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Topics

Additional Course Information

Introduction to Personal Financial Management

Welcome to the San Diego City College website for Personal Financial Management (PFM). We provide instructional services for Personal Financial Management at eight locations in six states, for the Navy, and we are growing elsewhere. We have been providing this instruction to the military since 2001. Our student through-put since 2001 has been nearly 200,000 students. Additionally PFM is now being offered at 16 major Army training locations including several Army NCO Academies, Drill Sergeant Academies, including the Sergeant Major Academy at Fort Bliss , El Paso , TX , to newly commissioned Army Second Lieutenants, as well as Army spouses. We can tailor the course to any need and provide the type of instruction you want to see anytime, anywhere, and to anyone.

Have you ever wondered what it would be like to have complete control over the money you earn? If so, then: you have come to the right place. The topics are designed to help you understand what the word "finances" means, assist you in figuring out your financial options, and show you how to manage your financial resources more effectively.

What is the PFM Program?

Mission readiness is the primary objective of the Military and is impacted by the financial responsibility of the servicemembers and their families. Servicemembers and their families prosper when they are in control of their current finances and able to put money away for the future. The Military and their families can benefit from the financial advice from Personal Financial Specialists at your local installations & at Family Services.

What can PFM do for me?

Financial planning services are very expensive in the civilian world. These services are free of charge to the military and their family members.This course teaches everyday life skills. The curriculum includes: identity theft, credit card fraud, managing personal finances, predatory lending, large item purchases, auto loans, leave and earning statement, auto and life insurance, deployment readiness, Solders and Sailors Relief Act, taxes, budgeting, setting goals, check book reconciliation, credit reports, and investments.

During these times it is critical that we understand and get control of our finances. Young men and women are vulnerable because for a lot of them they may be getting their first steady paycheck. They now have money and really have no idea on how to control it and make it work for them. In a recent survey taken by young Sailors they were asked how they felt about their finances. This is what was discovered:

• 10.9% were very comfortable and secure
• 34.1% were making ends meet without much difficulty
• 28.8% were have occasional difficulty
• 21.5% were having problems making ends meet
• 4.7% were in over their heads

If they feel this way about themselves then it is incumbent upon all of us to see they get the guidance necessary to control their financial situation.

Below is a list of things that have happened to young Navy men and women when they can’t control their money.

• 19.1% had bounced two or more checks
• 19.9% had fallen behind on credit card payments
• 18.1% had been pressured by collectors/creditors
• 31.6% had borrowed money from a friend or relatives
• 9.6% had pawned or sold valuables
• 10.6% had received letters of indebtedness

The statistics above apply to just the youngest. When you look at the Navy as a whole, the problem is much deeper than that and puts a tremendous additional burden on the chain of command. Since 95% of all debt incurred is in the civilian community this problem takes on enormous proportions and complications resulting from poor financial practices increases exponentially.

These topics contain a number of calculators that help you to see how different financial decisions will affect you over time. It also contains a large collection of links to other financial resources on the web. When you complete this series, you should be well on your way to "controlling your finances." You will be able to look at your financial situation, understand it, plan a strategy for the future based on your needs and goals, and then implement it.

You can start at the beginning and work through the material sequentially, or you can bounce around.

Calculator Disclaimer - Many of these topics use calculators to help make a point or to allow you to determine your own financial position or plan. The information provided by these calculators is for illustrative purposes only. The figures you use are hypothetical and may not be applicable to your individual situation. Be careful to consult a financial professional prior to relying on the results. The calculated results are intended for illustrative purposes only and accuracy is not guaranteed.

These topics should be read with the understanding that it is a source of general information. These topics are public service. They are not intended, nor should they be used, as a substitute for professional advice. Before making any financial decisions you should seek the counsel of a trained and certified financial advisor and or a qualified investment professional.

Assistance

Counseling

• Army - E-mail
  
  Anthony Powell – Ft. Bliss, TX
  Wk Ph:  915-568-4453,
  DSN:  978-4453
  Email:  anthony.powell1@us.army.mil

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• Navy - E-mail
  
  Mike Kempf – Pensacola, FL
  Wk Ph:  850-452-3228,
  DSN:  922-3228
  Email:  mikekempf@bellsouth.net

More information

• Important changes to credit reports for 2008
• Links to more information
• mysdcc.sdccd.edu

Calculators

• Savings
• Monthly Cash Flow
• 401(k) Value
• Hidden Expense
• Life Insurance
• Loan Amortization
• Net Worth
• Retirement Planning
• Taxed and Non-Taxed Compounding

Glossary

• Common terms in financial planning

General Information

• SDCC has articulated the Navy PFM course for one college credit. Navy personnel who have graduated from the Navy PFM course qualify. Typically, it can be difficult to apply one credit and meet the requirements of a three credit semester long course at most colleges and universities. With that in mind, we have taken the initiative of developing a two credit online course that will be available upon completion of the Navy PFM course. Sailors who have completed the requirements of both the Navy PFM course and the online PFM course will be given credit for completing the three credit Consumer Studies 110 course offered by San Diego City College and Mesa College and transferable to any Servicemembers Opportunity College (SOC).
• For additional information or to see if you qualify contact a PFM counselor.