Financial Planning for Families from Udemy

Everyone wants to have a comfortable financial future and be able to meet their family’s future financial needs / goals. Without any doubt everyone hopes for that. But how many of them plan and work towards the same? It is unfortunate that how many of them, first of all know how to prepare a financial plan and work towards the same?

Schools and Colleges provide them excellent education to earn good amount of money, but nowhere it is taught how to manage their money to live well today and plan for their family’s good financial future.

Personal Financial Planning solves this problem. It helps you and your family to live well today and ensure your family’s good financial future.

Financial Planning is based on the fact that every individual has certain basic financial needs to meet at various stages of life such as getting married, buying assets, creating funds for children’s higher education, daughter’s wedding, and for a comfortable retirement life.

To have a financial plan, you don’t have to be mega-rich or to be old and approaching retirement. It does not matter how much you earn or what your age is.

Financial planning enables you to develop strategies to achieve all your financial needs / goals and deal with unforeseen needs that may arise in life.

The best part is that it ensures right amount of money is available at the right point of time in the future to achieve life goals.

The flow of this course is designed for easy learning and clear understanding through step by step simple approach. It is like learning a, b,c, d…., no fuss.

I have prepared a Financial Planning booklet in pdf format, and the charts in excel sheets for you to complete your Financial Planning for your family.

What's inside

Learning objectives

Upon completion, without anyone's support, you will be able to prepare a financial plan which will help you achieve all your family’s future financial needs.
You will identify future financial needs / goals of your family.
You will be able to calculate the future cost of your every financial needs, funds required for children's higher education, marriage and for your retirement.
You will learn about different types of investments and will be able to develop your own investment plan to accumulate funds to reach your goals.
You will be able to calculate the adequate insurance coverage amount you need to cover yourself to protect your family adequately.
You will learn how to buy high coverage amount life insurance at the lowest cost.
You will be prepared to handle any predictable and unpredictable events of your life.

You will learn about mutual funds and its benefits.
You will learn systematic investment plan (sip) to create wealth by investing very small amounts periodically in an auto pilot mode for long term.
Use sip to accumulate funds for your comfortable retirement life.
You will understand the time value of money and start your investments immediately.
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Upon completion, without anyone's support, you will be able to prepare a financial plan which will help you achieve all your family’s future financial needs.
You will identify future financial needs / goals of your family.
You will be able to calculate the future cost of your every financial needs, funds required for children's higher education, marriage and for your retirement.
You will learn about different types of investments and will be able to develop your own investment plan to accumulate funds to reach your goals.
You will be able to calculate the adequate insurance coverage amount you need to cover yourself to protect your family adequately.
You will learn how to buy high coverage amount life insurance at the lowest cost.
You will be prepared to handle any predictable and unpredictable events of your life.
You will learn about mutual funds and its benefits.
You will learn systematic investment plan (sip) to create wealth by investing very small amounts periodically in an auto pilot mode for long term.
Use sip to accumulate funds for your comfortable retirement life.
You will understand the time value of money and start your investments immediately.
Show more
Show less

Syllabus

1-Welcome to Financial Planning

1a-Introduction to Financial Planning

1b-Course Contents

1c-About me

Traffic lights

Read about what's good

what should give you pause

and possible dealbreakers

Covers insurance planning, including how to calculate adequate life insurance coverage and the differences between endowment and term insurance plans, which is essential for family financial security

Explores Systematic Investment Plans (SIPs) and their benefits, offering a practical method for wealth creation through periodic investments, which is ideal for those new to investing

Discusses the importance of emergency funds, including how to build one and where to keep it, which is a cornerstone of personal finance and preparedness

Requires learners to complete a financial planning booklet and charts in Excel, which may require access to Microsoft Excel or a compatible spreadsheet program

Teaches concepts such as 'time value of money', which may be too basic for experienced investors seeking advanced strategies and portfolio management techniques

Emphasizes calculating investment amounts needed for specific goals like children's education and retirement, which may not align with the needs of individuals with existing investments

