Do you want to live “the good life”? What does “living the good life” mean to you? Does it mean pursuing your dreams and achieving your goals? Maybe it’s owning your dream home, starting you own business, driving a certain car, a Mediterranean cruise, or living debt free. It doesn’t matter how you define it, you must have a sound financial plan to turn your financial goals and dreams into reality.
The best way to do this is through personal financial planning. Creating a financial plan that is flexible and evaluating it on a regular basis is vital to building a successful financial future. The financial literacy program at the Mizzou law school is designed to equip you with sound financial principles to help you live “the good life” you dream about.
What is Financial Literacy?
It is the knowledge of –
- Technological Tools
…that are fundamental to being SMART about money.
Financial Literacy empowers you. Improves your ability to handle financial matters, and helps you avoid the consequences of poor financial decisions that can take years to overcome. Financial Literacy helps you make informed and confident financial decisions.
To provide up-to-date information and rational suggestions to empower students to be able to make informed decisions about spending, managing money, reducing debt, maintaining credit worthiness, purchasing insurance, and saving and investing.
The financial literacy program will examine financial management issues facing law students during school and the critical post college years.
- Foundations of Financial Planning
- Debt Management and Student Loans
- Managing Basic Assets
- Building and Maintaining Good Credit
- Managing Insurance Needs
- Planning for Retirement
Financial Planning Resources
Debt Service — to-Income Ratio
- This ratio takes a look at your total debt burden by comparing money spent your annual debt repayments (including rent or mortgage payments) with your gross annual income. Experts agree a ratio of 0.36 or less is desirable. Meeting your financial obligations may be problematic if you have a ratio of .36 or higher.
- The debt service-to-income ratio = annual debt payments ÷ gross income.
Other Helpful Resources
- Annualcreditreport.com: Request your free annual credit report.
- Basic Family Budget Calculator: Compare budgets by family type and area of the country.
- CPI Inflation Calculator: Check the buying power of today’s dollar
- Dave Ramsey: Personal Finance Expert
- Dave Ramsey’s “Drive Free, Retire Rich”: Personal Finance Expert
- PaycheckCity — web based paycheck calculators
- Suze Orman — Resource Center
Personal Finance Blogs
- Get Rich Slowly — Personal Finance That Makes Cents
- Kiplinger Finance – 10 Personal Finance Blogs Worth Reading
- Laura Adams — Money Girl