HDF 322--PERSONAL & FAMILY FINANCE KITT -- Spring 2014 MWF 10:00, GEA 105, #54295

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1 HDF 322--PERSONAL & FAMILY FINANCE KITT -- Spring 2014 MWF 10:00, GEA 105, # Karrol Kitt, Ph.D., CFP Phone: (voice mail) kkitt@austin.utexas.edu Office: Seay 2.322B (2 nd floor, NE wing, parallel to Speedway) Computer Lab: GEA 29 (east lower level); Open Monday through Thursday 8:00 to 6:45 and Friday 8:00 to 4:45. Congratulations. For whatever reason that you are here, THIS MAY WELL BE ONE OF THE MOST IMPORTANT DECISIONS YOU HAVE MADE IN YOUR COLLEGE CAREER. The material covered in this course will be challenging -- still, you will find that what you learn regarding personal financial management will be very useful to you as you enter the real world. Personal and Family Finance is a course that is applicable to everyone. HDF 322 covers a number of topics that adults in our society face throughout their lives, including: financial planning, housing, taxation, cash management, credit, and insurance coverages families utilize for asset protection. Therefore, knowledge in these areas will greatly assist you in making important financial decisions not only now but in your life after UT. Each topic will be covered in as much depth as time allows in a semester. Discussion and/or current articles that contribute to the material being covered are always welcome. Objectives: Affective objective: -- To become comfortable and confident in dealing with matters of money and finances. Cognitive objectives: -- To be able to define the basic terms applicable to the course material and restate them in your own words. -- To be able to apply the information gathered from lectures and readings in concrete situations. Answering the sample exam questions posted on Blackboard is an excellent way to become familiar with the manner in which this information applies to "real life" situations. In addition, the materials at the end of each chapter in the text are helpful. -- To be able to analyze different financial situations and identify the component parts. The case study will assist students in this objective. Again, answering the sample test questions posted on Blackboard is a good way to develop this analytic skill. Prerequisites: Upper-division standing Basic knowledge of mathematics (add, subtract, multiply, divide) An open mind about money and numbers Required Text: Kapoor, Dlabay, & Hughes, Personal Finance, 10 th Edition, McGraw-Hill Irwin: NY, Blackboard: Students will utilize UT s Blackboard system for communication about the course. Lecture slides, readings, sample exam questions, and projects will be posted on the course site. Recommended Reading: The Wall Street Journal Consumer Reports Kiplinger's Personal Finance Magazine Money Magazine A local newspaper

