1. Why are cars a bad investment? A car is a bad investment because how much you’re paying and because the money you’re putting down on the car just to drive it off the lot, if you’re buying a used one it could be something wrong with it and then you try to take it back to the car place where you got it from and they’ll only give you half of what you put down on the car. 2. What are some of the ways that you can save money when buying a car? You can save money by buying a used car, but before you even buy it make sure that you look at all the paper work on the car; and see what kind of problems it has had. Also make sure it’s the car you want and that you’re going to enjoy it. 3. What is emergency money? Why would someone need emergency money? …show more content…
Some people need emergency because they would rely on credit cards, or take out a loan or tap your retirement account; this could leave anybody drowning in debt or without enough money to fund your retirement. There are reasons why you should have emergency money because some people lose jobs, major health expense, major dental expense, emergency pet care, car repairs, home repairs, bigger-than-expected tax bill, unanticipated travel, and funeral costs. So this is why some people should have emergency money because anything can pop up at any given time. 4. Why is using a credit card for emergency money a bad idea? Having a credit card with emergency money is a bad idea because, when you have a credit card you tend to spend way more money because you just swipe and you’re done; here’s an example like some teenagers parents get them a credit card, but what some parents fail to realize is that their using it for everything so with that being said they can go in debt or half to pay the bank money, or pay loans because of how much money was spent. 5.
What are some of the ways that people waste money? People waste money a lot of ways actually, they’ll get things they want instead of getting things that they need. Like me I get my nails and toes done all the time every two weeks I’m spending $50 for my nails and toes and then $10 more for my eyebrows, it’s a really bad habit but I haven’t got them done in two months. 6. What are some of the ways that you could save more money? You could save more money by putting your whole pay check in the bank and only go when you need money for something; or get a 41K and every time you get paid just put the amount of money you want in there it doesn’t matter because in the end your money will add up. 7. How can someone build wealth? You need to start investing and saving, you need to earn your income and save it; and the passive income is derived from investments, the section deals with earned income. Do something that you know you’re good at and that you like don’t do something that you won’t like and you’ll just up and quit. You should see what will meet your financial expectations. Determine the education requirements, if any, needed to pursue your options. 8. Do you have more money makers or money losers right now? How can you help build your wealth? I have more money makers because the people I hang out with is about their money like me I just love money it makes me
happy! 9. How can aspects like payment terms, compound interest, and credit scores affect the cost of items bought on credit? It can be too much money and it just makes everything go bad by using credit card money is better because it doesn’t make your credit go good or bad. 10. Describe one thing that you can do to improve your financial situation. Use my money wisely and don’t get a credit card and make my credit go bad, do everything right with my money so I can know how to save money the correct way and get a 41K when I get my first job and put money in their so if something happens I will be okay because of the money in there.
How does one earn the title of wealthy? Authors Dr. Thomas J. Stanley and Dr. William D. Danko have studied how people become wealthy for over twenty years. They have conducted research, written books, conducted seminars, and advised major corporations on whom the wealthy are and what are the characteristics of the affluent in America. The research for The Millionaire Next Door was comprised of personal, as well as focus group interviews, with more than 500 millionaires. A survey of 1,115 high net worth and/ or high income respondents was also compiled. The authors define the threshold for being wealthy as having a net worth of $1 million or more. This is one distinction that the authors make in comparison to what most Americans might perceive is the definition of wealth. As opposed to what most Americans in our society believe, a measure of an individual’s material possessions does not necessarily equate to being wealthy. According to the authors, wealth is what you accumulate and not what you spend. Based on the author’s definition of wealth, only 3.5% of American households meet their criteria for status as a millionaire. Of this small percentage, 95% of millionaires have a net worth between $1 million and $10 million. The authors chose to focus on this segment of millionaires because this level of wealth can be attained in one generation and by many Americans.
The book I chose to review for this course is titled, “The Millionaire Next Door”, by Thomas J. Stanley, Ph.D., and William D. Danko, Ph.D. After learning that it was published in 1996, prior to the widespread availability of the internet, and subsequent ebusiness boom, I was slightly sceptical that the information held within might not be relevant for someone like myself trying to thrive in today’s chaotic economy. Fortunately, I was wrong. The Millionaire Next Door is full of concepts and principles that put into perspective how we view money and status in our society, and also debunks the myth that America’s wealthy are the ones doing most of the spending while living elaborate and carefree lives. There are several ‘takeaway’ principles that are presented to the reader. I will be focusing on the five concepts and ideas that impacted me the most.
