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Financial Management and Economic Well-Being

Financial management refers to the efficient and effective management of money (funds) in such a manner as to accomplish yours and your family's objectives. The overall goal of this program is to provide Miami-Dade County residents with practical and objective information which can help families and individuals plan their financial future and reach their goals. Specific emphasis includes helping youth and adults to:

  • Develop spending and saving plans
  • Manage credit, reduce debt and pay bills on time
  • Learn to evaluate alternatives and avoid frauds in the marketplace
  • Learn effective consumer and shopping skills

Personal Financial Management Updates/News

Important Topics of Personal Financial Management

Understanding Your Finances  Interest & Interest Rates  Personal Debt
Income & Estate Taxes Retirement Finances For Your Kids

Understanding Your Finances 

Interest & Interest Rates

  • Time Value of Money
    The value of money received at different points in time, given a certain interest rate; present value versus future value.
  • Introduction to Interest
    The difference between simple interest and compound interest; why compound interest grows so quickly compared to simple interest.
  • Interest Part 2
    How to develop the formulas behind simple and compound interest, and an example of the striking difference between the two.
  • Introduction to Present Value
    How to decide whether it is better to have a sum of money today or in the future.
  • Present Value 2
    How to calculate the present value of different amounts of money received at different points in time.
  • Present Value 3
    What happens to the present value of money when you change the discount rate (or interest rate)?
  • Introduction to Compound Interest
    What compound interest is, how it works, and the math behind it.
  • The Rule of 72 for Compound Interest
    How and why the Rule of 72 is an easy way to estimate the impact of compound interest.
  • Introduction to Continuous Compound Interest
    How and why interest compounds (grows) over various time periods with a more detailed examination of the math behind the process

Personal Debt

  • Annual Percentage Rate (APR) and Effective APR
    How to calculate the effective APR from a stated APR, and the difference between the two.
  • Renting vs. Buying a Home
    How to make an apples-to-apples comparison of the costs of renting a home versus buying a home.
  • Mortgage Interest Rates
    Different types of mortgages explained (such as fixed and adjustable rate), along with the relationship of principal and interest in a standard mortgage payment.
  • Home Equity Loans
    How to use equity in a home to create cash via a home equity loan
  • The Discount Rate
    The basics of the Fed funds rate and the discount rate from the Federal Reserve Bank.
  • Personal Bankruptcy: Chapters 7 and 13
    How personal bankruptcy works, and the differences between Chapter 7 (straight bankruptcy) and Chapter 13 (reorganization) and their consequences.
  • Payday Loans
    How payday loans work and the very high price borrowers pay who use these loans.
  • Reserve Mortages 
    The basics of Reverse Mortages such as requirements, who should or should not get a reverse mortgage, risks associated with these mortgages, and more...

Income and Estate Tax

Retirement

Contact the Agent

Zakkiyyah "Zee" Osuigwe, M.S.
Extension Agent II
Family and Cosumer Sciences (FCS)

zosuigwe@ufl.edu

Amelia Earhart Schoolhouse Office
401 E 65th Street
Hialeah, FL 33013 
Phone (305) 769-4050
Fax  (305) 769-4052

Hours
Monday - Friday
8:00AM - 5:00PM

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