茄子直播

#UofTBackToSchool: Personal finance course for first-year students to triple enrolment to meet demand

Photo of someone paying bills
鈥淭here was a recent survey of high school students that found Canadians don鈥檛 know much about personal finance, but it鈥檚 really something that everyone needs to be cognizant about,鈥 says Professor Mihkel Tombak (photo by rawpixel via Unsplash)

A personal finance course aimed at first-year undergraduate students has proven to be so popular that the University of Toronto Mississauga will triple the enrolment for the upcoming academic year.

Launched last year and offered through the department of management, Intro to Personal Finance (MGT130) is the first-ever course offered to students enrolled in all disciplines at the University of Toronto Mississauga. The elective covers the foundations of personal finance, from bank accounts to retirement planning, with tips on developing a good credit history, working with financial institutions and building long-term goals such as property ownership.

Popular demand for the course has prompted 茄子直播 Mississauga to triple enrolment 鈥 300 students are registered across four sections in the 2018-2019 academic year, up from 100 students across two sections in 2017. 

Read more about Back To School 2018

Management professor and department chair Mihkel Tombak says that the course is invaluable to students who are just beginning their financial lives.

鈥淭here was a recent survey of high school students that found Canadians don鈥檛 know much about personal finance, but it鈥檚 really something that everyone needs to be cognizant about,鈥 says Tombak. 鈥淲e need to be more financially literate, but it doesn鈥檛 need to be mystical. With this course, students can become financially literate and develop a good understanding of how investments work, how to manage their household finances and more.鈥

The course was developed by alumnus Mitchell Huynh, who taught the inaugural course and will return to the classroom again this year. Huynh earned an undergraduate degree 鈥 a double major in biology and math 鈥 at 茄子直播 Mississauga before realizing his passion for finance, which prompted him to return and earn a second undergraduate degree in commerce and finance. He went on to work in the hedge fund industry and was a financial adviser in the banking sector, but it was while working on his MBA that Huynh studied wealth inequality and decided the best way to help people was to arm them with the knowledge to help themselves.

鈥淜nowledge is the best way to decrease the gap between high and low wealth,鈥 says Huynh (pictured right), who is the director of Experior Financial Group's business owners and high network division. 鈥淲ith knowledge and good advice, the same strategies can be used by anyone.鈥

In addition to teaching, Huynh offers his expertise as the host of two financial advice television programs, Smart Money and Wise Guys: Finance My Life.

Many students have little prior experience going into the course, Huynh says, so he begins with the basics 鈥 how to open a bank account, apply for credit cards and check a personal credit score. From there, the course moves to savings and investment strategies, private lending practices and strategies for investing in rental properties to grow personal wealth.

鈥淭hese are strategies that have been used in increasing my own net wealth,鈥 he says. 鈥淲hat students learn in this course will empower their future financial decisions.鈥

Students put their new knowledge into practice with the course鈥檚 major assignment, which asks them to create a financial plan for themselves or another person. 鈥淭his is something that students can apply practically to their own financial future or to help a family member,鈥 Huyhn says. 鈥淭his is information everyone should know and put into action."

 茄子直播 offers additional courses in investing , and a new study of personal finance and student debt by sessional lecturer Radha Maharaj of the Institute of Communication, Culture, Information and Technology. project invites student entrants to engage in the discussion through creative submissions in dance, art or song. It runs from September to March.

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