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|
- Tracking Your Expenses
The basic of your expenses on how to identify your expenses and the different types you have.
- Controlling Expenses
This article will help you learn and understand how to control your current expenses.
- Creating a Budget for You and/or Your Family
After understanding your expense, learning how to properly budget your money will allow you more freedom, this topic will help you understand the fundamentals of creating your budget.
- Building a Spending Plan
Sometimes called a spending plan, this series will teach you how to create a budget from scratch as well.
- Financial Security: Managing your Money in Tough Times
In this series of articles, Extension helps you understand how to survive difficult financial times.
- 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
- 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.
- Reverse 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...
- Basics of US Income Tax Rate Schedule
An explanation of how income is taxed at various income tax rates, and how a marginal tax rate affects a taxpayer.
- Tax Deductions Introduction
What a tax deduction is, common misperceptions, and the difference between a deduction and a tax credit.
- Alternative Minimum Tax (AMT)
How the Alternative Minimum Tax works in general, and why it is in the tax code at all.
- Estate Tax Introduction
What an estate tax is and how it is calculated.
- Tax Brackets and Progressive Taxation
How tax brackets work for higher levels of income, on an incremental basis.
- Calculating Federal Taxes and Take-Home Pay
How the standard deduction and personal exemptions impact a person's federal taxable income.
- Retirement Need Analysis: How Much of My Current Income Will I Need for Retirement?
Basic information on planning for retirement.
- Individual Retirement Account (IRA)
The basics of what are IRAs what the types of retirement accounts are avilable to use.
- Traditional IRAs
What a traditional IRA is, how it works, and its features and benefits
- Roth IRAs
What a Roth IRA is, how it works, its features and benefits, and how its different from a traditional IRA.
What a 401(k) is, how it compares to a traditional IRA, and how a 401(k) works.