DOLLARS AND SENSE

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DOLLARS AND SENSE

• SASFAA 2008 CONFERENCE
• February 17-20
• Crystal City, Virginia
• Brad Barnett
• Senior Associate Director
• James Madison University
• Office of Financial Aid Scholarships
• Harrisonburg, Virginia

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JAMES MADISON UNIVERSITY

• Approximately 17,000 students, of which 15,500
  are undergraduates.
• Primarily 18-21 year olds who graduate high
  school, enroll full-time in college, and complete
  college in an average of 4.2 years
• 81 graduation rate (ranks 16th nationally for
  schools our size, 10,000 18,000 students)
• Male 39 Females 61
• In-state 71 Out-of-state 29
• Minority students 11

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Office Mission Which Way Are You Going?

• Mission Statement
• Set of values/goals
• These can be very important to determining
  exactly what type of service you want to provide
  (share with staff, not just the director)

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JAMES MADISON UNIVERSITY MISSION STATEMENT

• We are committed to preparing students to be
  educated and enlightened citizens who will lead
  productive and meaningful lives.

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JMU Office of Financial Aid Scholarships

• Mission Statement
• We will ASSIST with identifying and obtaining
  resources to finance higher education DELIVER
  funds in a timely and equitable manner and
  EDUCATE, so that informed financial decisions can
  be made.

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CODE OF VIRGINIA

• 23-9.23.5. Education programs on economic
  education and financial literacy.
• Virginia public colleges and universities shall
  make provisions for the promotion of the
  development of student life skills through the
  inclusion of the principles of economics
  education and financial literacy within an
  existing general education course, the freshman
  orientation process or other appropriate venue.
  These principles may include, but need not be
  limited to, instruction concerning personal
  finance, such as credit card use, opening and
  managing an account in a financial institution,
  completing a loan application, and managing
  student loans consumer rights and
  responsibilities and debt management.
• The State Council of Higher Education for
  Virginia shall also encourage private colleges
  and universities to include such principles as
  part of their student orientation programs.
• (2005, c. 741.)

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DOLLARS AND SENSE(3 credit hour financial
literacy course)

• Review of Syllabus
• TEXT MATERIALS
• COURSE DESCRIPTION
• COURSE INTENDED LEARNING OUTCOMES
• COURSE FORMAT
• COURSE CONTENT (Lessons covered)
• COURSE EXPECTATIONS
• COURSE GRADING
• COURSE ASSIGNMENTS
• COURSE SCHEDULE

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WHERE WE PITCHED IT

• Student Focus Group
• Very supportive
• General Education
• Cluster Fit Multiple Sections
• College of Education
• Referred
• College of Business
• Credentialing/ownership
• College Student Personal Administration (CSPA)
  Program
• Structured Programdelete a course to make room
  for this
• Orientation
• Time issuesfull schedule
• Presidents Office
• Four individualssupportive, but?
• College of Graduate and Outreach Program
  (SUCCESS!)
• Registration challenges

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ADVERTISING

• JMU website
• Athletics
• Career and Academic Planning
• Presidents Office
• Previously mentioned departments
• Local television station
• High School system
• High School Counselor workshops (VASFAA and JMU)
• Brochure
• E-mail

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TEXT MATERIALS

• The Lampo Group (Dave Ramsey)
• Ramsey, D. (2003) Financial Peace Revisited. New
  York Viking.
• Next Generation Workbook
• Dumping Debt Audio CD
• Cash Flow Planning Audio CD
• Personal Finance Software
• Dollars and Sense is not a Dave Ramsey
  courseits it a JMU course
• The Ramsey materials were the foundation of the
  textual materials, but supplemental information
  was also used

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COURSE DESCRIPTION

• This practical course will review the affect a
  personal philosophy on money, influence of
  societal expectations, and management of personal
  finances, has on all aspects of life when it
  comes to securing the American Dream. Students
  will learn real life skills in the areas of
  eliminating debt, creating a budget,
  understanding investments and insurance, saving
  money, planning for retirement, shopping for a
  house, and other topics dealing with financial
  issues faced in daily life.

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COURSE FORMAT

• This course is based upon
• A study of chapters in the textbook.
• The reading and completion of supplementary
  in-class and out-of-class workbook and reference
  materials.
• Students will be required to keep a weekly
  journal, develop a written financial budget, and
  perform other written assignments.
• The in-class viewing of pertinent videos.
• Lectures, in-class discussions, a mid-term and a
  final examination.

