Syllabus. Smart Money Certification. SMC Consumer Desi g n a t i o n. LFE Institute LLC smc@lfeinstitute.

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1 Smart Money Certification SMC Consumer Desi g n a t i o n Syllabus LFE Institute LLC smc@lfeinstitute.com

2 Welcome to SMC-Consumer! Syllabus: SMC- Consumer Designation This Financial Literacy & Certification program is the beginning of an exciting journey toward financial freedom. The goal is to help employees master practical financial skills, make smarter financial decisions, and become more informed investors. This will give them the confidence to work with financial professionals as they plan for retirement and other financial goals. It covers topics missing from most Financial Wellness programs, including costly mistakes due to misinformation, faulty assumptions, or a lack of financial knowledge. Employees will also learn easy strategies to solve specific financial problems, minimize multi-generational challenges, find more money to invest, avoid common pitfalls, overcome savings shortfalls, bridge the retirement gap, clarify confusing investment basics, and maximize retirement dollars. It s the how to component that ensures the success of any Wellness program. The SMC-Consumer Certification Exam helps employees demonstrate their mastery of core financial and retirement-readiness skills, and helps Plan Sponsors satisfy ERISA and other fiduciary guidelines. TOPICS: CREDIT SCORE Why your credit score is so critical today Costly credit myths Why cutting up your credit cards is such a bad idea Steps to boost your score Don t fall for these traps Mistakes that will trash your score What you don t know can hurt you! DEBT Three simple steps for debt-burdened consumers Debt traps that threaten your retirement Zombie debt: Don t make these costly mistakes Predatory lenders to avoid Debt collection: Know your rights The Rule of 72: A costly pitfall Recovering from a financial setback The IRS s Fresh Start Program Co-signing: When to say No CREDIT COUNSELING, CREDIT REPAIR, & DEBT SETTLEMENT How they work: The good, the bad, and the ugly Critical facts most won t tell you Major traps of signing a DMP Watch out for tax liabilities Avoid this tactic it s a felony! The dramatic effect on your credit Steps to take if you ve been a victim Abuses to avoid PAYDAY & TITLE LOANS A high-risk gamble How they access your bank account The costs and hidden fees will bury you What s missing in their sales pitch? Who they target (It s probably you!) Costly collection tricks

3 BANKRUPTCY MYTHS Low-cost alternatives What your attorney may not tell you Which debts cannot be discharged? Bankruptcy and your retirement assets What happens to garnishments? Fraudulent actions to avoid Simplifying your life after bankruptcy GARNISHMENTS How it could affect your employment What income can be garnished? How much can be garnished? The importance of an IDO or IWO Steps to protect your rights How can you claim a hardship? How student loan rehabilitation can help STRETCH YOUR DOLLARS: STRATEGIES FOR EVERY GENERATION Money-saving strategies $1,000 Card: An easy way to save thousands What s your number: Plug the leaks Be prepared: Where to find money for an emergency fund and why it s so critical How to eliminate family conflicts over money Cut the cost of boomerang kids Millennials: Start with these cost-cutting strategies Never struggle to pay periodic expenses again Free resources that can change your financial life Smart decisions for the Sandwich Generation HOME How to buy a home for less Worst homebuyer mistakes Money-saving strategies for first-time homebuyers Timeshare traps How to sell for more Phony housing scams Solutions for underwater mortgages CAR When to buy at the lowest price Internet car scams to avoid VIN: When to use and how to verify it Save big with these money-saving resources What s the true cost? Build your negotiating skills Avoid these financing traps Cut transportation costs: Alternatives to owning HEALTHCARE Strategies and resources to save thousands Medical tourism pros and cons Costly healthcare traps to avoid How your health could impact your next job Easy ways to get fit Cut prescription drug costs Reduce hospital and doctor expenses Audits and how to use them Hospitals: Costly extras you don t need Health and Fitness: Resources that can help DIVORCE Critical financial steps to take Common and costly mistakes to avoid Questions to ask your attorney Protecting your rights FINANCIAL TRAPS New cyber threats Scams targeted at Millennials Traps for those 50 and older Costly travel traps to avoid Essential steps to protect your identity Charity scams that cost thousands

4 DISASTER PREPAREDNESS Critical financial steps to take How to avoid losing it all Strategies to avoid becoming a victim twice Access to essential resources What should be in your go bag Don t make these common mistakes WILLS Everyone has a will just not one they want TOD: What you need to know Myths that lead to costly mistakes Who are de facto heirs and why should you care? Living wills versus living trusts How to avoid probate Problems with being intestate BUILDING INVESTMENT BASICS SKILLS Build confidence by learning the lingo Become an informed investor: Essentials you need to know How to minimize risk Dollar cost averaging: Make it work for you Maximizing your greatest asset Why volatility isn t your greatest risk Strategies to prevent being broke in retirement How much should you save? Use these techniques to boost your savings Avoid these mistakes when you leave your job Millennials: You have the edge myra: Pros and cons RETIREMENT PLANNING Essential financial steps most fail to take How to bridge the retirement gap Millennials ERE: Early Retirement Extreme How to calculate retirement expenses New strategies to cut housing costs Where to live for less Reduce transportation costs Innovative new housing trends Expat retirement pros and cons Transferring wealth ELDERCARE ISSUES: FOR AN AGING PARENT OR YOUR OWN RETIEREMENT Maximizing social security benefits Survivor versus spousal benefits Costly mistakes retirees make Medicare Part B: Avoid this fee! Assisted living: Decisions that can save thousands Reverse mortgage traps Scams that drain senior resources and cost you more Funeral traps to avoid Money-saving resources LONG-TERM CARE INSURANCE How will it preserve your wealth? Little-known factors that can substantially affect cost What happens if you stop making payments? Daily, monthly, and maximum benefit limits WORKING WITH AN ADVISOR Why you need an advisor Key questions to ask Be prepared: Questions they will ask you Protecting your family and your assets Insurance basics: Key questions to ask Reducing your risk Ponzi schemes to avoid Estate planning: How your advisor will help

5 PARENTS: CUT THE COST OF COLLEGE Asking the tough questions: Is your student ready for college? A dozen strategies to save thousands! 10 essential selection criteria every parent or student should make Failing to use these strategies could jeopardize your retirement! How to maximize financial aid Costly traps and scams to avoid College alternatives: What if there s no money? Avoid these predatory recruitment practices MAXIMIZE YOUR COLLEGE INVESTMENT: PICK THE RIGHT SCHOOL The high cost of not taking these steps What is STEM and why should you care? Don t make these mistakes Planning for debt forgiveness before you borrow Steps your son or daughter can take to make themselves marketable upon graduation What happens to your financial security if your student doesn t graduate? DE-MYSTIFYING THE CONFUSING WORLD OF STUDENT LOANS Essential facts: Private versus federal loans Eliminate thousands in debt forgiveness or discharge Repayment choices: Which is best? Loan consolidation traps that are irreversible Student loan servicer tricks: How to avoid paying thousands more in fees Watch out for these traps! Don t make this costly mistake YOUR GREATEST FINANCIAL RISK: REPAYMENT DIFFICULTIES What if you or the student can t pay? When to use deferment versus forbearance Student loan default: How it could affect your retirement and your life! Debt elimination scams Know your rights: Debt collection Student loan rehabilitation: Watch out for this trap