Financial (Money) Management 100 Hours Certificate Course
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Financial (Money) Management 100 Hours Certificate Course
Financial (Money) Management course online. This is a course about how to accumulate, borrow, spend, invest and save money. Some people have an intuitive ability with money, where everything they touch turns to gold, others need to take a much more conscious approach to handling money if they are to maximize their assets. It aims to improve your ability to make the right decisions about managing finances.
How to make your cash work for you and slash your expenses! This course teaches you to take charge of your finances by getting better deals when spending, borrowing or investing. There are more opportunities than you may realise. You will learn important financial terminology and gain an insight into how money works. We'll show you how to make the most of what you've got. This course is extremely relevant for both individual/personal and small business financial management.
Throughout the course the student will develop their ability to make better decisions with respect to the following sorts of problems:
- How to better invest money.
- How to capitalize on your home
- How to buy more economically to cut food bills.
- How to minimize taxation.
- How to bulk buy to minimize costs.
- Deciding how much to keep in reserve for a "rainy day".
- How often to restructure your personal budget.
Learning Goals: Financial (Money) Management BBS104
- Develop an understanding of the nature and scope of financial management, and key terminology used.
- Discuss planning the management of financial resources.
- Differentiate alternative sources of finance.
- Determine appropriate and affordable purchasing.
- Describe the nature and scope of the investment market.
- Compare investment options
- Discuss personal financial risk management
- Identify ways of reducing expenditure without seriously affecting outcomes.
- Choose and use banks more effectively.
- Improve communication skills in order to more clearly interact with people providing financial services.
Lesson Structure: Financial (Money) Management BBS104
There are 10 lessons:
1 Understanding Financial Terminology
- Financial management Goals
- Financial terminology/language
- Financial statements
2 Planning & Managing your Cash
- Cash flows
- Profit and Loss
- Balance sheet
- Financial records
- Problem solving
3 Borrowing -for goods, against your home etc. Different types of loans, overdrafts, credit cards, financing a business etc.
- Why borrow?
- Types of loans and Sources of funds
- Getting a mortgages to suit you
- Credit card control
- Debt Management
4 Buying -What to look for, hidden traps, consumer protection, deciding when not to buy on credit, forms of credit.
- What to look for
- Hidden traps
- Consumer protection
- Deciding when not to buy on credit
- Forms of credit.
5 The Money Market -How it works
- Sterling Money Market Operations
- Reserve Averaging Scheme
- Standing Facilities
6 Investing -In housing, land, stocks, bonds, trust funds, antiques, business investments, insurance (annuities) and more.
- What is an investment?
- Investment Types: Housing, land, stocks, bonds, trust funds, antiques business investments, insurance (annuities) and more.
- Buying shares
- Spreading your investment
- Investment appraisals
- A lifetime guide to money matters: Managing your cash, debt, insurance, housing, strategic planning
- Making your own money
- Using your money
- Keeping your money
- Counting your money
- Enjoying your money
- Investing in shares
- Buying or starting a business
7 Superannuation -Lump sum, roll over etc.
- Handling lump sums
- Investment options
- Superannuation for:
8 Reducing Costs -Cutting down on expenditure.
- Methods of cost saving
- Alternative Living
- Reducing the cost of credit
- Use your property
- Organizing your finances
9 Banks -How they can help you.
- Bank clearing house
- Choosing a bank
- Types of banks
- Bank fees
- Getting the most from your bank including reduced credit card rates.
10 Communication -How to deal with financial experts, bank managers, accountants and others in the financial world.
- Understanding Financial Terminology
- How to deal with financial advisors
- Understanding Communication
- Interpersonal Communication skills
Your learning experience with ADL will not only depend on the quality of the course, but also the quality of the person teaching it. This course is taught by Michael Booth and your course fee includes unlimited tutorial support throughout. Here are Michael's credentials:
B.Sc (Hons) Chemical Engineering, (University of Leeds), MSc with Merit Computer Science, (University of Kent), Executive Associate, Institute of Independent Business International
Michael has over 20 years experience in industry with a diverse academic background incorporating executive management, chemical engineering, and computer science. Michael has an international background and has worked as a technical director, production manager, and operations manager throughout companies across the world. He recently completed his MSc in Computer Science from the University of Kent, and is an executive associate of the Institute of the Independent Business International.
