Discussion
Answer the following discussion topics to its entirety (Unit 1, 2, & 3)
(Unit 1: Financial Planning Discussion Board Chapters 1 & 2)
In chapter one we discussed how a family needs to develop a financial plan to make the best use of resources to achieve your financial goals. As a student you too should develop a financial plan to ensure that what you are spending, financing, and investing are aligned with your financial and career goals. For this discussion, we will talk about how peer pressure and social media can affect your financial goals.
What does the phrase “Keeping up with the Jones” mean? Discuss how peer pressure can affect your personal finances. In addition, how does social media also affect your personal finances? For example, what if several of your friends recently posted on social media they each bought a Jeep and are planning a Jeep trip. Your friends start posting on social media that you should go out and buy one now so you can go with them. However, you do not have the financial means to buy a Jeep. What would you do? Would social peer pressure get to you? Would you go out and buy a Jeep you can not afford?
(Unit 2: Managing Your Personal Finances and Credit Discussion Board Chapter 5)
In chapter 5, we discussed banking and interest rates. Chapter 5 discusses the various types of depository institutions that offer these services: commercial banks, savings institutions, and credit unions. In addition, the chapter talks about federal interest.
Discuss five ways that the federal interest affects you and your bank account, and what does that mean for your future financial plans? For example, what if you were wanting to save up money for a new vehicle or a new home? How would the interest rates affect the growth of your savings? Say you have enough money saved up for the down payment on the house what interest rate would you be able to live with for say 15-30 years.
(Unit 3: Managing Your Personal Finances and Credit Discussion Board Chapters 6, 7, & 8)
In chapter 6, we discussed managing your money. Money management involves decisions made over the short term that ensure sufficient funds to cover both expected and unexpected expenses.
You just found out your car needs a new transmission and is going to cost you $2,000 to get it fixed. You don’t have enough money in your savings account to pay for the repairs because you just bought a new 55″ TV. Your credit cards are maxed and you need the car to get back and forth to work. Now you wished you had listened to your parents when they said it is always important to have an emergency fund. Now that you know how important it is to have an emergency fund what are some ways you think you can achieve it?
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