For this essay I will use the number 2 and 3 definitions of wealth and the number 2 definition of opportunity
Wealth is a diverse topic amongst many people, it’s talked about widely and there is a lot of books, journals, and statistics - that I will use in my paper - but were written based on what other people have found to be true. These sources I have chosen to use talk about the factors, struggles, and lifestyle lived based on being wealthy or not.
I’m technically an entrepreneur since I own my own business. This is a convenient vehicle to support my work and lifestyle, but making money isn’t my primary aim, nor is building a business empire. I do enough income-generating work to maintain a positive cash flow, so I can devote most of my time and energy to discovering, testing, and sharing ideas that benefit people. I'd rather create and hold wealth in the form of elegant insights, positive relationships, and social goodwill, as opposed to personal assets or
Ultimately, sunk costs have a clear influence on the decisions of the people due to have medium to lose, and the emotional attachment to the fail. Not knowing how to control this type of feelings or unwilling to accept the reality may incur that bad decisions are made at virtually all stages of life.
Whatever one thinks about all the time tends to happen, hence the title “Think and Grow Rich.” Using the examples of past success, such as his son and Edwin C. Barnes, Hill shows how a burning desire, persistence and other principles, if done effectively, can be combined to create favorable conditions towards success. This book is written to guide anybody, in any occupation, with everyday endeavors, because new inspirations can always be found. Hill stresses principles, methods that have to deal with the mind because it is a powerful weapon. This book was written during the Era of the Great depression, and it could still be used for modern day situations because the techniques, teachings and instructions do not get old.
One area in which you can save money on is the purchase of auto parts . If you can save on this you will
When you hear the term “used car”, what is the first thing that comes to mind? Some may think of an old rusty Cadillac that belongs in a junkyard. Others may think of that nice Camaro at the used car dealership for sale. Over the years, used car sales have skyrocketed. In 2012, over 40.5 million used cars were purchased in the United States (Atiyeh, 2013). Used cars are in high demand in today’s economy because of the lower prices, slightly higher gas mileage, and that they can be more trustworthy against some of the newer models. With used car sales always climbing, how do buyers know what they are looking for in a vehicle? How do they come down to the final decision of where to purchase the vehicle? Most importantly, how can buyers make sure that they do not get scammed? This paper will take you through the process of purchasing a used vehicle, from deciding on a budget, all the way to the final purchase of your “new” car.
We all dream in the day we get to purchase our first vehicle. The day we stop asking our parents to take us here and there. Some may say buying a vehicle is a pain in the you know what. It can seem like a stressful situation if you're not familiar with the process. However, working in the car industry has taught me valuable tips and tricks that will help me teach you to save money when car buying.
In conclusion, the best way to manage your money is to keep a budget and record all your transaction to see where your money is going. Living with a budget isn’t the easiest thing in the world, but it can be a great alternative to worrying about how you are going to pay for your expenses. Budgeting allows you to create a spending plan for your money; it ensures that you will always have money for the things that are important to you. Following a budget will also keep you out of debt. If you don’t balance your budget and spend more than you make, you will have financial problems. Many people don’t realize that they spend more than they earn and slowly sink deeper into debt every year.
In conclusion always think about how to spend your money rather than how to earn. Be cautions of products and think of how much you want to spend on a specific product always asses what you need and this of how to refrain from impulse buying. Don’t deprive yourself from buying what you love, instead budget yourself and think according. Separate you necessities from other luxuries. If you balance out your spending and savings saving money would definitely get easier. Saving money is being able to control and know how to spend your money wisely.
With convenience comes cost. There are many costs associated with owning a car. Firstly learning to drive can be prohibitive, with lessons often out of a lot of peoples budgets. Once you have passed your test buying a car can also prove expensive. It is often the case we have to buy cheap second hand cars as new cars are very expensive. Sometimes this is fine and you can have a reliable car, but other times you pick one up that’s not been well maintained and can cost you a fortune in repairs and keeping it on the road.
Becoming wealthy is all about a mixture of hard work, making wise decisions, and investing your money and time into areas that will lead you the highest return of investment. There are very few businesses and ideas that will lead you to a million bucks or more within a short period of time. In this article, you'll learn the basics of being filled with wealth and how to bring money into your life. You'll discover different ideas to help you lead a life where money just flows into your life.
In my conclusion, it is very important to save for the beneficiary of the upcoming future. Simply setting aside a percentage of the income received each paycheck will be the backbone to an unexpected situation. Emergency reasons, retirement, and luxury spending can all be obtained if one is mindful of their spending. Money is the biggest cause of stress in America today and mindful everyday spending can lead one to experience real financial freedom. The earlier an individual begins to save in life, the more financially stable they will be in their