Unit 1 LG2 and LG3 Project (1)
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Consumer Financial Counseling
Unit 1 LG2 and LG3 Project
Learning Goals:
●
LG2: Explain what financial counseling is and its foundation.
●
LG3: Identify the appropriate form of financial counseling to engage in based on a client’s situation and characteristics.
Section I: Financial Counseling Minimum of 50 words per question
Define Financial Counseling in your own words. Financial counseling is like having a coach for your money.
What is the purpose of Financial Counseling? What would happen if counselors continued to solve problems for their clients?
It's when experts help you figure out how to handle your finances better. They look at your
money situation, what you want to achieve with it, and any problems you're facing. Then,
they give you advice and ideas personalized to your needs. This could be things like making a budget, managing debt, saving for the future, or planning for retirement. In your own words, explain the financial counseling process to a prospective client. In this, provide what they should and should not expect to gain from this process. a collaborative process where we work together to understand your financial situation, set goals, and create a plan to achieve them. You can expect personalized guidance, practical strategies, and ongoing support to help you improve your financial well-being. What you should expect to gain: clarity about your finances, empowerment to make informed decisions, and progress towards your goals. What you should not expect: instant solutions, perfection, or dependency on the counselor. Section II: Client Application
Minimum of 50 words per question
Watch the Client 1 Intake Video
. What form of financial counseling is needed? Explain your choice by using details from the client’s video.
Based on the client's reliance on credit cards, recent maxing out, and inability to enjoy activities despite earning $60,000 annually, debt management and budgeting counseling are necessary. This will provide tools for
responsible credit use, budget alignment, and empower the client to manage finances independently.
Using information provided in the intake video,
what should you explain to the client about the Client and Counselor Perspectives? Client Perspective: Your financial situation: You earn $60,000 annually and primarily use credit cards for expenses. Challenges: Recent maxing out of your credit card has hindered your ability to enjoy leisure activities.
Goal: You seek assistance to regain financial stability and control over your spending. Counselor Perspective: Assessment: I will conduct a comprehensive review of your income, expenses, and debt obligations.
Goals: Together, we'll establish clear objectives, such as reducing debt and developing a spending plan.
Strategies: I'll provide strategies to manage debt effectively, prioritize spending, and improve financial habits.
Empowerment: My role is to give you with the knowledge and tools to make financial decisions and achieve your goals.
Watch the Client 2 Intake Video
.
What form of financial counseling is needed? Explain your choice by using details from the clients’ video.
emergency fund planning and income replacement strategies
The client, currently debt-free except for a mortgage, faces sudden income loss due to a job layoff and unpaid maternity leave. With only $1,000 in savings and a $10,000 severance package, they need financial counseling to build an emergency fund and develop income replacement Based on the video, what assumptions can you make about the learning styles of the couple? Provide examples from the video to support your answer.
Practical Learners: The couple's focus on real-
life financial challenges, such as job loss, unpaid maternity leave, and unexpected medical bills, suggests they prioritize practical
applications over theoretical concepts. For example, they express a need to understand COBRA, indicating a preference for learning about specific financial tools and options
relevant to their current situation. Verbal Learners: The mention of wanting to "talk through" different financial strategies suggests that they may prefer verbal discussions to understand and process information effectively. They may benefit from conversational explanations or guidance from a financial counselor to grasp complex financial concepts and decisions.
Please see the Rubric for Grading Details. Each project will be submitted through SafeAssign by the PFI Instructor
or teaching assistant. All Unit Projects are to be completed on an individual basis. Please see the syllabus for the
outcome of collaborating with classmates or not citing properly.
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