Reviews summary

Step-by-step family financial planning

According to learners, this course offers a clear and easy-to-follow step-by-step approach to creating a personal financial plan, making it particularly well-suited for beginners. Students appreciate the practical tools and worksheets provided, which help in applying the lessons directly to their own situation. The course covers essential areas like insurance, emergency funds, and planning for specific goals such as children's education and retirement. While many found it empowering, some students with prior knowledge felt the pace was too slow or the content too basic, desiring more in-depth coverage, especially concerning diverse investment strategies. There were also comments suggesting the course materials could benefit from updates to reflect current market conditions.

Materials may need updating for current context.

"Also, the course materials seemed a little dated."

"Could benefit from updates on current market conditions or tax laws, but the core principles are well explained."

Ideal starting point for financial planning newcomers.

"Good overview... great for beginners. The explanations were simple..."

"I was completely new to financial planning and this course was a perfect starting point."

"Highly recommend for anyone starting their financial journey."

"Fantastic course for beginners! It takes you from zero to having a basic financial plan."

Helpful worksheets and tools for applying concepts.

"The provided spreadsheets were very helpful."

"The worksheets provided are a great tool to actually *do* the planning. Highly recommend..."

"The provision of excel sheets is a major plus. It covers the necessary topics to get started."

"The provided PDF and Excel files are super useful. Highly recommended for anyone who feels lost with money."

Clear, easy way to build a financial plan.

"The step-by-step approach to creating a financial plan was incredibly clear and easy to follow. I particularly loved the sections..."

"This course empowered me to create a real plan. The focus on specific goals like education and marriage planning is very relevant..."

"It takes you from zero to having a basic financial plan. Everything is explained very clearly. Love the structure!"

"Couldn't have asked for a better start. The course removes the fear of financial planning. Everything is broken down into simple actions."

Investment section could be more comprehensive.

"I felt some areas, especially investment strategies beyond SIPs and mutual funds, could have been explored in more depth."

"It felt like a long advertisement for basic financial products rather than a comprehensive planning guide."

"Some of the investment calculations felt a bit simplified."

Some find it too basic or lacking advanced detail.

"maybe a bit *too* simple for someone with prior knowledge..."

"I found the pace too slow and the content too basic."

"Expected more advanced strategies and tools."

"But if you've read any personal finance books before, much of this will be repetitive."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Financial Planning for Families with these activities:

Review Basic Investment Concepts

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Reinforce your understanding of fundamental investment principles before diving into family financial planning.

Browse courses on Savings

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Review the definitions of savings and investing.
Understand different investment types.
Learn how to calculate real rate of return.

Read 'The Total Money Makeover' by Dave Ramsey

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Learn practical strategies for debt reduction and wealth building to enhance your financial planning skills.

View Build a Business You Love: Mastering the Five... on Amazon

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Read the book and take notes on key concepts.
Apply the principles to your own financial situation.

Create a Personal Budget

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Apply the budgeting principles learned in the course to create a realistic budget for your family.

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Track your income and expenses for a month.
Categorize your spending and identify areas for improvement.
Create a budget that aligns with your financial goals.

Four other activities

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Show all seven activities

Develop a Sample Financial Plan

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Synthesize the course material by creating a comprehensive financial plan for a hypothetical family.

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Define the family's financial goals and needs.
Assess their current financial situation.
Develop strategies for achieving their goals.
Present the plan in a clear and concise manner.

Read 'I Will Teach You to Be Rich' by Ramit Sethi

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Learn how to automate your finances and make smart investment decisions to secure your financial future.

View Money for Couples on Amazon

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Read the book and highlight key takeaways.
Implement the book's strategies for automating your finances.

Write a Blog Post on a Financial Planning Topic

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Solidify your understanding by explaining a key financial planning concept in a blog post.

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Choose a topic related to financial planning.
Research the topic and gather relevant information.
Write a clear and concise blog post.
Share your post on social media.

