APPLIES TO ACADEMIC YEAR 2015/2016
ELE 3743 Personal Finance
Responsible for the course
Ole Tellef Grundekjøn
Department of Law
According to study plan
Language of instruction
This is a practical and useful course which presents an individual's normal life cycle (from birth to death) involving economic threats and opportunities as well as necessary everyday law. The course covers financial needs (with necessary law) in a time perspective, including inheritance and inheritance issues, generation changes, National Insurance and pensions, tax, as well as legal issues as a consequence of marriage and cohabitation.
The course can not be taken by students in Bachelor Programme in Finance due to overlap with other courses in the programme.
After having completed the course the students shall have
- Learned about personal finance issues such as investment planning, loans, taxes, pensions, inheritance and economic consequences of break-ups
- Learned to see the connection between law and finance, and that a change in their personal lives may require financial and legal adjustments.
After having completed the course the students shall be able to:
- Theoretically understand the subject and have a practical understanding of the methodology
- Show skills in planning, carrying out and evaluating personal financial situations in various stages of the life cycle.
After the course the students shall be able to identify and analyse personal finance needs, evaluate risks and choose a joint venture partner and process leading to suitable and ethically sound solutions.
It is recommended that students have prior knowledge at the level of BØK 3411 Financial and Managerial Accounting I or equivalent.
Hveem, Dag Jørgen. 2015. Personlig og økonomi og juss. Fagbokforlaget
Langfeldt, Sverre Faafeng og Tore Bråthen. Lov og rett for næringslivet. Siste utg. Universitetsforlaget : Focus Forlag
Trond Døskeland. 2014. Personlig finans : et helhetlig rammeverk for hvordan vi skal forholde oss til finansmarkedet. Fagbokforlaget
I tillegg til angitt litteratur kan det komme 1 - 5 relevante artikler. Publiseres på Itslearning
Særtrykk av Skatteloven
Financial life cycles and transactions
- Family budget
- Loan, financing and the concept of profitability
- The concept of interest, some financial mathematics
- Tenancy or ownership
- Basic saving philosophy, bank deposits, shares, bonds and funds
- Financial investments, saving and insurance
- Purchase and funding of private home
Inheritance and inheritance issues
- Inheritance and taxes
- Generation change, holiday cottage, house and other values
Basic finance and taxation
- Introduction to taxation concepts and tax rules
- Rules for personal taxation, income and property
- Tax on private homes
National insurance and pensions
- Pension contributions in the National Insurance Scheme
- Various forms of occupation pensions
- Survivor pensions
- Saving for retirement, paid-up policies
Relevant legal issues
- Minors, guardians and the Public Guardian's Office
- Financial consequences of marriage and cohabitation - during marriage/cohabiation and after a break-up.
No particular computer-based tools are used.
Learning process and workload
The course includes lectures, reviews of assignments organized by lecturer and self-tuition (reading of syllabus and solving of assignments).
|Attendance at lectures
|Participation in assignment reviews
|Preparations for lectures
|Work on syllabus and assignment
|Preparation for the exam
|Total recommended workload
A three-hour individual written exam concludes the course.
ELE 37431 - Written exam which accounts for 100% of the grade in the course ELE 3743, 7.5 ECTS.
Examination support materials
"Lov og rett i næringslivet", "Særtrykk av skatteloven" and/or "Norwegian Laws" and BI approved exam calculator.
Examination support materials at written examinations are explained under examination information in the student portal @bi. Please note use of calculator and dictionary in the section on support materials (https://at.bi.no/EN/Pages/Exa_Hjelpemidler-til-eksamen.aspx).
A re-sit exam is offered in connection with the next scheduled course.