The main focus of this course is for participants to know how they are doing financially. This will help them situate where they are in their life and match this with their financial goals and dreams. This course offers two diagnostic tests that will determine the financial life stage of an individual. The financial life stages framework is introduced that will emphasize the importance of creating passive income from active income. Tips and strategies on each financial life stage will be presented as well as how to’s and what to watch out for in each. Participants will be taught how to maximize earnings and practice efficient consumption to find life satisfaction.
The course emphasizes savings, insurance and managing expenditures as the basic life skills that need to be established for wealth creation and asset accumulation. Actual practices of active and passive income creation strategies will be discussed that will lead to the creation and accumulation of wealth. Participants will also learn how to buy appropriate insurance products to protect their assets. The 5-15-20-60 budgeting rule that intentionally allots a percentage of active income for investments will also be introduced as a guiding principle towards financial freedom.
A lot of people are buried in debt because most could not differentiate good debt from bad debt. The course will present the following: define debt; identify advantages and disadvantages; how debt should be used and the cardinal rules in borrowing. The course will also provide specific and tried and tested strategies on how to get out of bad debt. The course will finish in providing a new paradigm of debt as leverage to create more wealth when done properly.
The course is the behavioral financial module of the financial empowerment program. It focuses on five emotions that hinder personal financial success – fear, anger, guilt, envy and shame. Actual case studies will be used to illustrate how these emotions lead to bad behavior that result to financial problems. The participants will learn how to master their emotions so that their decision making process is not clouded. The course reminds participants that the only person getting in the way of financial empowerment is themselves.
Participants will learn how to craft financial plans that are realistic and would also be a source of inspiration and motivation. They will also learn how to involve or communicate their financial plans to family members. The course will zoom in on how to create income and manage expenses to attain financial freedom. The course also provides ways on how retirement planning is done and will demystify retirement myths.
In school, we were taught to study hard to gain employment. In the information age, this strategy is no longer enough to achieve financial freedom. One needs to know how to invest to augment income from employment. In this course, participants will be taught the three general categories of investments – ownership, lending and entrepreneurship. Various financial products will also be presented with a comparison on the pros, cons as well as the risk profile of each. Tips on how to create investment portfolio that provide steady stream of passive income will be presented together with actual examples and experiences of the speakers. The course also provides emphasis on how to avoid investments scams.
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