BEING FINANIALLY RESPONSIBLE
When have you used cost comparison?
Provide an example: Shopping for new rods and reels.
When have you used cost-benefit analysis?
Provide an example: When buying a used truck.
Identify something you want to do or purchase: 4x4 pick-up truck.
What is the cost? Around $7000.
What is the benefit? Allows me to get where I want or need to go and to tow or haul anything that I might need along with the benefits of me not getting stuck if I go off of public roadways.
Identify 3 personal goals. Think about what is needed to accomplish each goal.
Short-term goal: Get a’s in all of my classes in high school.
Medium-term goal: Go to college/ or join military as air force PJ and become doctor or EMT after doing my service in the military.
Long-term goal: Become a successful person and make plenty of money to support a family and have enough to buy anything that id enjoy or need.
Choose one of your goals from above and estimate its expense. How much
Income do you estimate will be needed to support your goal?
Goal: Become a successful person and make plenty of money to support a family and have enough to buy anything that id enjoy or need.
Estimated (monetary) expense: over $1,000,000 in the course of a lifetime.
Estimated income needed: $100,000 a year.
Saving For a Car
What financial information do you need?
How much the car will cost, how much you have to spend, how long it will take to save up money to buy the car.
What financial decision-making Strategies can you use?
Cost-Benefit Analysis, and Budget
Job information:
· $10 an hour
· 35 hours worked a week
· $350 a week
Car must haves:
· under 120,000 miles
· must have airbags and seat belts
· cost under $6,000
· no major repairs needed
· clean title
Vehicle to be purchased:
· 2003 Ford F-150 Super Cab
· 120,000 miles
· Includes airbags, seat belts, power windows, cruise control, and power locks.
· No major repairs needed may need minor fixes.
· Clean title in good condition.
· Cost: $5,241 ($205/mo.)
Summary: it would take about 25 months to pay off the car at $205 a month. Noting that the person is still in school and isn't at a high paying job means less time to work and not getting paid a lot per hour and depending on the factor of how much the person will spend money on other items I made an estimate on how much you would pay to the car and towards other needs of a high school student.
Provide an example: Shopping for new rods and reels.
When have you used cost-benefit analysis?
Provide an example: When buying a used truck.
Identify something you want to do or purchase: 4x4 pick-up truck.
What is the cost? Around $7000.
What is the benefit? Allows me to get where I want or need to go and to tow or haul anything that I might need along with the benefits of me not getting stuck if I go off of public roadways.
Identify 3 personal goals. Think about what is needed to accomplish each goal.
Short-term goal: Get a’s in all of my classes in high school.
Medium-term goal: Go to college/ or join military as air force PJ and become doctor or EMT after doing my service in the military.
Long-term goal: Become a successful person and make plenty of money to support a family and have enough to buy anything that id enjoy or need.
Choose one of your goals from above and estimate its expense. How much
Income do you estimate will be needed to support your goal?
Goal: Become a successful person and make plenty of money to support a family and have enough to buy anything that id enjoy or need.
Estimated (monetary) expense: over $1,000,000 in the course of a lifetime.
Estimated income needed: $100,000 a year.
Saving For a Car
What financial information do you need?
How much the car will cost, how much you have to spend, how long it will take to save up money to buy the car.
What financial decision-making Strategies can you use?
Cost-Benefit Analysis, and Budget
Job information:
· $10 an hour
· 35 hours worked a week
· $350 a week
Car must haves:
· under 120,000 miles
· must have airbags and seat belts
· cost under $6,000
· no major repairs needed
· clean title
Vehicle to be purchased:
· 2003 Ford F-150 Super Cab
· 120,000 miles
· Includes airbags, seat belts, power windows, cruise control, and power locks.
· No major repairs needed may need minor fixes.
· Clean title in good condition.
· Cost: $5,241 ($205/mo.)
Summary: it would take about 25 months to pay off the car at $205 a month. Noting that the person is still in school and isn't at a high paying job means less time to work and not getting paid a lot per hour and depending on the factor of how much the person will spend money on other items I made an estimate on how much you would pay to the car and towards other needs of a high school student.