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COLLEGE OF INSTALLATION MANAGEMENT Satellite Site (CIMSS), USAG Fort Leonard Wood, MOStrategies for Financial SuccessLESSON PLAN Part One: Course Information and Instructor GuidanceCourse Author: Tammy L. Fink, USAG Adjunct InstructorDate Prepared: November2016SCOPE: The purpose of these lessons are to lay the foundation for understanding and implementing basic personal financial management skills to enable individuals to effectively manage their day to day financial obligation resulting in more focused attention to their work obligations. LEARNING OBJECTIVE(S): These lessons supports the course Terminal Learning Objective TLO:Action: Summarize the purpose of Strategies for Financial SuccessCondition: Given lectures, dialogue, peer and instructor feedback, visual aids and practical exercises. Standard: Explain Strategies for Financial Success to include:Identification of basic living expensesDescription of communication techniques for money conversationsExamination of responsible spendingProduction of a sample budgetCalculation of Debt to Income Ratio (DTI)Completion of sample checkbook registerDiscussion on maintaining a good credit scoreCalculation of credit scoreExplanation of ‘PowerPay’ strategies Discussion of various agencies/laws that protect consumersLearning Domain: CognitiveLevel of Learning: ComprehensionLearning Domain: AffectiveLevel of Learning: ValuingThe following ELOs are addressed in this lesson and future lessons throughout the course.Enabling Learning Objective (ELO-A)Action: Identify examples of basic living expensesCondition: Given lectures, dialogue, instructor feedback, and visual aids. Standard: The identification of basic living expenses will include:Mortgage/rentFoodCar payment/insuranceHealth/life insurance Cable/internet/cell phone Learning Domain: CognitiveLevel of Learning: KnowledgeEnabling Learning Objective (ELO-B)Action: Describe communication techniques for money conversationsCondition: Given lectures, dialogue, and instructor feedbackStandard: The description of communication techniques for money conversations will includeSit or stand next to your partnerNever sit or stand across from your partner (push-pull situation) Be open minded Practice active listening Compromise Learning Domain: Cognitive Level of Learning: ComprehensionEnabling Learning Objective (ELO-C)Action: Examine percentages of income that are considered responsible spendingCondition: Given lectures, dialogue, and instructor feedbackStandard: The examination of responsible spending will include:30% for Housing20% for Transportation15% for Food15% for Debt10% for Saving and Investing10% for Miscellaneous Learning Domain: Cognitive Level of Learning: AnalysisEnabling Learning Objective (ELO-D)Action: Produce a sample budgetCondition: Given lectures, dialogue, practical exercise and instructor feedbackStandard: Production of a sample budget will include:Enter all necessities- fixedEnter all necessities- variableEnter all necessities- periodic Do not forget to enter amounts for future goals Learning Domain: Cognitive Level of Learning: ApplicationEnabling Learning Objective (ELO-E)Action: Calculate a debt to income ratio (DTI)Condition: Given lectures, dialogue, and instructor feedbackStandard: The calculation of Debt to Income Ratio (DTI) will require:Add all “credit” paymentsDo not include rent or mortgageDivided sum of payments by net incomeTimes by 100 to get the percentageDTI should not exceed 15% Learning Domain: Cognitive Level of Learning: ApplicationEnabling Learning Objective (ELO-F)Action: Complete a sample checkbook registerCondition: Given lectures, dialogue, practical exercise and instructor feedbackStandard: Completion of a sample checkbook register will include:Ensure all debits and credits are postedUsing bank statements, annotate items that have been postedCalculate true balance on account Learning Domain: Cognitive Level of Learning: ApplicationEnabling Learning Objective (ELO-G)Action: Identify reasons why you should maintain a good credit scoreCondition: Given lectures, dialogue, and instructor feedbackStandard: Identification of reasons why maintaining a good credit history is important with include:Reduces stressMany employers require itLandlords can use the credit score to determine worthinessInsurance rates can be determined by your credit score Learning Domain: Cognitive Level of Learning: KnowledgeEnabling Learning Objective (ELO-H)Action: Discuss ways to start and maintain a good credit historyCondition: Given lectures, dialogue, and instructor feedbackStandard: The discussion of ways to build credit wisely will include:Using your own money, open a secured account and use credit line sparinglyObtain a bank/gasoline credit card with a small credit limitExtend credit only if necessaryExtend credit only if you have a plan to pay it back Learning Domain: Cognitive Level of Learning: ComprehensionEnabling Learning Objective (ELO-I)Action: Explain how credit scores are calculatedCondition: Given lectures, dialogue, and instructor feedbackStandard: Explanation of how credit scores are calculated includes the following factors:35% is based on payment30% based on percentage of credit line used15% is based on types of credit you have10% is based on how long your credit life is10% is based on inquiries into your credit Learning Domain: Cognitive Level of Learning: Comprehension Enabling Learning Objective (ELO-J)Action: List at least 2 PowerPay strategies to reduce or eliminate debtCondition: Given lectures, dialogue, and instructor feedbackStandard: The list of ‘Powerpay’ strategies include:Debt snowball toolExtended budgetPre purchase calculatorsEducation Center Learning Domain: Cognitive Level of Learning: KnowledgeEnabling Learning Objective (ELO-K)Action: Discuss agencies and laws protecting consumersCondition: Given lectures, dialogue, and instructor feedbackStandard: Discussion of consumer protection will include:Fair Credit ActFederal Truth in Lending ActFederal Trade CommissionConsumer Financial Protection BureauState Attorney General Office Learning Domain: Cognitive Level of Learning: Knowledge ................
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