Help Others with Financial Planning

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Reinforce your knowledge by helping friends or family members with their financial planning.

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Offer to review their budget or investment portfolio.
Provide guidance on setting financial goals.
Answer their questions about financial planning concepts.

Career center

Learners who complete Financial Planning for Families will develop knowledge and skills that may be useful to these careers:

Retirement Planner

Retirement planners specialize in helping individuals prepare for their financial future during retirement. The role includes developing retirement income plans, managing investments, and calculating savings needs. This course has a large component that focuses on retirement planning, teaching learners to calculate the amount of funds needed for retirement and how to utilize systematic investment plans (SIP) for wealth creation. The course's approach to understanding the time value of money and long-term investment strategies directly supports the skills needed by a retirement planner.

See salaries and explore the career path for Retirement Planner

Personal Finance Consultant

Personal finance consultants work with individuals and families to improve their financial well-being. They analyze income and expenses, develop budgets, help manage debt, and plan for long-term goals. The step by step methodology taught in this course, coupled with the provision of a Financial Planning booklet and excel charts, offer a hands-on and practical approach to financial planning, directly relevant to a Personal Finance Consultant. The course's focus on future cost calculation, investment planning, and insurance coverage makes it applicable to the day to day tasks of this role.

See salaries and explore the career path for Personal Finance Consultant

Financial Advisor

A financial advisor helps clients manage their money and achieve their financial goals, much like this course teaches students to plan for their own families. This role involves assessing a client's financial situation, setting objectives, and developing strategies for investing, retirement, and insurance. The course's focus on understanding investment types, calculating future costs, and creating personalized financial plans directly aligns with the daily tasks of a financial advisor. This course may be particularly useful for those who wish to develop a strong foundational understanding of financial planning, which is essential for success in this role.

See salaries and explore the career path for Financial Advisor

Financial Coach

A financial coach works with individuals to improve their money management skills, offering personalized guidance and support. This role involves assisting clients with budgeting, debt management, and savings plans. The course's focus on understanding the flow of money, creating budgets, and implementing savings strategies is directly relevant to the tasks a financial coach performs. The course's hands-on methodology coupled with the provision of a Financial Planning booklet can be very helpful to those who wish to provide practical financial advice.

See salaries and explore the career path for Financial Coach

Financial Educator

Financial educators teach individuals and groups about personal finance topics, such as budgeting, saving, and investing. This role requires a deep understanding of financial concepts and the ability to communicate them effectively to others. The course's step-by-step approach to financial planning, along with its hands-on approach using a financial planning booklet and excel charts, will help those who wish to teach others about finance. Further, an understanding of future cost calculation, investment planning, and insurance coverage is essential for a successful financial educator.

See salaries and explore the career path for Financial Educator

Wealth Management Advisor

Wealth management advisors provide comprehensive financial planning and investment services to high-net-worth individuals and families. They help clients accumulate, manage, and preserve wealth by developing personalized strategies that take into account different life goals. This course's focus on developing strategies to meet financial goals, understanding investments, and managing funds to meet future needs introduces topics directly related to this role. This course may be useful in building a foundational knowledge of financial planning.

See salaries and explore the career path for Wealth Management Advisor

Family Office Associate

A family office associate provides support to high net worth families with investment management, tax planning, and financial reporting. The role includes working with a team of advisors to implement financial strategies that meet client’s long-term goals. This course introduces financial planning concepts that family office associates deal with on a regular basis, such as long term wealth creation, investment strategies, and insurance coverage. By understanding these concepts, learners may find this course helpful.

See salaries and explore the career path for Family Office Associate

Insurance Agent

An insurance agent helps clients find suitable insurance plans to protect their assets, health, and lives. The role involves advising on coverage options, assessing risks, and providing policy information. This course includes a module on life insurance planning, delving into calculating adequate life insurance coverage amounts and comparing different types of insurance plans. This material directly helps clarify concepts an insurance agent deals with daily. The course may be helpful for individuals who want to understand insurance better, especially for those who choose to pursue such a role.

