Smart Money Certification. SMC S M Desi g n a t i o n. Syllabus LFE INSTITUTE LLC

Transcription

1 Smart Money Certification SMC S M Desi g n a t i o n Syllabus

2 Smart Money Certification: Syllabus SMC SM Designation Helping Americans learn how to manage their money, avoid costly traps, and make informed financial decisions in this complex economy can be an overwhelming challenge today and requires a proficiency many financial professionals and educators are ill-equipped to provide. The SMC SM designation separates those with only cursory financial skills from those with more broad-based consumer knowledge. SMCs demonstrate their expertise by answering over 500 questions in 4 Section Exams covering 200 topics in 30 diverse categories. This premier Certification gives those working with an advisor, lender, financial educator, or coach the confidence that the individual has a mastery of critical issues affecting consumers today. The SMC SM designation is for those who complete the entire course. There s also an abbreviated SMC-Consumer designation to measure the money skills of employees as part of a corporate Financial Wellness Initiative, and an SMC-College designation for college students and graduates. Sections & Categories: Debt & Credit Practical Money Skills Credit Score Debt Credit Counseling Credit Repair Firms Debt Settlement Companies Payday & Title Loans Bankruptcy Myths Garnishments Family & Money Home Car Healthcare Divorce Financial Traps Disaster Preparedness Insurance: An Overview Wills Investment Basics & Retirement Readiness Investment Basics Retirement Planning Working with Financial Advisors Social Security Eldercare Issues Long-Term Care College Smarts Selecting the Right School Selecting the Right Degree / Career Cutting Costs Student Loans Repayment Difficulties Costly Traps to Avoid Student Loan Forgiveness

3 Debt & Credit CREDIT SCORE Costly credit myths Where are credit scores used today? Improving your credit score How to trash your score What s changed? Credit history versus credit score DEBT Three steps to eliminate debt Zombie debt: Beware of traps Debt collection: Know your rights The Rule of 72 : A costly trap Steps to take if you ve been a victim Recovering from a financial setback The IRS s Fresh Start Program How can crowdfunding help? CREDIT COUNSELING How they work The biggest benefit Traps to avoid Creating a tax liability Effect on your credit What is a DMP? What many won t tell you Who is ultimately responsible? CREDIT REPAIR FIRMS What they can and cannot do Avoid this tactic it s a felony How most firms fail to help What s the biggest problem? Why use them? DEBT SETTLEMENT COMPANIES How they work What they can t do for you What s the problem? Abuses to avoid Normal outcomes Taxable outcomes PAYDAY & TITLE LOANS A high-risk gamble What s the problem? What s the cost? What they won t tell you Who they target Collection tactics Alternatives BANKRUPTCY MYTHS Common alternatives Which debts cannot be discharged? Credit after bankruptcy Bankruptcy and your retirement assets What happens to garnishments? Fraudulent actions to avoid GARNISHMENTS What can be garnished? How much can be garnished? What s an IDO or IWO? What will protect your rights? How can you claim a hardship? How can student loan rehabilitation help?

4 Practical Money Skills FAMILY & MONEY Sandwich generation Boomerang kids Co-signing loans Kids and money HOME How to buy for less Worst homebuyer mistakes How to sell for more First-time homebuyers Timeshare traps Phony housing scams Underwater mortgage solutions CAR When to buy How to save on gas Internet scams VIN and how to verify Resources to help What s the true cost? Negotiating Financing scams Alternatives to owning HEALTHCARE Medical tourism Money-saving resources Cut prescription drug costs Reduce hospital and doctor expenses Audits and how to use them Hospitals: Extras you don t need Health and Fitness: Resources to save DIVORCE Financial steps to take Traps to avoid FINANCIAL TRAPS New cyber threats Traps to avoid at any age Travel traps Phantom law enforcement scams Charity scams Where to report abuse DISASTER PREPAREDNESS Financial steps to take How to avoid losing it all Resources to help Your go bag Avoid disaster predators Beware of storm chasers INSURANCE: AN OVERVIEW Renters Health Life Auto Homeowners Mortgage Disability Baby Rental car Extended warranties Money-saving strategies WILLS Who needs a will? What happens if I don t have one? TOD: What you need to know Myths to avoid Who are de facto heirs? Living wills Living trusts What is probate? Problems with being intestate

5 Investment Basics & Retirement Readiness INVESTMENT BASICS Learn the lingo Product options Millennials: You have the edge Saving at work Maximizing your greatest asset Finding more money to save RETIREMENT PLANNING Bridging the gap Calculating retirement costs Steps to take Cut housing costs Where to live for less Reduce transportation costs Innovative new housing trends Expat retirement pros and cons WORKING WITH FINANCIAL ADVISORS What their credentials mean Fiduciary duty: Best interest Questions to ask Questions they should ask you Ponzi schemes to avoid ELDERCARE ISSUES Assisted living choices Medicare Part B Reverse mortgage traps Scams targeting seniors Funeral traps to avoid Money-saving resources LONG-TERM CARE Who will need it? Factors that determine cost Cash benefit option Partnership plans Does location matter? What happens if payments stop? Daily versus monthly benefit Total maximum benefit Inflation riders Elimination/deductible period Coverage Exclusions SOCIAL SECURITY Evaluating alternatives When to take it What to avoid Survivor benefits Spousal benefits Claim and suspend How to estimate benefits

6 College Smarts SELECTING THE RIGHT SCHOOL REPAYMENT DIFFICULTIES Faulty criteria for choosing a school Ten essential college selection criteria College alternatives Predatory recruitment practices What if you can t pay? Deferment versus forbearance Student loan default: What happens? Know Your Rights: Debt collection Debt elimination scams Student loan rehabilitation SELECTING THE RIGHT DEGREE / CAREER The high cost of not taking these steps What is STEM and why should you care? Planning for debt forgiveness Questions to ask CUTTING COSTS Free tuition programs Qualifying for in-state status Using CLEP to save money Save on books and other expenses Tuition exchange programs Professional judgement reviews Hope Scholarships Lifetime Learning Tax Credit Housing scams to avoid Two money-saving strategies for parents What if there s no money? COSTLY TRAPS TO AVOID Students: Financial traps to avoid Parents: Financial traps to avoid Scholarship scams Student ID card traps The pitfalls of co-signing STUDENT LOAN FORGIVENESS Forgiveness programs Why should you care? Which loans qualify? Which jobs qualify? What s the commitment? Cancellation versus discharge STUDENT LOANS Private versus federal loans Standard repayment options Income-based options Loan consolidation traps to avoid Student loan servicer tricks to avoid Debt of deceased student Debt of deceased co-signer