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FHCE 3200 Week 1 Notes-- August 12

by: Morgan Notetaker

FHCE 3200 Week 1 Notes-- August 12 FHCE 3200

Marketplace > University of Georgia > FHCE 3200 > FHCE 3200 Week 1 Notes August 12
Morgan Notetaker
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About this Document

These are the notes from the first week of school. They are about Financial Literacy.
Intro to Personal Finance
Matthew Goren
Class Notes
fhce, Intro to Personal Finance




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This 1 page Class Notes was uploaded by Morgan Notetaker on Wednesday August 17, 2016. The Class Notes belongs to FHCE 3200 at University of Georgia taught by Matthew Goren in Fall 2016. Since its upload, it has received 75 views.


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Date Created: 08/17/16
8/12/16 FHCE 3200 Lecture Notes Module 1a,b: Introduction to Financial Literacy  Financial Literacy is made up of Perceived Competence and Measured Competence o Perceived Competence: how well someone can access, understand, and apply financial information o Measured Competence: ability to access, understand, and apply financial information when measured on a scale o People generally think they can do something better than they actually can o The average person takes a 3-4% hit in their investment returns when they manage their own portfolios compared to having it sit in an index fund (they do half as well)  Financial Capabilities: capacity based on knowledge, skills, and access to manage financial resources effectively o Actual behaviors they’re engaging in o How well do they actually manage their money  Lenses: different ways you view the world; influenced by… o Risk (uncertainty) tolerance o Knowledge-> education, training, experience o Current environment o Recent Events  Why is financial literacy important? o Baby-boomers are approaching retirement o Almost 50% of them don’t have enough money to be able to maintain their current standard of living at retirement o Average net worth of an individual in the US is worth - $4,000 o Only 1/3 of Americans have sufficiently large emergency savings o Financial literacy among the baby-boomers is low


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