These are students’ posts. you may answer with facts or opinions to their statements.
1) My two lowest scores were in the topics:
Know when and how to find qualified financial planning professionals.
Consider opportunity costs and marginal effects in making personal finance decisions.
These will be important in my personal finances, because if I ever need to find qualified professionals to help me gather all my financial information, I need to know how to find someone who is trained, educated, professional and accredited. I also need to study up on opportunity costs and marginal effects if I ever start my own business, or if I am buying from a business. Understanding the costs of things before investing or spending my money is important.
My financial goal for the next few years is to save as much as possible, at least 5,000 to put a down payment for a new car. I need to save $5,000 for new Hyundai Accent in 2024. Measuring my income, to how much I will save each paycheck. This goal is achievable in the time frame because I don’t have an abundance of bills at this time. I definitely need to keep in mind that not only will I need a down payment but I will need to be able to make payments as well. The 3 years I have put aside for this goal will match up to my graduation, and just in time as a graduation present to myself.
An example of an opportunity cost that is related to my financial goal is deciding not to go on a vacation that would set my goal back. The opportunity cot would be the money I would have spent on the vacation.
2) Question #2: $360 for 10 years would be 6,445 now for 20 and 30 years will be different $360 for 20 years would be 12,684 last but not least $360 for 30 years would be 19,081
Compound interest allows investments to work in your favor. Also the earlier you save money the better but the longer you take to pay off your Compound interest debt the higher they will become.
Now Inflation from 1966 to 2019 starting at 2,000.00 which is the price value the Equivalent inflated value would be 14,179.35 i did some more of these which are from 1974 to 2019 the starting price value was 1,487.99 and the equivalent inflated value would be 8,039.29 now Inflation means you can pay for more for the same goods and services. Inflation incerases your cost of living, raises your prices, lowering your purchasing power and it also lowers the values of pensions, savings,and treasury notes