2 2 Course Requirements & Methods of Evaluation: Exams: Class exams are on the class schedule found on the last two pages of the syllabus. It is unlikely that exam dates will change, but if so, it will be announced in class. These exams should be returned to you no later than a week following the exam. Please examine the class schedule carefully. I recommend that you make your weekend engagements, wedding dates, job interviews, etc. after reviewing the schedule, as accommodations for missed exams are extremely limited! Any requests for special considerations (e.g., schedule conflicts due to field trips, illness, etc.) must be presented to me in WRITING PRIOR to the date of the exam; an is acceptable. Students will drop their lowest exam score, thus three of the four exam scores are used in the calculation of the course grade. You will be responsible on exams for application of the information presented in class, in the readings, and by guest speakers. Exams will include problem solving questions in a multiple choice, and true-false format. Bring a #2 pencil with you to each exam. The use of calculators is highly recommended; however, calculators cannot be shared during the exams. In addition, you may prepare and use one page of HANDWRITTEN notes (front-andback) to help you remember information you feel you may need for each exam. This sheet must be no larger than 8½ X 11 and not reduced in any way. The note sheet is turned in with your exam booklet and returned to you with your exam. Any note sheet not in compliance with the above specifications will be taken away from you. Students can view their exam scores using Blackboard. Comprehensive Final Exam (group): A comprehensive final exam will be given during the University's scheduled final exam time. The final will consist of questions similar to those posted on Blackboard. However, you will be able to work in groups to complete this exam. The final exam can be used to replace your lowest hourly exam grade. If you are satisfied with your grade prior to the final exam, you do not need to take the final. Your professor and TA will assist in forming groups of students who plan to take the final exam the last day of the semester. Additional information will be provided as the semester draws to a close. Group Work: The group projects are 25% of your grade (with group comprehensive final 50% of total grade) in this course. Groups of four (4) students will be formed during the first full week of class, and you will remain in the same group for the entire semester. Groups will be formed based on information you provide on the Student Information Sheet. Group assignments will be based on students grade-goals for the class and daily schedules. If during the semester either of these changes, regrouping can occur. I will ask about regrouping after the 1 st project due date and the change grade status deadline date for the course (Monday, March 31 st ). I hope that you will benefit from your work in these groups. The most apparent benefit of group work is that work can be shared. However, group-work can also allow the opportunity for a more active type of learning than in a straight lecture-type class. I recognize that challenges exist in doing assignments as a group, but I hope that you will give this experience a chance and try to make your group succeed. If group work is divided among members, be sure all group members know how to do the work to be prepared for the exams. If you find that a group is just not working, I encourage you to come as a group to speak with me or the TA. We will try to assist you in any way that we can. I do recognize that there may be cases where an individual is just not working well in the group, for whatever reason. When approved, students can work individually on the course material. Group Case Study Projects: There will be three (3) graded case study projects over the course of the semester. The Case Study will be used for the projects. These case projects are designed to be done outside of class and require time and effort to complete. Therefore, be sure to schedule meeting times with your group to be able to finish each project by its scheduled due date/time. The class schedule indicates the due dates for each graded project. The three projects are worth 25 points each, for a total of 75 points (25% of total course points).

3 Blackboard: This course uses Blackboard, a Web-based course management system that is password-protected. (Student enrollments in each course are updated each evening.) Blackboard can be used in various ways; to distribute course materials, to communicate and collaborate online, to post grades, to submit assignments, and to take online quizzes and surveys. Blackboard is available at Support is provided by the ITS Help Desk at , Monday through Friday 8 am to 6 pm, so plan accordingly. 3 You will be responsible for checking Blackboard regularly for class work and announcements. As with all computer systems, there are occasional scheduled downtimes as well as unanticipated disruptions. Notification of these disruptions will be posted on the Blackboard login page. Scheduled downtimes are not an excuse for late work. However, if there is an unscheduled downtime for a significant period of time, I will make an adjustment if it occurs close to a due date. Lecture notes, readings and sample test questions for each topic covered in the course will be posted under Documents for students to use. The test questions will help you to focus on important concepts that are likely to be covered on the exams with answers included. These should give you an idea of the style of questions on the exams and serve as a valuable study aid. Additional exercises may be included in the readings to help you learn the course content and apply the principles taught. These will not be graded or collected; answers are at the end of the readings. The Case Study is posted under Assignments. Each Project will have a folder that contains the Project s questions and other files needed to complete the Project. UT Honor Code: The core values of The University of Texas at Austin are learning, discovery, freedom, leadership, individual opportunity, and responsibility. Each member of The University is expected to uphold these values through integrity, honesty, trust, fairness, and respect toward peers and community. Scholastic Dishonesty: Students who violate University rules on scholastic dishonesty are subject to disciplinary penalties, including the possibility of failure in the course and dismissal from the University. Since dishonesty harms the individual, fellow students, and the integrity of the University, policies on scholastic dishonesty will be strictly enforced. We expect in this matter that each student will follow an honor code and behave in accordance with the rules of the University. Students with Disabilities The University of Texas at Austin Division of Diversity and Community Engagement, Services for Students with Disabilities provides upon request appropriate academic accommodations for qualified students with disabilities. For more information see or call A famous quote is "80% of life is showing up." I have found this to be true for attending class and acquiring knowledge. Students who attend class are better prepared for course assessments and managing their money. This course will allow students to turn money into wealth, and better yet, gain financial success. Remember ACT YOUR WAGE Ask yourself HOW MUCH IS ENOUGH?

