Personal Finance Volume I: Wealth Creation

Name: Personal Finance Volume I: Wealth Creation
Rating: 4.2 (14 reviews)

A comprehensive guide to wealth creation and effective personal financial budgeting

Created byPisit Putthacharoenwat

Last updated 6/2015

English

English [Auto],

What you'll learn

Develop a basic personal finance framework and apply it in their day-to-day life.
Identify different types of income and expenses and organize income and expense information in a structured and effective way.
Analyze their income and expense information and identify potential financial difficulties in advance.
Use one of the most powerful personal budgeting software, You Need A Budget ("YNAB"), to record and analyze information.

Course content

5 sections • 20 lectures • 3h 15m total length

Introduction8:29
Discover wealth creation through personal finance basics, including four steps, building a personal financial plan, budgeting, tracking income and expenses, and protecting and distributing wealth.
Setting Up You Need A Budget ("YNAB")5:57
Learn to install YNAB, set up your first budget account, choose currency and formats, and enable Dropbox syncing for on-the-go personal finance tracking.

Basic Accounting Principles10:20
Define assets, liabilities, revenue, and expenses, and classify them by liquidity, tangible versus intangible, and on-record versus off-record. See how these concepts influence net worth and future obligations.
Let's Explore What You Have3:29
Explore the different resources you have, including personal assets, investable assets, time, and human capital, and how they can generate income for your future.
Recording your Assets and Liabilities in YNAB13:02
Record assets and liabilities in the budgeting tool, including cash, savings, investments, credit cards, debts, and mortgages, and classify them as on or off budget to track net worth.

Let's Explore Who You Are5:41
Explore four income types: employee, self-employed, business owner, and investor, and how each uses human capital, time, or assets to earn money now and in the future.
Revenue Matrix16:54
Explore the revenue matrix by classifying income into active stable, active high, passive stable, and passive high to improve budgeting and planning.
Expense Matrix10:36
Explore the expense matrix to classify fixed and variable expenses, organize expense information, and distinguish fake versus viable costs using sample profiles.
Setting Up Expense Categories in YNAB7:00
Set up master categories and subcategories in ynab, organizing living expenses, food, transportation expenses, and debt, while managing assets and liabilities, unbudgeted money, emergency funds, and savings.
Recording your Revenues and Expenses in YNAB - Part I19:23
Learn to record revenues and expenses in YNAB, including cash inflows, outflows, and budget adjustments, using income sources, categories, and reports for clear financial tracking.
Recording your Revenues and Expenses in YNAB - Part II13:42
Record revenues and expenses in YNAB using cash, credit cards, and transfers between on-budget and off-budget accounts. Analyze budgets for transportation, education, and living expenses and review spending trends.
Recording your Revenues and Expenses in YNAB - Part III8:21
Record revenues and expenses in YNAB by allocating a $5,000 income to savings, with $500 to taxes and $500 to a sponsor retirement account, then track transfers and mortgage interest.

Stabilizing Income and Expenses6:07
Learn a practical system to stabilize fluctuating income and control expenses using an off-budget saving account, installments to a main account, and monthly reserves for end-of-year expenses.
Emergency Funds and Reserves6:07
Master emergency funds for truly unexpected, out-of-control events, and use reserves to cover overspending, by maintaining three to six months of expenses and revising your budget as needed via research.
Introduction to Time Value of Money10:13
Explore the time value of money, including present and future value, and how cash flow patterns: single cash flow, annuities, perpetuities, growing annuities, and growing perpetuities shape financial decisions.
Goal Setting and Basic Saving Goals7:11
Identify and apply smart goals to finance your future, using specific, measurable, achievable, and time-based criteria; set basic saving goals and actionable plans for investments, retirement, and major purchases.
Personal Financial Budgeting Framework14:38
Identify assets and liabilities, record and analyze income and expenses, and apply a practical personal budgeting framework to plan savings, with software options for real-time tracking.
Personalizing your Budgeting, using YNAB - Part I11:38
Learn to personalize budgeting with ynab by recording income and expenses, allocating funds, rolling over budgets, and managing overspending while building emergency savings and research funds.
Personalizing your Budgeting, using YNAB - Part II14:21
Personalize budgeting with YNAB by allocating net income after taxes, funding retirement and emergency reserves, and using income stabilization to spread funds across months.

Requirements

Willingness to learn

Description

Personal finance is the fundamental principle that everyone should learn. However, it is sometimes overlooked by many people despite the fact that money is always a part of everyone's life. In personal finance, there are four key personal finance principles: 1) wealth creation (how to generate savings), 2) wealth accumulation (what to do with your savings), 3) wealth protection (how to protect your wealth and how to plan for unexpected events), and 4) wealth distribution (how to distribute your wealth after your death. As the name implies, this course is about wealth creation, probably the most critical step in personal finance and the starting point for all subsequent processes.

When we refer to wealth creation, we are talking about personal budgeting and how to manage your income and expenses effectively and hopefully generate positive savings. As this is probably the first time that you think about personal budgeting, this course will outline the four actionable steps in wealth creation: 1) identify what you have, 2) record your revenues and expenses, 3) organize and analyze information, and 4) budget your savings and expenses.

In the early stage of the course, you will learn basic accounting principles and how to identify things that you have such assets and liabilities or even something that you may not be aware of.

In the middle stage, we will talk about types of people and how each type of people earns their income. You will also learn how you should view your revenues and expenses and organize them in the structured and meaningful way.

In the later stage, you will learn special techniques used in personal budgeting and, most importantly, you will be exposed to the personal budgeting framework that you should keep in mind while developing your own budget.

Throughout the course, I will use one of the most powerful personal financial software, out there in the market, You Need a Budget or "YNAB"), to strengthen your understanding of the concepts.

You should be able to develop your own effective personal financial budget after taking this course and, more importantly, you will develop a good personal finance mindset that will pay you dividends for the rest of your life.

Who this course is for:

Everyone can take this course, as it is designed to be universal and not to be specific to a particular country.
If you look for a specific guideline such as how to submit a tax filing in the U.S., this course is not for you.

Personal Finance Volume I: Wealth Creation

What you'll learn

Explore related topics

Course content

Introduction2 lectures • 14min

Identify What You Have3 lectures • 27min

Record and Organize Revenues and Expenses7 lectures • 1hr 22min

Budget your Savings and Expenses7 lectures • 1hr 10min

Wrap Up1 lecture • 2min

Requirements

Description

Who this course is for: