Introduction

Hi ladies! I wasn't sure what the best format for this mini "training" course would be, but I settled on using a blog in conjunction with Google hangouts in order to provide some structure and an easily accessible archive. It's also less formal than Google docs and won't add to or get lost in overflowing inboxes. However, if someone prefers a different format, please let me know!

I thought it would be best to wait until after final exams and graduation (congrats to the almost-alums!) to embark on this summer course. Before we start though, I want to lay out the bones of what I was envisioning and my rationale behind the order and structure of the course to see if anyone has any major changes or requests*. This is purely for us, so please speak up if you have any ideas or suggestions. The very last thing I want to do is waste our time on topics that no one finds relevant or helpful.

My approach starts with a high level overview that allows us to set goals, see the bigger picture, and set up a framework for how we think about managing our finances. We then ditch the theory and dive into practical budgeting skills and managing short-term everyday decisions, since that has the most immediate and visible impact on our lives. After that, we'll broaden the scope to address long-term financial planning from an inflow and outflow perspective. Finally, we can bridge our discussion of tax-advantaged retirement accounts into a discussion on the logistics and basics of filing taxes. I thought we'd leave taxes to the end since taxes aren't due until next April (yay!), while the rest of our topics will be relevant more immediately (oh hay electricity bill).

As a way to wrap up the mini course, I planned to finish by bringing us back to the big picture, but this time armed with our newfound knowledge. There are a lot of competing needs and prioritizing those needs in a way that allows us to achieve our short and long term goals is the key to managing our finances successfully. However, there are just as many equally valid personal finance strategies out there as there are fashion styles, and just as we would probably want to try on a dress before we buy it, we'll want to discuss the different ways we can approach managing our money. The hope is that everyone will finish this summer better equipped to craft personal finance strategies that best fit their individual personalities and goals.

UChicago aKDPhi Financial Literacy 101

1. Overview
2. Budgeting
3. Consumer Debt
4. Savings / Investments
5. Retirement
6. Taxes
7. Balancing competing needs and prioritizing

The plan is to break down the course into seven mini sessions (two hours, bimonthly?) to go over basic concepts and then open up for Q&A. Although we should be able to flow smoothly from one session to the next, building on concepts learned earlier in the course, I wanted to design each session on a standalone basis as well. I know people are busy or may only be interested in one or two topics, so I'd like to keep the door open for anyone who just wants to drop in. Ideally, I'd like to spend the bulk of our time in open discussion, addressing any questions people might have. Think SOSC classes, not Gen Chem style lectures.

Finally, if anyone would like to host a session on anything, please chime in! I hardly think I'm the most educated on personal finance and I would welcome the chance to learn from the rest of you.

lav #2

* Depending on your background and experience, this course will look either too advanced or too basic to you. Please don't feel that way! I've purposely kept the topics fairly broad and, as I mentioned above, I am aiming more towards discussion and Q&A to give us room to tailor each session to the knowledge level of each group. We can always host sessions covering more in-depth discussions of specific items should people express interest.