Question

Some of the key words and concepts in this module were: Certificate of Deposit (CD), Loans, Cosign / Cosigner, Interest, Money Market Accounts, Savings Accounts, Types of Credit Cards, Minimum Payment, Balance, Impulse Buying, Credit Bureau, Taxes, Deductions, FICA, Fixed and Variable Expenses, Gross Income, Net Income, Lease, Utilities, Rent, Expenses, Income Taxes, Monthly Income

Reflect on what you learned in this module and how you can apply in your future in 2 paragraphs. Note: Your reflection should incorporate at least 5 of the keywords/concepts (see above) from this unit. (75 points)
At least 5 sentences per paragraph (10 points)
Sources listed if used (5 points)

Answer 1

Personal finance is crucial for my future stability and success. Investing my money is key, one way is through a Certificate of Deposit (CD) or a Money Market Account. Both of these options offer higher interest rates than traditional savings accounts.

Managing my loans and credit is also important. This includes understanding fixed and variable expenses, maintaining a good credit score, and avoiding impulse buying. By being mindful of my spending habits, I can ensure that I am using credit responsibly and avoiding accumulating too much debt.

I must also understand budgeting and planning for future expenses such as rent, utilities and taxes. By understanding my income and expenses, I can create a realistic budget and plan for the future. This includes saving for big-ticket items and understanding the taxes and deductions applied to my income, such as FICA.

I hope this helps :). I also suggest editing this some and not copying completely if you are going to use it.