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FINANCIAL PLANNING AS A FAMILY

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About Course

This comprehensive financial planning course is designed for families wanting to take control of their full financial picture. Whether newly married, recently had kids, nearing retirement or anywhere in between, the course provides best practices to achieve financial stability and success.

The practical curriculum benefits anyone managing family finances by providing strategies around goal setting, budgeting, account optimization, investment returns, risk mitigation, taxes, estate planning and more. The guidance applies whether one is just starting out or seeking to pass wealth to future generations.

The step-by-step modules reviewing banking, debts, assets, insurance, college and retirement savings will garner key insights from both beginners new to finances and seasoned money managers. The abundance of tips and wealth-building methods makes fundamental knowledge accessible to anyone, enabling smarter money management daily.

With its thorough yet understandable structure and supporting quizzes, the convenient course empowers families at all stages to put essential techniques into practice. This equips participants with the understanding required to construct comprehensive plans tailored to their unique objectives and situations. Family members, young and old, can enroll to boost know-how and align around shared economic goals for years ahead.

About Course

Module 1 INTRODUCTION TO FINANCIAL PLANNING AS A FAMILY

Introduction to key concepts in family financial planning, including savings, investing, protection, tax planning, retirement planning, setting financial goals, and considerations for different family members.

What Will You Learn:

  • Areas of focus in family financial planning
  • Importance of financial planning for families
  • How to set financial goals
  • How to take into account each person’s needs
  • Finding the right balance between priorities
  • Tools and professionals to assist

Module 2 TAKING INVENTORY OF FAMILY FINANCES 

Best practices for taking inventory of complete family finances, including income, expenses, assets, debts, insurance, and investments, to enable informed financial decisions.

What Will You Learn:

  • How to collect and organize financial statements
  • How to analyze your family’s overall financial situation
  • How to facilitate discussions about family finances
  • Key topics to cover in money talks

Module 3: SAVE EARLY AND IN THE RIGHT WAY (WITH KIDS IN MIND)

Strategies and investment vehicles to start saving and investing early for children’s future education and financial security.

What Will You Learn:

  • How to calculate college savings goals
  • Overview of 529 plans, UTMAs/UGMAs and other savings options
  • Determining optimal savings rates and strategies
  • Accelerating college savings
  • Backup plans if savings fall short

Module 4: DON’T BE EMOTIONAL AND MAKE A BAD CHOICE

How to avoid emotional pitfalls and maintain a rational perspective when making major family financial decisions on spending, savings and investments.

What Will You Learn:

  • Budgeting to enable logical spending
  • Delaying large purchases to allow clear-headed decisions
  • Involving family input to reduce individual biases
  • Maintaining composure during market drops
  • Getting unbiased professional consultations

Module 5 PREPARE FOR THE UNEXPECTED

Proactive risk assessment and preparations, including emergency savings, insurance coverage analysis, automation of contributions, and contingency plans to buffer the financial impacts of unexpected job loss, accidents, health issues or other surprises.

What Will You Learn:

  • How to evaluate exposure to different risks
  • Importance of emergency funds
  • Types of insurance coverage to secure
  • Strategies to grow reserves hands-off
  • Backup options when faced with disruptions

Module 6 START BUILDING A PLAN FOR FUTURE WEALTH TRANSFER

Wealth transfer basics, including net worth calculations, beneficiary designations, basic wills, trust considerations and taxes, are used to develop a strategy for passing on financial security to the next generation.

What Will You Learn:

  • How to calculate current estate value
  • Accounts to designate beneficiaries
  • Purpose and key terms in basic wills
  • Options to consider like trusts
  • Tax reduction strategies

 

What Will You Learn?

  • Areas of focus in family financial planning
  • Importance of financial planning for families
  • How to set financial goals
  • How to take into account each person's needs
  • Finding the right balance between priorities
  • Tools and professionals to assist
  • How to collect and organize financial statements
  • How to analyze your family's overall financial situation
  • How to facilitate discussions about family finances
  • Key topics to cover in money talks
  • How to calculate college savings goals
  • Overview of 529 plans, UTMAs/UGMAs and other savings options
  • Determining optimal savings rates and strategies
  • Accelerating college savings
  • Backup plans if savings fall short
  • Budgeting to enable logical spending
  • Delaying large purchases to allow clear-headed decisions
  • Involving family input to reduce individual biases
  • Maintaining composure during market drops
  • Getting unbiased professional consultations
  • How to evaluate exposure to different risks
  • Importance of emergency funds
  • Types of insurance coverage to secure
  • Strategies to grow reserves hands-off
  • Backup options when faced with disruptions
  • How to calculate current estate value
  • Accounts to designate beneficiaries
  • Purpose and key terms in basic wills
  • Options to consider like trusts
  • Tax reduction strategies

Course Content

Module 1 INTRODUCTION TO FINANCIAL PLANNING AS A FAMILY
Financial planning is the process of managing your finances to achieve your goals and prepare for the future. When doing financial planning as a family, it is important to consider the needs of all family members and develop a comprehensive strategy. The key areas of focus in family financial planning include: Savings - Setting aside money for short and long-term goals. This provides a buffer for unexpected expenses and helps build wealth over time. Families should have emergency savings of 3-6 months of expenses and save regularly towards goals like vacations, education, retirement, etc. Having children open savings accounts and contribute teaches good habits. Investing - Investing provides potential to grow money faster than savings accounts. Families can invest in stocks, bonds, mutual funds, real estate, etc. Risk tolerance and time horizon determine optimal investments. Teaching children about investing early helps build knowledge and possibly funds for college.

  • Introduction
    00:00
  • Setting Financial Goals
    00:00
  • Re-Evaluate and Adjust
    00:00
  • Quiz 1

Module 2 TAKING INVENTORY OF FAMILY FINANCES
The first step towards effective financial planning as a family is to understand your complete financial picture. This requires compiling all information on income, expenses, assets, debts, insurance, and investments. With everything laid out, families can analyze their situation and have productive discussions to inform financial decisions

Module 3 SAVE EARLY AND IN THE RIGHT WAY (WITH KIDS IN MIND)
Saving and investing early for your children's future is one of the best gifts you can provide as a parent. With proper planning, time and compound growth work magic. This module will provide best practices, approaches and vehicles to build educational funds and financial security for kids.

Module 4 DON’T BE EMOTIONAL AND MAKE A BAD CHOICE
Emotions often run high when navigating family finances and major purchases. However, allowing emotions to drive financial decisions frequently leads to poor choices and buyer’s remorse. This module provides guidance on how to avoid emotional pitfalls regarding family spending, saving, and investing decisions.

Module 5 PREPARE FOR THE UNEXPECTED
Life often throws curveballs that derail even the best laid financial plans. Job losses, accidents, health issues or other surprises can hit suddenly. By identifying potential risks and taking proactive steps, families can buffer the financial impacts of the unexpected

Module 6 START BUILDING A PLAN FOR FUTURE WEALTH TRANSFER
An important but often overlooked area of family financial planning is developing a strategy to transfer wealth to the next generation. Starting early with basic estate planning creates peace of mind and sets up heirs for financial security.

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