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COURSE CONTENT 1

• Super Savers
• Reviews the societal influences on spending and
  saving habits, the affect our emotional
  development has in this area, discusses savings
  from a historical perspective, and teaches
  discipline, patience, and goal setting.
• Cash Flow Planning
• Focuses on the importance of budgeting and
  challenges students to determine what can be
  classified as essential and non-essential
  expenses for them. The incorporation of planning
  for short term and long goals as they relate to
  needs and wants is also part of this lesson.

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COURSE CONTENT 2

• Relating with Money
• Students will learn how individuals and families
  relate with money, how emotions affect our
  purchasing decisions, and the role our personal
  and family values play on how we spend and save
  our money and the overall quality of our
  relationships.
• Big, Big Bargains
• Students will discover the benefits of
  negotiating and the cultural differences that
  exist in this area.

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COURSE CONTENT 3

• Dumping Debt
• Debt is often acquired due to a lack of
  emotional maturity when it comes to spending
  (e.g., impulse shopping, etc.), poor planning
  skills, and/or succumbing to societal
  expectations of what the American Dream should
  be for everyone. Students will learn about these
  influences as well as discuss methods for
  eliminating current debt and avoiding future
  debt.
• Understanding Investments
• The basic terminology of investing, compounding
  interest, and a variety of investment methods
  appropriate for specific goals will be discussed.
  Students will be given tools to calculate
  compounding interest.

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COURSE CONTENT 4

• Understanding Insurance
• The various aspects of acquiring physical and
  emotional security by having the right type of
  insurance for your situation will be reviewed in
  this lesson.
• Retirement and College Planning
• The importance of goal setting and long range
  planning to ensure you are adequately prepared
  for retirement and future college expenses will
  be reviewed, as well as the multitude of options
  available to save for these situations.

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COURSE CONTENT 5

• Buyer Beware
• The psychology of spending, marketing, and
  succumbing to personal desires when it comes to
  purchasing to make yourself happy will be
  discussed.
• Real Estate and Mortgages
• Reviews the buying, selling, and purchasing
  aspects of securing a home, including the
  influence others may have on the choices we make.

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COURSE CONTENT 6

• Career and Extra Jobs
• The importance of creating personal missions
  statements and setting goals as they relate to
  developing a career path in a vocation that will
  provide you the highest level of satisfaction is
  at the core of this lesson.
• Collection Practices and Credit Bureaus
• Students will learn about debt collection
  practices, gain knowledge about credit bureaus,
  and learn how to read a credit report.

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COURSE EXPECTATIONS

• Read materials
• Participate in class discussion
• Complete class assignments
• Attendance is mandatory for a grade of A
• Be respectful of your classmates

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COURSE GRADING

• The overall course grade will be determined by
  the following constraints
• Attendance and Class Participation 40
• Homework Assignments 10
• Midterm Exam 15
• Weekly Journal 10
• Portfolio Presentation 10
• Final Exam 15
• 100

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COURSE ASSIGNMENTS 1

• 1. Class Participation and Attendance The
  wisdom of class commentary, including comments on
  readings, viewings, and presentations will be
  evaluated in terms of its pertinence, clarity and
  perceptiveness. Moreover, a series of in-class
  exercises will be provided in order to elicit
  reactions to class viewings. Attendance is truly
  expected every class. Failure to attend class
  could result in failure of course. Class
  participation and attendance will count as 40 of
  the final course grade.
• Notes Draw Your American Dream, Budgeting
  Case Study, Case Study Discussions, other hands
  on activities.

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COURSE ASSIGNMENTS 2

• 2. Midterm Exam An examination will be given.
  More information will be provided in class as the
  date for the midterm approaches. The midterm
  will be a compilation of material covered in
  every class prior to the date of actual
  examination. The midterm will count as 15 of
  the total course grade.
• Notes 100 points multiple choice essay most
  of questions pulled from workbook

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COURSE ASSIGNMENTS 3

• 3. Homework Assignments Each student will be
  required to complete and submit a series of
  homework assignments. These may include weekly
  journal entries, assigned readings, topical
  papers, a zero-based budget, a personal biography
  (including history, present and future goals for
  life and personal finance), and a plan for
  achieving the American Dream. These
  assignments will be used to create a portfolio
  that will be presented at the conclusion of the
  semester.
• Notes Weekly journals extremely important to
  learn where the students are and how they are
  progressingreflection.

