Applications Galore
Ready for case studies
About ten years ago, I changed the classroom experience of my students by fully embracing experiential learning. Nearly every class day, my students work on a project to practice daily ideas: warming the mind with a financial concept, stretching it with fundamentals, and learning the angles.
Knowledge is rich, and most ideas do not fit easily into an eighty-minute time chunk. Personal finance and household financial planning require serious know-how, not junk like the #NoSpendChallenge and #503020 that reared its ugly head yesterday on the Today Show. We need reference materials to answer our one financial question quickly and for learning depth. The serial release of the book will give you time to read and absorb material at your own pace, and the content will always be under the Book tab when you are ready.
Last week’s installment introduced how to build a baseline financial plan with commercially available software. We are ready to move into case studies for different household configurations.
Today: We illustrate how a household with children can build their baseline financial plan using the example of the Diazes, who live in New Mexico. Adults living together have measurable “shared living” benefits, and the transition of the chapter moves from last week’s single Steve to single Jorge Cortez, who has a roommate through Charles and Gabriela Diaz, a mid-life couple with two young children. This installment sets up other distinct households toward its conclusion, including a couple without children and a working woman who received word she is the beneficiary of a family trust arrangement.
Excerpt:
