sure know about mistakes. I wish someone would have taught me how to live on less than I earn when I was a young man.
Thanks for stopping by Jeff. Appreciate your input. I thought you would of razzed me about something-not like you to be so kind…..:)
Unfortunately – school didn’t teach what they should have been way back when. I still say if you can buy…now is the time to be buying real estate. Unfortunately the banks have screwed up so it is a lot more difficult to get a mortgage in the USA. I live in Canada…you didn’t see the really bad stuff happening as in the USA- you still don’t….but if the USAs economy doesn’t start improving – it will drag us down. I had an offer on our house – $1 Million…a bona fide offer….we only pd $465K 4 1/2 yrs ago. We also just purchased last summer, an ocean view penthouse apartment for which we had LINEUPS to rent out…which btw – the rent more than covers the expenses. It’s value is already $30K more than when we bought it.
My philosophy….don’t get yourself in deeper than you can afford if the economy fell apart…..keep in your bank account a year’s worth of payments just in case….and don’t spend foolishly – ie jewelry,new cars every yr, more shoes than you can wear etc – stuff that loses value when you step out of the store. ALWAYS put in to an RSP (our version of 401K) every year. Only have ONE charge card and ALWAYS pay it off….and pretend when you are buying something – that you are paying CASH. My husband and I are doing very well.
Great story, and great advice.
From my experience with nurses many are on the lower end of the payscale, work extremely hard and have busy social lives outside of their long working hours….. They could do with some financial help!
For that reason I would think it could be a good idea to use your medical link and actually close the niche a little and market it more exclusively and tightly to nurses…. rather than saying mainly for nurses and everyone else too!!!
As with finance your goal and target will help make it more successful.
Thanks for your input Forest! I struggle with that, as I am an inclusive kind a guy…
This is a great list! I especially like that you include those “theory” topics – that is what I would have suggested, and what I think is missing from most programs.
Thanks, As has been said by many. Money management is largely behavioral (I hate to use the word science)…. rather than mathematical. A combo of both, understanding interest and how time and compound interest are your friend is needed. And how the interest you pay on loans, can suck you dry!
People need to know how their own behaviors, sink even the best laid plans, and what they can do about it.