Courses in financial management introduced to help students
With the support from the new Center for Entrepreneurship, Lake Erie College now provides all students with credit courses in financial literacy and personal investing. Two new courses are being offered to help students manage their personal finances and invest in their futures.
Financial Literacy for Life and Investing in your Future I and II are the two new courses being offered. Assistant professor of accounting, Julie Ziemak, and associate professor of business administration, M. Rabiul Hasan, Ph.D., will be teaching the new courses.
Financial Literacy for Life is a course that will challenge students to analyze what has worked financially for past generations and why it might not work for current and future generations, given our current economy. The course focuses on teaching students how to become better spenders, savers and wise users of credit. The difference between assets and liabilities and how the wealthy invest in assets and either avoid liabilities or find ways of having others pay for them is also discussed. Additional topics include the importance of personal budgeting, the dangers of debt accumulation and an introduction to different retirement savings and investment options.
“I believe it is critical in today’s economy to understand investing. Many people are living 20 or 30 years after retirement,” said Ziemak. “With traditional pension plans almost gone, the future of social security is very uncertain. Defined Contribution Plans like 401(k) and 403(b) plans have turned many American workers into investors and most American workers are not prepared for this role,” she added.
Investing in your Future will teach students how to research, analyze and determine when it is the right time to purchase stocks and which stocks to purchase. The students in the course will be investing real money and will have to decide which stocks provide the probability of earning the greatest return.