See salaries and explore the career path for Insurance Agent

Investment Analyst

Investment analysts research and analyze investment opportunities, providing recommendations to clients. They evaluate market trends and use financial data to assess risk and return. While the role usually requires a background in finance, this course introduces concepts, such as different types of investments, real rate of return, and portfolio creation, that investment analysts use in their daily work. A learner will gain a foundation in financial planning, which may be useful to anyone who wishes to enter the investment field.

See salaries and explore the career path for Investment Analyst

Benefits Specialist

Benefits specialists manage employee benefit plans, including health insurance, retirement plans, and other perks. This role requires an understanding of the various options available, and the needs of employees. This course may be useful in providing a foundational understanding of the types of insurances and how to calculate adequate insurance coverage for a variety of circumstances. While not a primary component of the benefits specialist role, this course may help an individual with some background financial knowledge.

See salaries and explore the career path for Benefits Specialist

Estate Planner

Estate planners help clients with creating a plan for managing and transferring assets after death. This role involves understanding legal and tax implications of inheritance and developing strategies that align with an individual's needs while minimizing estate taxes. While this course is not focused on estate planning, it does give a general introduction to financial planning, which includes planning for life events and the long term. The course may be helpful for those who wish to build a foundational understanding of planning for the future.

See salaries and explore the career path for Estate Planner

Budget Analyst

Budget analysts help organizations and individuals develop and manage budgets, tracking revenue and expenses. They analyze financial data, identify trends and make recommendations to improve financial performance. This course introduces concepts such as implementing a monthly budget and understanding the flow of money, which may be helpful for a budget analyst. While not directly applicable to the role, the course provides some background knowledge which may be useful.

See salaries and explore the career path for Budget Analyst

Credit Analyst

Credit analysts assess the creditworthiness of individuals or businesses, determining the risk of lending money. They analyze financial statements and assess financial histories to determine if a loan should be extended. While not specifically designed for credit analysis, this course provides a high level overview of financial planning concepts, including budgeting and savings, which may be tangentially useful. A learner may find the material helpful in gaining a basic understanding of financial planning.

See salaries and explore the career path for Credit Analyst

Trust Officer

Trust officers manage trusts and estates on behalf of clients, helping them navigate legal and tax implications while ensuring that beneficiaries receive their payments and assets. While this course does not focus on the legalities of trust management, it introduces concepts of long-term financial planning, which may be tangentially useful to those in this role. The course also provides a general understanding of investment planning, which may have some marginal benefit to a trust officer.

See salaries and explore the career path for Trust Officer

Accountant

Accountants prepare and analyze financial records, ensuring accuracy and compliance with regulations. They may work with individuals or organizations, managing accounts and preparing reports. This course introduces concepts such as understanding the flow of money and implementing a monthly budget, which may be indirectly useful for an accountant. While not a core skill for the role, the course may provide a general background in financial planning.

See salaries and explore the career path for Accountant

Reading list

We've selected two books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Financial Planning for Families.

Build a Business You Love

Save

Provides a practical, step-by-step guide to getting out of debt and building wealth. It complements the course by offering actionable advice on budgeting, saving, and investing. While not a comprehensive financial planning textbook, it provides a solid foundation for understanding personal finance principles. It is particularly helpful for those struggling with debt management.

Build a Business You Love: Mastering the Five...

Hardcover

Money for Couples

Save

Offers a practical and actionable guide to personal finance, covering topics such as automating finances, investing, and negotiating. It complements the course by providing a straightforward approach to managing money and building wealth. While it may not delve as deeply into specific financial planning scenarios, it offers valuable insights into setting up systems for financial success. It useful reference for those seeking to automate their finances and make informed investment decisions.

Financial Planning for Families

What's inside

Learning objectives

Syllabus

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Reviews summary

Step-by-step family financial planning

Activities

Career center

Reading list

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