Keystone Financial Academy Personal Finance MasterClass

We are going to cover a number of important topics related to personal finance, with the goal of making you well-versed in every aspect of managing your money. To help you with this, the MasterClass is broken up into four parts.

Part I is all about Mastering Your Credit. I’ll discuss important credit-related terms, and types of credit, and discuss exactly what your credit score is all about, and how you can get, and maintain, a high credit score, or fix it, if it needs to be repaired.

Part II is all about Establishing Your Savings. I’ll discuss why and how much you should be saving, and then talk about the various financial tools to help you with this, such as savings accounts, money market accounts, and certificates of deposit.

Part III is all about Spending & Budgeting. I’ll go over all the typical living expenses, and discuss ways to cut costs. Then we’ll discuss budgeting, and how to put together a workable budget, and mention some software that can help you do that.

Part IV is all about Managing Your Debt. I’ll talk about the different categories and types of debt, and then get discuss ways you can avoid getting into it in the first place. Finally, we’ll conclude with ways to effectively pay back the debt you already have.

This is an extensive tour of all topics related to credit. "Mastering Your Credit" is made up of four subsections, and the following topics contained in each.

Section 1 - Basic Concepts

-The terms Credit, Credit Rating, Credit Report, Credit Score, and Creditworthiness are defined.
-The importance of a good credit rating is discussed.
-The various types of credit (revolving, installment) is discussed.
-The importance of the Credit Reporting Agencies (CRAs), and the three main ones are discussed.
-Short review and self-test of Section 1

Section 2 - Credit Scores

-The two primary credit scoring models (FICO, VantageScore) are discussed.
-The exact components (and their percentages) that make up FICO are introduced and discussed.
-The exact components (and their percentages) that make up VantageScore are introduced and discussed.
-Credit Score Ratings are introduced and what is Poor/Fair/Good/Very Good/Excellent is explained.
-Short review and self-test of Section 2

Section 3 - Managing Credit

-The overall importance of managing your credit is discussed.
-The specifics of 'establishing' your credit are covered in detail.
-The specifics of 'maintaining' your credit are covered in detail.
-The specifics of 'monitoring' your credit are covered in detail.
-The specifics of 'protecting' your credit are covered in detail.
-Short review and self-test of Section 3

Section 4 - Credit Repair

-How to address and fix minor errors and outdated items in your credit report is discussed.
-How to address and fix fraudulent items in your credit report is discussed.
-How to address and fix negative and derogatory items in your credit report is discussed.
-The value of negotiating with your creditors is discussed.
-The value of credit repair companies is discussed.
-Short review and self-test of Section 4

OBJECTIVE: After completing this course you will have a clear understanding of credit, and how to apply the knowledge to your own situation.

This is an extensive tour of all topics related to savings. "Establishing Your Savings" is made up of four subsections, and the following topics contained in each.

Section 1 - Why and How to Save

-The term savings is defined.
-The three key reasons to have savings are discussed.
-How much should be saved on an 'ongoing basis' is discussed.
-How much should be saved on a 'total basis' is discussed.
-The differences between saving and investing, and why both are needed, are discussed.
-Short review and self-test of Section 1

Section 2 - Bank Savings Accounts

-The 'basic' bank and credit union savings account is discussed.
-The 'high-yield' bank and credit union savings account is discussed.
-The FDIC and NCUA, and why both are needed, are discussed.
-Short review and self-test of Section 2

Section 3 - Money Market Accounts (MMAs)

-The Money Market Account (MMA) is introduced and its characteristics discussed.
-The reasons why MMAs pay you a higher interest are discussed.
-Situations where MMAs are appropriate and inappropriate are discussed.
-Other advantages and disadvantages of an MMA are discussed.
-What to look for when opening an MMA is discussed.
-Short review and self-test of Section 3

Section 4 - Certificates of Deposit (CDs)

-The Certificate of Deposit (CD) is introduced and its characteristics discussed.
-Situations where CDs are appropriate and inappropriate are discussed.
-Other advantages and disadvantages of CDs are discussed.
-The different types of CDs, and the CD ladder are discussed.
-What to look for when opening an CD is discussed.
-Short review and self-test of Section 4

OBJECTIVE: After completing this course you will have a clear understanding of savings and savings tools such as MMAs and CDs, and how to apply the knowledge to your own situation.

This is an extensive tour of all topics related to household/family budgeting and spending. "Budgeting & Spending" is made up of four subsections, and the following topics contained in each.

Section 1 - Basic Concepts

-The term budgeting is defined, and its importance is discussed.
-The importance of the Income/Living Expenses/Debt formula is discussed.
-Short review and self-test of Section 1

Section 2 - Living Expenses

-'Housing' as a living expense, and spending percentages are discussed.
-Ways to save on housing costs are discussed.
-'Transportation' as a living expense, and spending percentages are discussed.
-Ways to save on transportation costs are discussed.
-'Food & Personal Items' as a living expense, and spending percentages are discussed.
-Ways to save on Food & Personal Items costs are discussed.
-'Clothing' as a living expense, and spending percentages are discussed.
-Ways to save on Clothing costs are discussed.
-'Entertainment & Recreation (E&R)' as a living expense, and spending percentages are discussed.
-Ways to save on E&R costs are discussed.
-Short review and self-test of Section 2

Section 3 - Creating a Budget

-The significance of gross, net, and discretionary income is discussed.
-A hypothetical budget is created and discussed.
-The 50/30/20 Rule is introduced and discussed.
-Zero-Based Budgeting (ZBB) is introduced and discussed.
-Short review and self-test of Section 3

Section 4 - Software for Budgeting and Spending

-The advantages, and limitations, of budgeting software are discussed.
-Excel is introduced and discussed.
-Quicken is introduced and discussed.
-Mint is introduced and discussed.
-You Need a Budget (YNAB) is introduced and discussed.
-Personal Capital is introduced and discussed.
-Ace Money (and Ace Money Lite) is introduced and discussed.
-Short review and self-test of Section 4

OBJECTIVE: After completing this course you will have a clear understanding of household/family budgeting and spending, and how to apply the knowledge to your own situation.

This is an extensive tour of all topics related to debt. "Managing Your Debt" is made up of four subsections, and the following topics contained in each.

Section 1 - Basic Concepts

-Debt is defined, and its positive and negative aspects are discussed.
-The scope of the overall national debt problem is discussed.
-Short review and self-test of Section 1

Section 2 - Categories and Types of Debt

-The differences between secured and unsecured debt are discussed.
-The major types of consumer debt, and the overall amounts are presented.
-The 'Big Four' consumer debts: mortgage, student, auto and credit card are discussed in more detail.
-Lesser known debts: medical, tax, payday, small business, and farm are discussed.
-Good and bad debt is defined and the characteristics of both are discussed.
-Short review and self-test of Section 2

Section 3 - Avoiding Getting Into Debt

-How to avoid or minimize 'mortgage debt' is discussed in detail.
-How to avoid or minimize 'student debt' is discussed in detail.
-How to avoid or minimize 'auto debt' is discussed in detail.
-How to avoid or minimize 'credit card' debt is discussed in detail.
-Short review and self-test of Section 3

Section 4 - Paying Back Debt

-The 'Debt Stacking (Debt Avalanche)' method of debt payback is discussed.
-The 'Debt Snowball' method of debt payback is discussed.
-The 'Balance Transfer' method of debt payback is discussed.
-The 'Consolidation Loan' method of debt payback is discussed.
-Short review and self-test of Section 4

OBJECTIVE: After completing this course you will have a clear understanding of debt and debt management, and how to apply the knowledge to your own situation.