FinCARE
Learning outcomes:
Discover the 4-Step process to lead someone from Distress to Financial Wellness
Discover the credit system, debt and latest rules in Singapore
Use practical tools and processes in the engagement process
Understand financial impact of the current health and economic crises
Distinguish between different types of financial services (e.g. credit counselling)
Know the rules of engagement when working with a client in distress
Appreciate role of financial psychology, money behaviour, motivations to change
Distinguish between different types of financial services (e.g. credit counselling)
Learn to work with related financial and non-financial agencies
Program Outline:
Lesson 1: Introduction to Practical Financial Counselling
0900-0930
1030-1040
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Overview of Current Market Sentiments
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Financial Counselling & Wellness defined
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Financial Counselling versus Credit Counselling
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Framework for Financial Services
Break
Lesson 2: Understanding Money Beliefs and Behaviour
1040-1150
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How Money Beliefs are Formed
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From Beliefs to Behaviour
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Understanding the Personal Financial Survey
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Accountability and the ‘Project 5-5-5’
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Case Studies and Exercise
1150-1200
Break
Lesson 3: Blueprint for Financial Wellness
1200-1300
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Understanding a holistic model (Financial Life Plan)
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Areas of personal finance that can go wrong
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Creating a holistic roadmap from distress to wellness
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Case Studies and Role Play
Lesson 4: Personal Financial Statements
1200-1300
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Role of Cashflow (Budget) and Balance Sheet (Net Worth) Statements
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Strategies in Reducing Expenses, Restructuring Debt and Reinventing Income
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Case Studies and Exercise
Day 2
Lesson 5: Planning and Moving Ahead
0900-0930
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Importance of Planning in Financial Distress
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Foundations of Success in the Journey
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Motivations to Change
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5 Stages of Change from Distress to Wellness
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Case Studies and/or Role Play
Lesson 6: Anatomy of Financial Distress
0930-1030
1030-1040
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Financial Distress Defined
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Effects of Financial Distress
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Signs of Business & Personal Financial Distress
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Case Studies and/or Role Play
Break
Lesson 7: Understanding the Credit System
1140-1150
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Lending and Borrowing in Singapore
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What Affects the Cost of Borrowing
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Latest Rules on Personal Borrowing
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Strategies to Restructure Debts
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Case Studies and/or Role Play
1150-1200
Break
Lesson 8: Processes and Tools
1200-1300
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5 General Rules of Engagement
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6 Rs of Effective Financial Counselling
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Financial Distress Agencies in Singapore
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Journey to Bankruptcy
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Case Studies and/or Role Play