PERSONAL FINANCE PROJECT

PERSONAL FINANCE PROJECT

Answer the following questions. Critically think through your answers with the knowledge that you have learned in this class. You can refer back to the textbook. Keep in mind that this is worth 10% of your grade.

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In today’s world, most anyone can make purchases even without the money in hand to do so. There are many types of hard and fast rules for when it is acceptable to use credit. Today you will be analyzing a number of credit decisions. The key question is: Is this a wise use of credit.

1. Jake’s brother just told him about a credit card offer that his family has been using for some time. They get 10% cash back on all their purchases and pay the entire card off each month. Jake is hesitant to sign up for this card. What do you think he should do? What else would you want to know about Jake?

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2. Noa is looking at buying a foreclosed house near her apartment complex. It would be a stretch to make the mortgage payments each month, but the house is now selling for 40% of what it was listed for last year. What would you do? What else would you want to know?

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3. Fatima has never had any type of credit. Her family always taught her that she should never have any type of debt. If she just graduated college and has $20,000 in her savings account, how likely is it that she will be able to go her whole life without taking on any debt? At what point would the amount in her savings account change your answer? _____________________________________________________________________________________

4. What is one or two areas that you learned from this course thus far that you had no knowledge about? What did you learn? Research the topic and note two facts that you now know for the future.

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5. What are some of the most common mistakes you see people around you make when it comes to the use of loans and credit?

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Managing Income, Growth, and Liquidity

6. The Fowlers own a townhouse that they have been renting out for many years. It provides a steady source of income each month, but sometimes they have to do major repairs on it. What are some alternative investments the Fowlers could look into that would give this type of regular income stream? Give pros and cons for each along with your recommendation.

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7. Which investment is more liquid: a boat or jewelry? Why?

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8. What do you think has more risk: buying corporate bonds or buying a second house in hopes that housing prices increase?

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9. Suppose that you wanted to invest in something and you did not want it to pay any regular income (you want to make all your return when you sell it). What are some investments that fit this criterion?

10. Was this course helpful and what aspect of this course do you feel will help you on your personal financial journey?

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