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COURSE ASSIGNMENTS 4

• 4. Final Exam The final will cover material
  from the entire course semester. The final exam
  will count as 15 of the total course grade.
• Notes 100 points multiple choice essay most
  of questions pulled from workbook

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PORTFOLIO INSTRUCTIONS

• Each student has approximately 10 minutes to
  present the aspects of their written portfolio
  with the class. If some of the items included in
  their portfolio are too personal to discuss with
  the class, then do not go into the details.
  However, the student must still discuss the
  concepts and how they plan to implement them for
  their life.
• Information on the following slides must be
  included in the portfolio.

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PORTFOLIO CONTENT 1

• Personal history including future life goals and
  financial goals. Discuss how your values play a
  role in this and what values those are.
• Super Saverslessons you will keep in mind.
• Cash Flow Planning (i.e., budgeting). 3 months
  of Zero-Based Budgets (Sept, Oct, Nov). Also
  talk about your method for tracking your
  expenses, not just how to create it. If you
  create it, but cant track it, its worthless.
  You can make up a family or individuals
  situation for your budget numbers.

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PORTFOLIO CONTENT 2

• Dumping Debt and Careers/Extra Jobslessons you
  will keep in mind.
• Plan for Establishing an Emergency Fund
• Plan for Investing for
• Vehicle
• Home. Talk about the type of mortgage you plan
  on getting, the down payment, etc.
• Retirement
• College Planning (yourself or children)
• Vacations
• Christmas
• Other major purchases

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PORTFOLIO CONTENT 3

• Relating with Money. How you plan to use this
  information to improve your relationships with
  spouses, significant others, etc.
• Big Bargain shoppinglessons you will keep in
  mind.
• Insurance. What do you need and how to plan on
  getting it?
• Your plan for monitoring your credit reports and
  why this is important.
• Summary of how this class has affected you and
  how you think these principles will change your
  life.

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COURSE SCHEDULE

• 3 Credit hour course requires 2 ½ hours of class
  time weekly
• Tuesday/Thursday (400 pm 515pm)
• Tuesday (430pm 700pm)
• Weekly readings
• Weekly journal submissions

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JAMES MADISON UNIVERSITY MISSION STATEMENT

• We are committed to preparing students to be
  educated and enlightened citizens who will lead
  productive and meaningful lives.

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Comments from students in Fall 2007 section

• Its all in the mission statement. This is
  exactly why this course should be offered to a
  larger JMU student population. Our success after
  graduation is measured not only by our happiness,
  but also by our career what we offer to the
  rest of the world. In terms of practical
  knowledge that can be directly and immediately
  applied to my life, I have benefited more from
  this class than any other in my four years here
  at JMU. Taking control of my finances means
  taking control of my future, and isnt that why
  were all here? Students want to learn, we want
  to prepare, we have our eyes set at the horizon
  line and are gathering the education supplies to
  get us there. This class has opened my eyes,
  educated me on all sorts of financial issues,
  encouraged me to be more responsible, and
  prepared me to lead the productive and meaningful
  life JMU intends for me.

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Comments from students in Fall 2007 section

• I have benefited more from this class than any
  other in my four years here at JMU.
• This class has changed my life.
• The lessons I learned will last a lifetime and
  never be irrelevant. I would say this class has
  been one of the most beneficial experiences I
  have had.
• I am more confident about life overall.
• This is one of my favorite classes Ive taken,
  and I feel it is absolutely essential that this
  class be more available in order to educate and
  improve the lives of even more people.

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Comments from students in Fall 2007 section

• I am very thankful for this class..as a life
  skills enhancer.
• I am so glad that I took this class now so that I
  can start early and not fall into many of the
  traps that catch people along the way, traps
  which make them miserable for the better part of
  their lives.
• Already I feel a sense of financial peace, and I
  have this class to thank!
• I have experienced the opposite feeling and to
  now feel like I am in control of my financial
  well-being is like having a substantial burden
  lifted off my shoulders.
• This is a great class, everyone should take it as
  a part of General Education Requirements.

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FUTURE PLANS AT JMU

• Dollars and Sense for JMU staff (scheduled March
  2008 through February 2009)
• In Discussions
• Dollars and Sense for JMU students
• Dual Enrollment for high school students
• Taking the course to high school counselors
• Sociology Department (Presidents Office)

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ON-LINE OPTION

• The Lampo Group is in the development stages of
  an on-line program designed for college students

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SUMMARY

• Find a way to get this information to your
  studentsthey need it!
• According to the Wall Street Journal nearly 70
  of all consumers live paycheck to paycheck.
• Money is our No. 1 stress factor, according to
  the American Psychological Association
• Money Magazine reported that 75-78 of people
  will have a negative financial event in the next
  10 years.
• Consolidated Credit Counseling Services found
  that 71 of Americans say debts are making their
  home lives unhappy.