Personal Finance at Bauer College of Business at University of Houston starts with a several questions, a few principles, and one very big idea.
The Big Idea is to help students learn to “Think Like a CFP” (Certified Financial Planner). Its a very big goal.
In the class, we identify four types of Money Managers and then try to make a list of distinctions for each group:
- Those who are buried in debt but continue to spend even though they’re consumed with anxiety about money,
- Those who live barely above water and are always “one paycheck from disaster”,
- Those who have bucks in the bank but are still worried about their finances, and
- Those whose lives are full of purpose and contentment and who connect their resources to what matters most.
The stories I share in class are designed to help each of the first three kinds of students take courageous steps to become people who are full of purpose and contentment.
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- The necessity of having a clear, compelling purpose in life,
- Ways we can connect all of our resources to our purpose,
- How to write a strategic and simple “Blueprint for Financial Success”,
- Ways we can maximize our savings and investments, and
- A strategy for passing principles of good financial management to our children.
Personal Finance is a Discipline
Everyone of us is responsible for our own future in some way. If we eat the right food, exercise a little, and drink plenty of water, we might add a few years to our lives. If work a little harder, we may add a decade or more. Managing money is also a discipline that involves a few principles and absolutes. There’s something we can all do – today – to move closer to a life filled with purpose and contentment.