This class was created by Brainscape user Kayla Jachimowski. Visit their profile to learn more about the creator.
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Decks in this class (30)
M1: The Counseling Environment
This section introduces you to the elements and concepts required to successfully counsel, advocate, facilitate and educate individuals about personal finances. The section begins with a description of the ideal counseling environment before describing the process of and approaches to gathering client information and using this information to help a client set and attain goals.
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M2: Client Information
In this module, we discuss the process of gathering client information. Thorough information gathering is essential to gaining a clear understanding of the client’s values, goals, current financial situation, and access to resources needed to reach goals. Counselors can accomplish much of this data gathering through the client intake process.
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M3: Strategic Counseling Plan
In this module, we discuss the process of creating a strategic counseling plan for a client
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M4: Client Goals
In this module, we discuss the general principles by which effective goals abide.
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M5: Strategies to Attain Goals
In this module, we discuss ways in which counselors can help clients identify, evaluate, select, and monitor strategies to attain financial goals.
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M6: Cash Flow Statement
This section describes how to help individuals develop healthy money management habits, navigate financial institutions, and understand basic tax information.
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M7: Net Worth Statement
In this module, you will learn about the net worth statement. This personal financial statement describes an individual’s or family’s financial condition on a specified date by showing assets, liabilities, and net worth.
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M8: Personal Financial Ratios
n this module, you will learn about personal financial ratios. Financial ratios are numerical calculations designed to simplify the process of evaluating your client’s financial strength and the progress of their financial condition.
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M9: Spending Plans
In this module, you will learn about spending plans, which are also called budgets. Implementing an effective spending plan, or budget, is a good strategy for achieving many financial goals.
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M10: Financial Services
After you’ve helped someone you’re working with create a budget and establish financial goals, the next step is to help them with banking account management.
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M11: Basic Tax Management
Managing taxes well is part of good money management. Therefore, it is helpful to have a basic understanding of tax management. Many individuals enjoy getting a large tax refund, which is understandable.
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M12: Employment Considerations
Besides a basic knowledge of financial principles, counselors may also need to advise clients on matters of employment. Counselors may need to refer clients to workforce development centers to create effective resumes, search for employment, gain interviewing skills, and apply for positions.
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M13: Uses of Credit
This section stresses the importance of wise borrowing and using credit wisely. It provides detailed information on uses of credit, types of credit and how credit is reported. Finally, this section describes how counselors can measure client indebtedness and formulate a debt management strategy.
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M14: Credit Reports and Scores
wo of the most important concepts to understand in good money management are credit reports and credit scores. Counselors may need to help clients build, monitor, understand, and repair credit histories. Clients may also need help improving credit scores.
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M15: Credit Products
Financial counselors can help clients choose credit cards and loans wisely. This may include comparing offers, understanding the fine print on the application and the loan documents, and avoiding fees and high-interest rates.
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M16: Debt Management
Financial counselors often meet with individuals having problems with debt. This module covers important topics concerning debt levels and over-indebtedness. Counselors can work with clients to keep their debt at a reasonable level or to help them reduce debt if necessary.
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M17: Acquiring Property
This section describes how to approach major purchases including automobiles and homes. The goal of this section is to provide information to help clients make informed decisions that set them up for long-term success.
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M18: Renting a Home
Sometimes renting a home is better for a client than purchasing a home. In this module you will learn how to help a client determine how much they can afford to pay in rent, choose a home to rent, and understand their rights and responsibilities according to a standard rental agreement.
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M19: Purchasing a Home
Housing is often the biggest expense individuals have on a monthly basis. A mortgage is the largest debt many people will have in their lifetimes. Financial counselors can help clients evaluate housing options and make wise choices regarding these important issues.
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M20: Selling a Home
Selling a home can be a very challenging process for a homeowner. Financial counselors can help clients through the process by educating them on the various aspects of the process and what to do after the sale.
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M21: Consumer Rights and Responsibilities
This section provides resources to help individuals mitigate financial risk and plan for long-term financial security. This includes not only a review of insurance products but also an awareness of consumer rights and responsibilities as well as how to prevent and recover from identity theft.
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M22: Identity Theft
Identity theft is the crime of obtaining the personal or financial information of another person for the sole purpose of assuming that person’s name or identity to make transactions or purchases.
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M23: Investor Protection
Individual investors are often at a disadvantage compared to corporate investors. This disadvantage is largely due to individual investors having less information available to them.
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M24: Financial Risk
Another important concept in financial management is risk management. Financial counselors can help clients evaluate potential risk and how to manage that risk. This module will look at basic information about risk and insurance in general.
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M25: Insurance Products
This module begins with an overview of some common insurance terms, then summarizes the particulars of homeowner’s insurance and automobile insurance coverage.
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M26: Investment Fundamentals
This section explains how to help individuals achieve savings goals and financial stability by addressing the dynamics of saving. The section begins with basic concepts and expands to address various investment alternatives as well as longer term issues such as retirement and estate planning.
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M27: Investment Choices
Besides explaining the basics of stocks and bonds, financial counselors may need to explain some basic information about mutual funds, real estate investing, and high-risk investing.
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M28: Retirement Planning
Counselors can help clients plan for retirement by helping them understand different investments and retirement income options.
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M29: Estate Planning
Another important consideration is that of estate planning. Counselors can help clients understand such terms as wills, probate, etc. Even younger clients with few assets may want to create a will to designate a guardian for children. Counselors can help clients make decisions about when legal assistance is needed and how to select that help.
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M30: Next Steps
This section outlines your way towards sitting for the AFC exam and then maintaining your AFC certification.
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afcpe - section 1
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