Cohort Topic: Financial Component
This class is designed to enhance the participant’s knowledge about how money can work to help put them on a path to economic self-sufficiency. This component will be delivered by a lead volunteer of Tailored and Tied to Succeed, Inc. and a certificate of completion is rendered for this class.
Budgeting: Clients will learn how budgeting is the most effective tool for managing money and will learn to implement the following: gaining control over their money, staying focused on financial goals, learning early warning signs for potential problems and how budgeting enables them to produce extra money. Clients will be taught how to allocate money for their monthly expenses and educated about overspending, debt to income ratio and understanding financial limitations.
Saving: Clients will learn and implement various savings tools and strategies. Clients will be taught, what savings is, why it is important, how money should be saved, where money can be saved and how to begin saving.
Investing: Clients will learn how the investment process is performed and used as a vehicle with the expectation of earning a positive financial return over time. Clients will learn and understand how the primary advantages of investing can have their money work for them to earn more money, rather than having to earn that extra money themselves along with, the main advantages of investing and how people can use well managed investment plans as a prudent means of saving and growing money that might be needed in the future.
Philanthropy: Clients will learn how philanthropy is more than volunteering. They will understand that it involves both the benefactor in their identifying and exercising their values, and the beneficiary in their receipt and benefit from the service or goods provided; in definition is, "private initiatives, for public good, focusing on quality of life”.
Program Outcomes: At the completion of the Intellectual Component, the participants will be able to:
- Manage spending to meet financial goals and minimize the impact of financial obstacles
- Control personal credit and debt
- Boost personal earning capability
- Put personal assets to work to build personal wealth
- Use financial services in a sensible and wary manner