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W.E.A.L.T.H.

Working toward Economically Abundant Living Through Habit

WEALTH is a joint venture developed by the Healthy for Life: T.E. Atkins University of Missouri Faculty and Staff Wellness program (HFL) and the Personal Financial Planning Department’s Office for Financial Success (OFS).  Our goal is to raise your financial awareness while providing a system that intertwines accountability, education, and application of practical financial habits.  By completing this program, you will gain insight into your current financial situation, learn effective methods for managing your personal finances, and become equipped with knowledge to make smarter financial decisions.

WEALTH is available at no cost to all University Faculty and Staff, regardless of benefit eligibility. Participants are encouraged to attend along with a spouse, partner or anyone else responsible for making financial decisions in their household. The program consists of six modules completed over a 4 to 6 month time frame that explore specific financial topics.  Each of the 6 sessions is spaced approximately 30-45 days apart in order to allow participants to work on their own financial situation.

Participants meet with a trained OFS student volunteer financial counselor to complete each module either in person, via skype, or phone. Based on the your needs, each session lasts between 30 – 90 minutes, providing the opportunity to map out your individual financial situation and gain a clear understanding about the financial topics covered. If additional time is needed to cover each module a second session may be scheduled.  Additionally, you will be assigned a few mini-tasks to be completed at your own pace.

The following breakdown explains each session in more detail:

Session 1:  Introduction – Budgeting and Expense Tracking

Milestones:

  • Review Program
  • Make a Budget
  • Create a plan to track Expenses

Session 2:  Financial Health – Net Worth, Financial Ratios, Credit Report

Milestones:

  • Review the concept of “Liquidity”
  • Make a Balance Sheet
  • Evaluate Financial Ratios
  • Review Credit Report

Session 3:  Goals – Setting a Smart Goal and Working Toward it

Milestones:

  • Create an attainable SMART Goal

Session 4:  Insurance – How Insurance Protects Wealth

Milestones:

  • Review Medical Insurance
  • Review Car Insurance
  • Review Home and Renters Insurance
  • Review Life Insurance
  • Become aware of Common Insurance Terminology

Session 5:  Retirement – Exploring Options Available

Milestones:

  • Explore the participant’s current plans for retirement
  • Review common Investing Financial Products
  • Review common Retirement Plan Types
  • Use a Retirement Calculator to Estimate Needs

Session 6:  Finale – Check-up on Financial Health, Goal Progress, and the Budgeting Experience

Milestones:

  • Update and compare Balance Sheet to session two
  • Check progress on goal
  • Check progress on tracking expenses

To successfully complete the program, a participant must:

  • Attend all sessions, scheduled at their convenience, either in person, over the telephone, or skype.
  • Meet all milestones in sessions
  • Show a faithful effort to use a budget and track expenses during the program
  • Show a faithful effort at working toward the goal set during the program

If you are a University of Missouri employee and interested in participating, please visit https://www.regonline.com/wealthregistration to register for the program.  Space is limited and enrollment will be based on first come first served basis.  As the year progresses and more space becomes available, registered participants will be contacted for enrollment.

Wellness Incentive logo100 Wellness Incentive points will be awarded upon successful completion of the course. Points are awarded by the 15th of the month following the month the course was completed. Contact wellness@umsystem.edu for questions.