Homework answers / question archive / Financial Counseling Project Introduction This project is designed to give the student some initial experience in applying the concepts taught in this course

Financial Counseling Project Introduction This project is designed to give the student some initial experience in applying the concepts taught in this course

Business

Share With

---

Financial Counseling Project

Introduction

This project is designed to give the student some initial experience in applying the concepts taught in this course.  The course project will include elements of the first three stages of financial counseling, which are initiation, exploring, and understanding.  Due to the short 8-week duration of this course, the final stage of acting will only be lightly addressed.

CLOS/ULOs:

CLO’s 1-5

1. Demonstrate how to educate clients on sound financial principles including; managing money, credit and debt, consumer protections, financial risks, major purchases, and the basics of investments, retirement, and estate planning.
2. Demonstrate how to gather client information.
3. Construct financial statements, ratios, and client action plans.
4. Apply various financial counseling skills, processes, techniques and strategies that will help clients; modify ineffective behaviors, learn basic debt survival strategies, overcome financial indebtedness, and achieve their financial goals.
5. Demonstrate how to support clients as they work through their financial challenges, opportunities, and perspectives on money.

Directions

Students will be paired up to simulate a financial counseling relationship.  You will take turns playing both the role of the counselor and the client.  As you play the role of the counselor it is recommended that you have a minimum of two phone/video consultations with your client.  The documents that you turn in will include specific financial information.  It is understandable that you may not want to share your personal financial details with your classmates; therefore, it is perfectly acceptable to substitute different values for items like income, net worth, and specific expenses.  It is important however to keep the amounts you substitute consistent with the challenges and goals you share with your counselor.  If you are fortunate enough not to have any major challenges in your current life situation you can make some up or use some past situations that you have made it through.  The closer you are to sharing your actual current situation the more natural the counseling simulation will feel.  Use your best judgement.

SUBMISSION REQUIREMENTS

Documents

Create the following documents for your client.  See the textbook for examples.

• Client Information Sheet
• Goal Planning
• Action Plan

For reference purposes, include the following documents that your client will provide you.

• Income Worksheet
• Debt Payment Worksheet
• Monthly Spending Plan Worksheet
• Periodic Expense Planning Worksheet

RECOMMENDATIONS

Based on the information gathered on your client, create a list of recommendations.  Include an explanation on why you are making each recommendation.  Include some context to the sequence and priority of these recommendations; what your client needs to work on in the short-term vs. long-term, and which items are most critical to their situation.

COUNSELING PROCESS NOTES

As mentioned, you need to have two or three sessions with your client (minimum of two).  These can either be in person, over the phone, or video calls.  Before each session, prepare in writing some thoughts on what you hope to accomplish.  Include thoughts on self-awareness, diversity, critical conversations, motivation, behavior modifications, and other material from the text.  After the session, document what techniques you tried to use, your thoughts on if they were successful or not, and what you might try differently next time.  This is meant as a reflection on the counseling process itself.  Summarize both your pre- and post- session notes and turn them in as part of the project submission.

QUALITY WRITING

Follow the general APA guidelines of 1” margins, double-spaced, and a highly readable font (12 pt. Times New Roman or similar).  Use proper spelling and grammar throughout.  There is no minimum page requirement; however, the ‘Recommendations’ and ‘Counseling Process Notes’ sections should each be limited to no more than five pages each.

