Monroe Community College
Business Administration and Economics Department
Course Syllabus
ECO 103 PERSONAL MONEY MANAGEMENT
Course Description: A very practical course which teaches you how to create a financial plan to realize goals,
such as home ownership and early retirement. By taking this course, you will learn how to avoid credit trouble,
save money on automobile purchases, and buy a desirable home. You will also learn how to protect yourself
from financial disaster through the purchase of the lowest cost and safest insurance policies. Finally, you will
learn how to make your money grow by investing in stocks, bonds, and mutual funds. Using the techniques you
learn in this class will allow you to plan, save, and spend wisely so you and your family will enjoy a better way
of life.
Credit Hours: 3
Course Prerequisite: None.
Course Learning Outcomes:
1. Understand the importance of personal financial planning, develop your financial priorities and
understand how your personal decisions affect your financial goals.
2. Construct personal financial statements and budgets and learn how to analyze these tools.
3. Manage your liquidity and analyze the various banking services that are available and how these
services can help you manage liquidity.
4. Acquire and use credit wisely to assist you in meeting your financial goals.
5. Understand how taxes affect your success in planning especially in reference to investments and
retirement planning.
6. Make effective buying decisions
7. Use insurance to protect your assets and income.
8. Follow the steps of the investment process and understand the tradeoff between risk and return to
develop your investment strategy.
9. Learn how to buy and sell securities and other types of securities that are available.
10. Use mutual funds to simplify your investment decisions, decrease costs and time, and achieve your
financial goals.
11. Develop your strategy and use the appropriate financial tools to plan for future goals including college
education and retirement.
Current text/supplemental materials:
1. Personal Finance, 11th Ed., Garman, Forgue, MCC customized version ISBN-13: 978-1-285-10663-3,
with Aplia ISBN-13: 978-1-285-10738-7, Full Text: ISBN-13: 978-1-111-53101-0. Publisher:
Cengage Learning.
2. ECO 103 workbook.
Please be certain to consult with the assigned course instructor or Department to verify current required course
textbook(s) and other materials. All syllabi are updated annually and are intended to be a generic representation
of the course requirements. Individual instructor requirements may vary.
**For SLN courses please visit the SLN website to verify all text.
2
Offered: Please check the catalog for limitations on course offerings.
____x___fall ___x____spring ____x___summer ___x____on-line
Course Outline by Order of Coverage
Chapter
1
2
3
4
5
6
7
8
9
10
11
12
13
14
Topic(s)
Personal Financial Planning - an overview or
personal finance
Career Planning - identifying career goals,
trends, developing a resume
Financial Statements, Tools, and Budgetsstrategies, goal setting, budgets, financial
statements and ratio analysis
Managing Income Taxes – calculating
income tax 1040, strategies to reduce taxese.g. homeownership, 401k etc..
Managing Checking and Savings Accounts –
types of checking accounts, Certificates of
Deposit, Money Market Account, Money
Management
Building and Maintaining Good Credit advantages/ disadvantages cost of credit,
managing debt, bankruptcy laws and
consumer loans.
Credit Cards and Loans – types of credit
cards, consumer installment loans, types of
interest and costs
Vehicle and Other Major Purchases –
comparative shopping, negotiating , buying
and leasing a car
Buying Your Home – steps to home
ownership, costs associated with closing and
selling a home.
Managing Property and Liability Risk –
Understanding homeowner insurance,
automobile insurance and liability insurance.
Managing Health Expenses – understanding
medical costs, medical planned benefits and
disability insurance
Life Insurance Planning – how much
insurance is needed, understanding your
policy, methods of buying life insurance.
Investment Fundamentals – starting an
investment program, understanding risks,
and establishing a long term investment
strategy.
Investing in Stocks and Bonds – review of
the major characteristics of common stocks
and bonds, using the internet to evaluate.
Strong
Emphasis
Med Skim
Optional
Approximate
time period
1 week
X
X
1 week
X
1 week
X
1 week
X
1 -2weeks
X
1-2 week
X
1 week
X
1 week
X
X
Cover with
chapter 8 &9
1 week
X
1 week
X
1week
X
1 week
X
3
15
Investing through Mutual Funds - Why
purchase mutual funds, classification of
mutual funds, buying and selling mutual
funds, mutual fund costs. Tax advantaged
ways of investing in mutual funds.
1 week
X
Business Administration and Economics Dept.
Monroe Community College
1000 E. Henrietta Rd.
Rochester, NY 14623
585-292-3353
All syllabi are updated annually and are intended to be a generic representation of the course requirements.
Individual instructor requirements may vary.
May 2013