Assignment 1: Financial Planning
1. Describe two examples of important things that financial planning skills can help you do, and explain why these things are important to you personally.
Well, financial planning skills can help you do many important things. For starters it can give you a better foundation for the future. In other words it helps your stability, you don’t have to worry about where you rent money’s going to come from cause you are financially stable from that foundation you built. Lastly, it gives you freedom and the sense of security. It’s never good when you have to live paycheck to paycheck.
2. List two examples of goods you have purchased in the past or may purchase in the future.
Two goods I’ve bought in the past were a necklace and a phone.
3. List two examples of services you have purchased in the past or may purchase in the future.
Two examples of services I’ve purchased on the past would be plumbing and babysitting. 4. One of the functions of money is as a store of value. How does inflation affect money's ability to store value?
Inflation affects money’s value by dropping the price to a low rate. This also affects store value in many ways. Most importantly it causes the price of certain products to go up at a certain rate. 5. Imagine that you are considering moving to a new country and looking for a job there, but you first want to make sure the country has a strong economy. Describe at least three economic factors that you would want to research as evidence of the economy's strength or weakness, and explain how each factor would affect your decision to move there.
If I’m considering moving to a new country and looking for a job there, the first economic factor that I would research on would be unemployment rate. That would give an idea of the competition for jobs, if the unemployment rate been low for years and years you would already know the competition there is really hard.
The second economic factor would be the Gross Domestic
Well, financial planning skills can help you do many important things. For starters it can give you a better foundation for the future. In other words it helps your stability, you don’t have to worry about where you rent money’s going to come from cause you are financially stable from that foundation you built. Lastly, it gives you freedom and the sense of security. It’s never good when you have to live paycheck to paycheck.
2. List two examples of goods you have purchased in the past or may purchase in the future.
Two goods I’ve bought in the past were a necklace and a phone.
3. List two examples of services you have purchased in the past or may purchase in the future.
Two examples of services I’ve purchased on the past would be plumbing and babysitting. 4. One of the functions of money is as a store of value. How does inflation affect money's ability to store value?
Inflation affects money’s value by dropping the price to a low rate. This also affects store value in many ways. Most importantly it causes the price of certain products to go up at a certain rate. 5. Imagine that you are considering moving to a new country and looking for a job there, but you first want to make sure the country has a strong economy. Describe at least three economic factors that you would want to research as evidence of the economy's strength or weakness, and explain how each factor would affect your decision to move there.
If I’m considering moving to a new country and looking for a job there, the first economic factor that I would research on would be unemployment rate. That would give an idea of the competition for jobs, if the unemployment rate been low for years and years you would already know the competition there is really hard.
The second economic factor would be the Gross Domestic