Before playing the Finances 101 game, I thought that I had a decent understanding of my finances. After playing, I realized that there were many issues and choices that I was simply unaware of prior to playing. Some of the things I was unaware of stem from the fact that my parents, up to this point, have handled most of the financial issues in our family. Although I have had multiple part-time or neighborhood jobs, most of the money earned went directly into my savings account. I have never given serious thought to budgeting, and financial decisions. I realized that with college beginning in the fall, and then my future career, playing this game was a much needed experience.
The first lesson that I learned from this simulation was about a profession.
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Currently, my financial planning is limited to managing my savings account. This was an important decision because it taught me the importance of long term savings. During the game I chose to put ten percent of my earnings into savings, as a result, I plan to continue this practice as an adult. After playing the game I also realized that in the future, I will need to set up a household budget. Again, I was vaguely aware of some of the expenses that my parents discussed. However, it was a bit overwhelming to see everything listed out in this game. I never considered the cost of utilities, insurance premiums, or even groceries. I realize how I took simple things for granted. For example, while I was sometimes disappointed when my family did not eat out, I now understand how expensive it can be and the benefit of preparing meals at home. I also had a chance to reflect on the different issues my parents have to take into consideration when balancing the financial needs of a six-person household.
There are some decisions that I have made from playing this simulation. One is buying versus renting a home. It is a much wiser investment to find a small home to purchase and live in, instead of paying to rent an apartment or home. When it comes to purchasing a car, I will also be looking for a used car rather than spending
The next section is the amount that I want to spend each month and another section tells actual amount that I spend for each month. The next sections show if I saved any money or went over my budget for the
Lieber talks about an online game similar to Spent called Payback, both of which were developed by a company called McKinney. In the words of the author himself, “Payback marches players through a series of decisions, from which school to attend to when and how to accept paid work to whether to join (and pay for) a fraternity or sorority,” (Lieber, 2017). This game simulates real-world financial decisions and their long-term consequences, whether they be good or bad. This is extremely beneficial because it shows just how much little financial decisions can add up and enormously affect something, while at the same time not causing any real problems. Tim Ranzetta concludes based on his experiences that the main issue in this subject is that, “it came down to people wishing they’d known at the beginning how large their loan payment was going to be relative to their monthly income,” (Lieber, 2017).
In modern society, as Americans we often take money for granted. However, as stated both directly and indirectly in this work, there is much more to life than economics. We are fortunate enough to live in a community that does not discriminate based on financial standing to the extent that it once did. Nonetheless, it does not matter what your current financial standing is as long as you have people that care about you. The Youngers in A Raisin in the Sun always attempted to help each other whether they were in financial prosperity or turmoil.
The lessons I learned from the program have helped me guide my expectations for my future goals. It has taught me that I have the potential to do amazing things with
Four years later, I am still an avid couponer. Over the years, I’ve accumulated tens, maybe even hundreds, of receipts recording how much money was saved on each trip. I often look back at these receipts and feel good about all the money that I had managed to save and deposit into a savings account for college. It gives me a sense of responsibility that not many people my age can say that they have experienced.
At the same time, I’ve always lived with my parents and so finding an apartment and putting together a budget plan was nothing I’ve ever done. This assignment taught me a lot about living on a minimum wage and trying to stretch that money as far as it will
When I am saving money I have to think about how much I willing to spend this month in order to save the gross amount of money. That is taking in account the money you would normally spend on extracurricular activities and determining what you can and cannot spend money on this month. Another important aspect is your credit card, and what you buy with it, and deciding if it’s worth the interest that comes along with it. When getting an auto loan you may think you're spending an easy $300 bucks a month on your car payment there’s an extra 5% added to the $300 called interest. Interest can turn your most inexpensive payment into the most expensive.
I plan to master the skill of budgeting. Tuition, books, housing, utilities, and food is a very costly aspect of college life. Being able to master a budget throughout my college years is a skill that I will be able to use throughout life. Independence is also a skill that I plan to gain. While living on campus, I will be away from my home and family, which will force me to find out things on my own.
Our family has been saving up for a Disney World trip when our daughter gets old enough to really enjoy it. To make this happen we have committed to cooking at home instead of dining out like we usually do once per week. We set the money aside that would have been spent on dinner and we put it in our savings account. We also have decided to cut our shower time down by a few minutes to save money on our water bill. One other sacrifice we’re now accustomed to is saying goodbye to cable television.
Financial fears have grown increasingly common in our society. It seems that the pile of bills on the kitchen table continues to grow as the money in our wallets continues to shrink. Everyday there are those who are unable to sleep because the fear of not being able to make ends meet gnaws at them. Research shows that financial fears have become some of the most prominent fears in America. But why is this the case?
Based on what Byron Katie, she concluded the situation is hopeless if what causes your problem is always there but you think that anyone or anything is responsible for your suffering. It means that you are forever as a victim and suffering in paradise. As we know, people live in a society filled with a lot of challenges and troubles. No matter you are facing and dealing with any financial problem, family conflict or career issues, stress and struggles are hard to avoid or we say it is inevitable. Overwhelming life’s struggles are never easy to go through.
Personal Finance: Alice Goals Complete the Assignment: Personal Finance by Rachel Siegel and Carol Yacht (2009); Page 23. Exercise 2. See below: “Use the S.M.A.R.T. planning model and information in this section to evaluate Alice’s goals (below). a. pay off student loan b. buy a house and save for children’s education c. accumulate assets d. retire e. travel around the world in a sailboat. Discuss your evaluations" (p.23).
Self -Reflection on Module 8.2a Financial Management Before the commencement of the sub-module 8.2, we were supposed to choice either 8.2a (Financial Management) or 8.2b (Investing Social Security Reserves), because the sub-module is divided into two. I have decided to take the sub-module 8.2a, and during online VC sessions, I have had gained some basic knowledge from this subject (Financial Management). For me, this is the first time I had chance to learn about the subject, before that I have just heard some information about financial management only from a friend who studied Accounting and working as Auditor at Association of Chartered Certified Accountants (ACCA) consultancy in Ethiopia. From the beginning I am so much eager and impressed
REFLECTION PAPER IN INVESTMENTS AND INVESTMENT PORTFOLIO As they say, "Money isn't everything, but happiness alone can't keep out the rain. " It is often said that money is not the most important thing in the world. Despite of this, we still need to understand the true value of money. Money, in and of itself, is not very spectacular.
The first step to take before jumping into the process of saving your money is setting your saving goal. If you have something