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FINANCIAL (MONEY) MANAGEMENT BBS104

Duration (approx) 100 hours
Qualification Statement of Attainment
An effective and useful course for small businesses and people who want to learn good money management.

Most people live week to week, only just keeping their heads above water. Recent surveys in many developed countries point to people being one unexpected bill away from financial crisis each month.

Many people would say they don't have the time to sit down and plan financially. Others say all the financial terms and options are too complicated. It could be an effort you can't afford to NOT make! There are many more options than you realise when it comes to improving your finances.

This course will demystify the terms and concepts that underpin financial management. This could be the best investment you ever make. Work through the course at your own pace, and study from wherever you like.

Courses can be started anytime from anywhere in the world!

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Learn Good Money Management for Small Businesses and for you personally with this financial management course.

  • Learn how to accumulate, borrow, spend, invest and save money.
  • Stop being a slave to money and learn how to make it work for you!

Few people are born with an innate ability to automatically maximise what they have got.  This course aims to improve your ability to make the right decisions about managing your money for a better financial future.

Throughout the course the student will develop their ability to make better decisions with respect to the following sorts of problems:

  • How to better invest money.
  • How to capitalize on your home
  • How to buy more economically to cut food bills.
  • How to minimize taxation.
  • How to bulk buy to minimize costs.
  • Deciding how much to keep in reserve for a "rainy day".
  • How often to restructure your personal budget.

All of these problems and more are dealt with throughout this comprehensive guide to money management.

LESSON CONTENT and STRUCTURE

There are ten lessons in total, as outlined below:

  1.  Financial Terminology
  2. Planning and Managing your Money
  3. Borrowing Money - including for goods, home, other.  Loan types, overdrafts, credit cards, financing a business and more.
  4. All about Buying -What to look for, hidden traps, consumer protection, when to buy on credit or not, types of credit.
  5. The Money Market  and How it Works
  6. Investing - In housing, land, stocks, bonds, trust funds, antiques, business investments, insurance (annuities) and more.
  7. Superannuation -Lump sum, roll over etc.
  8. Cutting Costs.
  9. Banks - What they can do for you.
  10. Communication -How to deal with people in the financial work

 

This course covers the following and much more:

  • Goals for financial management
  • Financial terminology/language
  • Financial statements
  • Budgeting
  • Cash flows
  • P&L, Balance sheet
  • Financial records
  • Problem solving
  • Why borrow?
  • Types of loans/Sources of funds
  • Getting a mortgages to suit you
  • Credit card control
  • Debt Management
  • Do you need to buy?
  • The best time to buy.
  • Which is the cheapest?
  • Buying and the law/Consumer protection
  • Buying business, 
  • Buying property
  • Money market operations
  • What is an investment?
  • Types of investments -Housing, land, stocks, bonds, trust funds, antiques business investments, insurance (annuities) and more.
  • Buying shares
  • Spread your investment
  • Investment appraisals
  • A lifetime guide to money matters
  • Managing your cash, debt, insurance, housing, strategic planning
  • Making your own money
  • Using your money
  • Keeping your money
  • Counting your money
  • Enjoying your money
  • Investing in shares
  • Buying or starting a business
  • Handling lump sums
  • Investment options
  • Superannuation for:
    - Employees
    - Employers
  • Methods of cost saving
  • Alternative Living
  • Reducing the cost of credit
  • Use your property
  • Organizing your finances
  • E-commerce
  • Bank clearing house
  • Choosing a bank
  • Types of banks
  • Bank fees
  • Getting the most from your bank including reduced credit card rates
  • Dealing with financial experts, bank managers, accountants and others in the financial world
  • Using the right financial terminology

 

DON'T LIVE BEYOND YOUR MEANS!

One of the biggest financial problems today is that credit is so easy to get. Almost anyone can borrow money in a multitude of ways; enabling them to spend what they don't really have. You might do this for example by taking out a loan or using a credit card. When your borrowings are only a small fraction of what you own things (eg. property, a car, jewelry) and you have regular earnings to allow repayments, credit can be a useful financial management tool. Like all tools though, it needs to be used properly if it is to do the job properly.

Using a chain saw when you don't know what you are doing, can spell disaster!

Using financial credit when you don't know what you are doing can also spell disaster!

Be Careful When Borrowing for a Business

If you are struggling financially, you may consider borrowing money as a way to invest in your business and restart it. If you do consider this option, then you need to look at the best way to borrow money.

If you think it may be a short term thing, then an overdraft may be a good answer.

Other options are business loans or credit cards.

Whichever option you choose, it is important to be sure that it is the best option for you.

  • Look at the interest rates.
  • Check the bank charges.
  • What happens if you are late paying?
  • Are there any hidden costs?  

Case Study 

Wesley ran a business selling antique books around the world.  Some of his sales came in different currencies.  Every time he received a payment in a different currency, his bank would make an additional charge. He ended up selling some books where the bank charges were actually greater than the sale price he made. By changing his bank account to one where he was not penalised for taking payments in different currencies he was able to significantly reduce bank fees.

Consider:

  • What happens if you pay a loan early? 
  • Are you getting the best interest rate?
  • Are there any special deals? For example, sometimes lenders will offer reduced or 0% interest for an initial period. But what happens after that period? Is the interest higher? Will you end up paying more in the long run or will the temporary cheaper amount benefit you?

When a business borrows more money than it is able to pay back its viability is impacted and risk of failure greatly increases. Excessive borrowing may be the one situation where a business is no longer able to be saved; and the only solution is a drastic one, such as:

  • Closure
  • Bankruptcy
  • Repossession
  • Sale (at nominal price)

     

 

 

 

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Meet some of our academics

Sarah RedmanOver 15 years industry experience covering marketing, PR, administration, event management and training, both in private enterprise and government; in Australia and the UK.
John MasonWriter, Manager, Teacher and Businessman with over 40 years interenational experience covering Education, Publishing, Leisure Management, Education, and Horticulture. He has extensive experience both as a public servant, and as a small business owner. John is a well respected member of many professional associations, and author of over seventy books and of over two thousand magazine articles.
David CrothersChartered Accountant with 20 years experience in corporate and financial roles. David has a FCA, GAICD, B.Sc.Econ (Hons), Cert IV TAA. Extensive international experience in business and finance.
Sonia Andrews15 years experience in business, bookkeping and accounting.


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