Use the booklet “Why Economics?” to complete the following assignment. This is an individual assignment.
Students grow up in entirely different households and cultures.
What kind of family culture did you grow up in? Was ‘saving’ a natural thing to do in your family? Were you taught to save? Were you expected to save whenever you received money? Were you given rules or advice for saving? Who taught you what you know about money?
Do you think you could save $1,000 over the course of one year? What would it take to motivate you to accomplish such a goal? What would be some of the challenges to achieving such a goal?
At what age do you think you will get serious about the need to save?
Saving can be difficult when there are so many things people need or want to spend their money on.
Do you currently save on a regular basis?
Would you rather have an account (either checking or saving or both) with a bank or a credit union? Explain why.
Have you ever used an app to help you save money? If so, which one do you use? Why did you pick that one to use?
Once you begin to save, it is natural to become interested in investing your savings.
What kind of job do you anticipate after you graduate?
Investigate a company that hires people for the kind of work you wish to do after you graduate. What is the name of the company? Does the company offer a retirement plan for its employees? If so, is the plan a pension plan, a 401(k), or a 403(b) or something else?
If the company doesn’t offer a retirement plan and you go to work at that company, how will you save for your “retirement years?”
One way to prepare for life after working (retirement) is to speak with someone who can give you some guidance. Be forewarned – there are many people who want to give you advice.
Explain the difference between a “credit advisor” and a “financial planner?”
Under what circumstances would someone seek the advice of a credit advisor?
Under what circumstances would someone seek the advice of a financial planner?
Have you ever listened to a financial planner on the radio, at a presentation or in person?
List at least one question you would like to ask a financial planner?
Share the information in these two chapters with someone who is working full time; preferably a parent(s) and/or a relative. With whom did you speak? How did the conversation go? What was their reaction and/or feedback?
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