Excerpt from the Course
To be an efficient buyer we need to put into practice the following criteria:
- Do you need it?
- Can you afford it?
- Is it the best time to buy?
- Which is the cheapest?
- Do you need the best?
- How much should you buy?
- Who offers the best terms (is it interest free)?
These guidelines can help you in attaining a good buy. Believe it or not we are a consumer-orientated society and most of us are compulsive buyers. We are constantly being bombarded with advertising. This does affect us; just have a look at young children when an advertisement appears on the television – they are totally captivated. We are told, and it is reinforced all the time, that unless we buy now prices will increase! Anxiety sets in and off we go straight to the retailer and buy. It is amazing afterwards how relieved we feel. Think before you buy!!
DO YOU NEED TO BUY?
It is important to consider carefully where “want” replaces “need”. If you have a bed on which you sleep comfortably and well, but is rather worn and shabby you do “want “a new one, but do not “need” a new one. On the other hand, if your bed is lumpy or gives you backache it is reasonable to say that “need” is the driving force for buying a new one.
CAN YOU AFFORD IT?
Have you got the money to make a cash purchase? If not does the “need” for the purchase justify entering into a loan or credit agreement, which will require regular payments in the future?
IS THIS THE BEST TIME TO BUY?
Goods are offered at Sale prices at regular intervals through the trading year. Businesses change seasonal stock and will often reduce the prices of goods considerably to clear space for new stock. It is possible to pick up bargains at such times. Additional considerations might be an imminent change in your circumstances – such as are you about to face a large amount of other expenditure on more essential items?
In a business context, buying new goods only makes sense if the business is satisfactorily moving current stock lines, unless there is a policy to sell what are known as “loss leaders”. Consider a supermarket that advertises chicken for sale at a ridiculously low price.
The manager knows that people will rush in to buy the chicken, but then have to buy vegetables and potatoes or rice to go with it, and then remember that they needed milk and eggs and bread and so on, thus naturally generating increased sales of other product lines.
WHICH IS THE CHEAPEST?
“Cheap” is a word which means different things to different people! “Cheap” can be used by sellers in many clever ways. Loss leaders are mentioned in the previous paragraph. Cheap goods are most often cheap for a reason and the pros and cons must be carefully weighed up: it is rare to get something for nothing! Consider printer ink for your home computer: some companies offer ink cartridges at significantly lower prices than the big brands. However, these inks often differ slightly in colour compared with the “own brand” ink: in addition the ink may be thinner and “bleed” on the paper. This may not be a problem, but if you are printing photographs or other quality images the cheap ink is a false economy. Similarly consider a farmer with a glut of soft fruit such as ripe strawberries. If he drops the price, it is likely that people will buy larger quantities of cheap strawberries than they would of higher priced ones. However, there is a reasonable chance that the buyer will not eat the large quantity of strawberries quickly enough and they will go rotten and be thrown away.
This means that the strawberries are no longer cheap – the percentage waste equates to the small extra cost of the higher priced fruit.
Similarly if a business is buying stock, an apparently cheap purchase price must be weighed against things such as:
- do I have to buy a larger quantity than I want to get the cheap rate?
- is there an additional storage and/or shipping cost involved which negates the apparently cheap unit price?
- do I have sufficient cash flow to cover additional purchases to take advantage of cheap prices?
- is the item seasonal, so will sales gradually tail off over time?
DO YOU NEED THE BEST?
If you are buying a seasonal fashion garment, it is likely that you will want to change it when next season’s fashion dictates a different style. If you are buying a plain overcoat, the chances are that you will use it for many years. The first garment need not be the best – for the second it is worth buying the very best that you can afford.
HOW MUCH SHOULD YOU BUY?
One variety of frozen pizza is on sale at half price. Will you buy 100 pizzas and fill up your freezer? It would be silly to do so – you will soon tire of the same pizza over and over again and also be unable to take advantage of other bargains that need to be kept in the freezer!