4 4 Use this work sheet to keep track of your grades Grading Components: Weight Points Your Score Exams: (Best 3 out of 4) 75% of total points 225 points Exam 1 75 Exam 2 75 Exam 3 75 Comprehensive Final Exam (group final) 75 Case Study Projects: (Group Work) 25% of total points 75 points Project 1 - Financial Planning 25 Project 2 - Federal Income Taxes 25 Project 3 - Employee Benefits Analysis 25 Total Course Points 300 The following scale reports points needed for a specific grade. Pass/Fail students must earn at least 180 points from the 300 possible points available in the course for a passing grade. A = C = A- = C- = B+ = D+ = B = D = (required for a Pass in the course) B- = F = 179 and below C+ =

5 OFFICE HOURS HDF Personal & Family Finance Spring Dr. Kitt s Office: Seay 2.322B (2 nd Floor, NE wing, parallel to Speedway) TA Office: Seay (2 nd Floor, NE wing, parallel to Speedway, next to mini-kitchen) Leigh M 8:00 10:00 12:00 4:00 F 11:00 1: Karrol M 11:00 12:00 W 11:00 12:00 (Seay 2.322B) and by appointment Weekly Hours M 8:00 10:00 11:00 4:00 W 11:00 12:00 F 11:00 1:30 The TA and Dr. Kitt WILL NOT respond to questions regarding the three Projects. You MUST come to our office hours or see us before/after class for a simple question. The TA is able to answer your questions on course material. Please see the TA or Dr. Kitt if you are having difficulty with the course once problems arise. The TA will maintain grades for the class. All grade book issues should be addressed to Liegh first, then if necessary, to Dr. Kitt. If you have any special problems that will interfere with your course work (for example, illness or death in the family), please notify your professor or TA BEFORE it is too late for us to help you. All requests for special consideration must be in writing; s are acceptable. PLEASE DO NOT CALL PROFESSORS OR TA AT HOME UNLESS IT IS A TRUE EMERGENCY!

6 6 KITT HDF 322 Personal & Family Finance Tentative Schedule Spring MWF -- GEA #54295 WEEK MONDAY WEDNESDAY FRIDAY Jan. 13, 15, 17 Course Introduction Texas Law Financial Planning Process Jan. 20, 22, 24 Martin Luther King, Jr. Time Value of Money Day Ch. 1 Texas Law Financial Planning Statements Ch. 3 Jan. 27, 29, 31 Financial Planning Ratios Setting Goals Budget/Spending Plans Money: Emotions & Personality Feb. 3, 5, 7 Housing Decisions Ch. 9 Housing Project 1 Due Housing Feb. 10,12, 14 Housing EXAM I Federal Income Taxes Ch. 4 & Blackboard Items Feb. 17, 19, 21 Federal Income Taxes Federal Income Taxes Federal Income Taxes Feb. 24, 26, 28 Federal Income Taxes Federal Income Taxes Federal Income Taxes March 3, 5, 7 Chapter 5 Project 2 Due March SPRING BREAK SPRING BREAK SPRING BREAK March 17, 19, 21 Intro to Consumer Credit Ch. 6 Consumer Credit March 24, 26, 28 Credit EXAM II March s1*, Aril 2, 4 Employee Benefits Drop/change grade status Health Insurance Ch. 11 April 7, 9, 11 Health Insurance Disability Income Insurance Credit Sources & Costs Ch. 7 Insurance Principles Ch. 10 ( ) Health Insurance Life Insurance Ch. 12

7 7 April 14, 16, 18 Life Insurance Life Insurance Homeowners Insurance Ch. 10 ( ) April 21, 23, 25 Homeowners Insurance Project 3 Due Homeowners Insurance Auto Insurance Ch. 10 ( Auto Insurance April 28, 30 May 2 Auto Insurance EXAM III Course Wrap-up Comprehensive Group Final: Tuesday, May 13 th, 9:00 to 11:30 am Ch. indicates chapters / pages from Personal Finance, Kapoor, Dlabay, & Hughes, 10 th Ed., McGraw-Hill, Readings posted on Blackboard, Course Documents link, Topic link. * March 31, 2014 is the last day to change grade status for undergraduates.