I have never liked economics as a subject. I’m sorry to all of my past economics teachers — I honestly mean no offense to you — but no matter how hard I tried, I could never understand it. So when I had to take FIN 289: Personal Finance and Investing to fulfill part of the Living Well requirement (long story — still ongoing, unfortunately), I was less than thrilled. Now having completed the course, I think it should be a requirement for all students to take before they graduate.
First of all, if you (like me) are leery of anything relating to economics because it just doesn’t make any sense (again, I’m sorry to all the econ people), this course can actually make our financial world feel a little more accessible. Here me out: this course was not about understanding supply, demand, market equilibrium, or any of those other things you’ll hear in a typical economics class. This class was designed entirely to be practical to everyday people—AKA, those of us who don’t actually understand American economics.
Before taking this class, I knew that saving money and having a retirement fund is important. That’s about it.
Having taken the class now, I have a plan for what accounts I need to open and when (hint: it’s right now!), how much to contribute to each account and in what order (that piece is more important than you might think), and how to invest them in ways that can maximize my returns over the next 50 years so that I can retire on time. I not only know what I need to do; I also have a pretty good sense of how to do it. To be clear, this class does NOT try to tell you exactly what to do. It gives you options and tries to inform you about best practices based on your likely circumstances. BEWARE anything that says “invest in this!” regardless of your personal circumstances.
Still unsure? Try this: if you answer “yes” to any of the following questions, I can definitively say this class will be helpful for you: Are you concerned about investing in environmentally and socially responsible ways? Are you unsure of how retirement accounts work or which ones to open? Are you unsure of how to make sure you’re on track with your savings? Do you feel unprepared to become a fully independent adult and handle all of your finances on your own? Are you scared of/intimidated by investing in the stock market (I know I was)? Are you unsure of how to properly diversify your portfolio — or do you not know what that even means? Do you want to make sure you’re using reputable banking sources and brokerages that will protect you from scams? Do you want to know what to look for when choosing investments?
This course will give you a concrete answer to all of these questions and more. It won’t tell you everything, but it will give you a solid knowledge base; it’s enough for you to begin making your own sound financial decisions without needing to pay high fees for financial advisors (who might not be working in your best interest!) or actively managed funds. Basically, it’ll help you not fall into financial traps that you maybe could’ve avoided.
Here’s the basic breakdown for the class: FIN 289 is a one-credit online course at EMU led by Professor Jim Leaman. The entire course is set up already through videos and articles, so students can take it completely at their own pace — as long as they finish it by the end of the semester. It has ten main lessons, which are broken up into modules. (A quick note on pacing: the lessons have varying lengths, so make sure you’re on track; the halfway point is at the end of lesson six, NOT lesson five!) This format is ideal if you’re good at self-pacing and time management. If not, this is still a good class to take, but you’ll need some strategies to get things done in time; the Academic Success Center on the third floor of the library can help you develop those strategies!
Take the class, and save your notes to help you as you put the information into practice (and trust me, you will). It’s a relatively small and easy time commitment for one semester, and you’ll use the information for the rest of your life.