Similarly, as a business purchase, you should only buy as much stock as your usual sales record justifies – however cheap the goods may seem to be at the time. If you ultimately don’t sell the surplus stock, you will either have to sell it at a loss or dump it.
WHO OFFERS THE BEST TERMS?
It is sometimes possible to get good deals by buying goods on interest free credit. Where a high cost item is available at a bargain price, perhaps as a promotional offer, interest free credit allows a buyer flexibility. But remember you still have to meet the payments of the credit agreement. When considering credit agreements or loans it is worth getting quotes from several companies to find the best deal – check the small print; what seems like a good deal may have conditions and restrictions which are disadvantageous to the buyer.
BUYING AND THE LAW
Most countries have in force rules to protect buyers from unscrupulous traders and to protect traders from buyers hoping to get “something for nothing”. When you buy something from a trader, such as a market, a shop, a garage, or over the internet you enter into a contract with the seller. Such contracts are usually governed by laws which give the buyer and the seller implied or automatic statutory rights.
Generally speaking, legislation protects buyers by insisting that the goods are:
- Of satisfactory quality: in other words goods must meet standards that any reasonable thinking person would expect, based on the description and price of the goods and any other relevant information. Quality refers to things such as finish, appearance, durability and safety.
- fit for the purpose: the goods should correspond to any description applied to them – e.g. a plastic item described as “dishwasher safe” should not melt if washed in a dishwasher.
If the goods do not meet these conditions the buyer is entitled to some form of redress – refund, replacement, repair etc. However, the seller is protected from false claims by various conditions of proof of defect or time elapse.
There are situations where these conditions of protection might not apply e.g. if you, the buyer is advised of a fault or defect before purchasing goods or if you decide that you just don’t like something after all. Usually the conditions also do not apply if you subsequently find the goods cheaper elsewhere.
In addition, certain types of contract may affect the degree of protection conferred by standard legislation or may be covered by additional or different legislation; e.g. contracts involving credit, “distance selling” (internet, catalogue sales)
For details of legislation applicable where you live, contact your local Trading Standards Authority or appropriate Government Department.
There are some specific problem areas to be aware of when buying goods.
Normally legislation applicable to buying from traders does not apply when buying from private individuals. Buyers should follow the principle of “buyers beware” and thoroughly check over any goods before you buy them.
In some countries there is legislation in force which applies to second-hand goods (e.g. in UK, The Sale of Goods Act applies). When considering the quality of second-hand goods a degree of common sense must be applied – a ten year old car will not be of the same quality as a new model and will contain worn parts, which although satisfactory at purchase, may wear out more quickly than would be expected in the new model.
|How Do Our Tuition Fees Compare?||Full time classroom based Further Education Courses - Approx. £5,000 per year - Part-time classroom based Adult Education Courses - Approx. £7.00 per hour - N.B. classroom tuition means you learn at the pace of the class. One-to-one private tuition - from £15.00 per hour - ADL one-to-one tution fees - From £340 per 100 Hour Course = Average of £3.40 per hour - N.B. one-to-one tuition is tailored to your own individual learning availability and pace.|
|Course Start||Begin your learning at any time.|
|Course Prerequisite||None - Our course levels are an indication of the depth of learning you should receive. They do not describe the level of difficulty.|
|Course Qualification (Study Option A)||Endorsed Qualification from TQUK - Training Qualifications UK, an Ofqual Approved Awarding Organisation - Completed written assignments and final evaluation per course/module to be taken.|
|Course Qualification (Study Option B)||Certificate of Attainment from ADL - Completed written assignments only - no final evaluation.|
|Comparative Credits Information||UK Course Credits: 10 - U.S. Credit Hours: 3 - when compared to regulated courses.|
|Course Duration and Deadlines||Course hours given are a guide only. You will be encouraged to work at your own pace to learn as much as you can, with no assignment deadlines or end date by which you must complete your course by. You are in control!|
|Study Support||Personal tutor/mentor support from industry relevant professionals throughout your whole course. Mentors are contactable by e-mail, telephone and through the Moodle online classroom. They provide assistance with your course material, plus discuss, explain and give advice when needed. They will also mark and grade your assignments, plus provide constructive and helpful feedback vital to your success.|
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