Monthly Income Paycheck #1 Paycheck #2 Paycheck #3 Paycheck #4 Total $500 $500 $500 $500 $2000/month Debt Payment Worksheet Creditors Name Type of Debt Due Date Balances Interest Rates ED Financial Student Loan 10/31/2022 $15,000 None until 6 months after graduation GM Financial Truck Loan 04/04/24 (Final Payment) Payment is due every month on the 4th. $4,000 7.2% Monthly Spending Plan Worksheet Name of Expense Estimate Truck Payment $400 Insurance $100 Actual Budget Monthly Payment None is technically due; I’ve put aside money and am waiting to see if the $10,000 student loan forgiveness gets passed $242.48 Is what is due, but I have been paying about $400 a month to pay it off sooner Gas ESPN Play Money Food Netflix $70 $70 $50 $50 $10 Periodic Expenses Name Oil Change Clothes Truck Fees Holidays Estimate $55 $50 $100 $150 Actual Budget Monthly Income Paycheck #1 Paycheck #2 Paycheck #3 Paycheck #4 Total $500 $500 $500 $500 $2000/month Debt Payment Worksheet Creditors Name Type of Debt Due Date Balances Interest Rates ED Financial Student Loan 10/31/2022 $15,000 None until 6 months after graduation GM Financial Truck Loan 04/04/24 (Final Payment) Payment is due every month on the 4th. $4,000 7.2% Monthly Spending Plan Worksheet Name of Expense Estimate Truck Payment $400 Insurance $100 Actual Budget Monthly Payment None is technically due; I’ve put aside money and am waiting to see if the $10,000 student loan forgiveness gets passed $242.48 Is what is due, but I have been paying about $400 a month to pay it off sooner Gas ESPN Play Money Food Netflix $70 $70 $50 $50 $10 Periodic Expenses Name Oil Change Clothes Truck Fees Holidays Estimate $55 $50 $100 $150 Actual Budget s | Studypool ? k Kindle Cloud Reader x + con.com/?asin=B07JHFJ2G1 FINANCIAL COUNSENG Please indicate the area(s) you are most concerned with today (Check all that apply): Money Management/Budgeting Start Building Credit Credit Report Questions Unexpected Crisis | Behind in Monthly Payments Rent/Mortgage Questions Student Loan Questions Pay Down Debt 1 Medical Expenses Unemployment Repayment of Loans Set up Savings Plan Other (Please specify) Please indicate how you heard about us: What questions would you like to have answered during your session? Page 220 5 MAY o étvs 6 07 ? 4 7 G Search or type URL * + { BOZJHFJ2G1 FINANCIAL COUNSELING Client: Last Name: First Name: Date of Birth: ender: Relationship Status: O Single Married Separated Divorced Widowed Highest Educational Level: a Some High School o High School/GED I College O Graduate School Race/Ethnicity: 0 White Hispanic or Latino O Native American Black/African American Hawaiian/Pacific Islander Other (please specify) Employment Status: O Full-time (Part-time O Seasonal O Retired Unemployed Student Occupation: Payment Frequency: O Weekly Bi-Weekly Monthly Semi-Monthly Veterans/Active Duty/Reserves Yes ΠΝο If yes, in which branch did you serve? Contact Information: Local Street Address: Phone # Cell Phone # E-mail Address: Number of child dependents (under 18): Number of adult dependents: Financial Information: Household Monthly Take-Home Pre-Tax Pay: $ After Tax-Pay: $ /Month Housing Status O Buying Renting a Room & Board Shelter Other Current rent/house payment? $ /Month Page 220 5 OOO city S A ? G ol X X k Kindle Cloud Reader x + asin=B07JHFJ2G1 FINANCIAL COUNSELING Date: Name: Use the following to help you create your SMART goal(s): S - Specific- Who, what, where, why, and how of the goal? M–Measurable - How will you measure your progress? What are the key items to accomplish? A- Achievable – What attitudes, skills, and abilities will you need to accomplish your goal? R-Realistic - Explain how this goal is realistic for you at this time. T- Timely - When will you start/finish your goal? What is the timeframe of your goal? Goal # 1 Goal # 2 Specific: Specific: Measurable: Measurable: Achievable: Achievable: Realistic: Realistic: Timely: Timely: Page 220 MAY 5 60 6 tv JJ D ? 4 ? View Questions Studypool X k Kindle Cloud Reader X + read.amazon.com/?asin=B07JHFJ2G1 FINANCIAL COUNSELING This worksheet is used to identify periodic expenses such as back to school shopp expense that does not occur every month, but still occurs on a regular basis. Action Plan Client(s) name: Goals : Date: 1. 2. 3. Actions required: Planned date of completion: Actual date of completion: Modification required: Next appointment date: Sample Client Consent and Release I voluntarily consent to receive financial counseling services from the [INSERT NAM that the financial counselor providing financial information cannot recommend any inve provide legal advice. In the course of financial counseling, it may be necessary for my financial counselor t information with his or her supervisor and with creditors to whom I owe money. By my acceptance of these terms and conditions, I do hereby release, indemnify, and I NAME HERE] agents and employees from any and all liability of any type whatsoever aris. omissions, negligent or otherwise, by said agents, employees, or volunteers, relating to [II HERE].Signature: Date: Client Information Sheet Page 210 5 MAY TH @@@ Útv 6 O so A 4 280