I connected more with the "Wary Owl" money bird. Wary owls are very vigilant with their money. They don't like spending it. They also have trust issues with their money and don't like other people being able to access it. I relate to this more than the other options we were given. I have trouble spending large amounts of money at a time. Smaller purchases are not a problem for me, so big investments make me nervous.
Social Values
My subconscious money value tested me to have social values. People with social values normally like to budget and share expenses with a like minded person, as well as give to charity and participate in public service work.
They kind of contradict each other, one wanting to share expenses and another that doesn't trust people with their money. Charity is another thing that doesn't fit. 'Wary Owl's are extremely vigilant with their money and would most likely not give to charity. Public service work is OK with the money bird since it doesn't cost money.
A close second was inner values, which fits a lot better with my money bird and personal values. I don't agree with what the test gave me, although i do like doing public service work.
Currently, i feel like Cashapp is the best bank for me. Its a online bank where you can send, receive, and save easily. The app is super easy to navigate. You can also use it as a direct deposit and get paid up to 2 days earlier! It also have investment options and bitcoin.
Savings Account PSA
Me and my group made a PSA about savings acounts, and how everyone should have one no matter where you are in life.
Here's the script:
Introduction -
Ashton : This PSA will highlight the benefits of opening a savings account, focusing on the importance of financial security and future planning.
Ashton : This is one of the first topics we covered in class.
Explanation -
Nakeyla : Everyone needs a savings account.
Nakeyla : Opening a savings account helps college students manage their finances and save for future expenses like textbooks, tuition, or unexpected costs. Even small deposits over time can build up, reducing financial stress and building good saving habits.
Nakeyla : For young adults just starting their life, a savings account is crucial for building an emergency fund, saving for a house or car, or investing in their future.
Nakeyla : Lastly, a savings account is vital for retirees to manage their income and cover any unexpected expenses. It provides easy access to funds while offering a safe place to store their savings. This ensures they have money for medical bills, home repairs, or travel.
Conclusion -
Alera : This PSA emphasizes the importance of savings accounts for people of all ages and at different life stages. From college students building good financial habits to young professionals plannings for the future and retirees managing their income.
Alera : A savings account offers security and peace of mind. We encourage everyone to save no matter where you are in life.
Cryptocurrency is a kind of digital money that uses special technology to keep it secure. Unlike regular money, it's not controlled by the government or bank. Instead, it uses a system called blockchain, which is like a public ledger that records all transactions.
What is The Stock Market Game?
The Stock Market Game is an educational simulation that allows players to trade stocks and understand the workings of the stock market without risking real money. Players are given a virtual portfolio and a set amount of virtual currency to invest. The game uses real-time data and news to mirror actual stock market conditions, allowing players to buy and sell stocks as they would in the real world. The goal is to grow the virtual portfolio by making smart investment decisions. Its a great way to practice investing!
Would you rather receive $1,000 now or $100 each month for the next two years. Explain your choice.
$100 each month for the next 2 years. I would save up that $100 every month, and come out with $2,400, completely doubling the $1000. I know I need that money for my future more than I need it now. I would put the money in a savings account i can't access until a given time (a CD).
Would you rather spend your money on experiences like concerts and trips or material possessions like clothes and technology? Explain your choice.
Experiences all the way. I love doing things with friends and family that will create moments and memories that will last forever. I think its so much more important than materialistic things. I own plenty of things, but i have a lot more things to experience.
Think about how you currently spend your money. What goods and/or services do you spend your money on?
A lot of the time i spend my money at work. I work at Ross Dress for Less so the prices are pretty cheap on everything. Other than that i spend it on food and Lyfts/Ubers for me and my friends. Occasionally I'll go out to do something fun with friends or even school field trips. I don't have any financial responsibilities at this point in my life, so my money goes to random places, but i hope to start a savings account soon.
What factors influence your decision to buy (or not buy) something? Friends? Advertisements? Emotions? Social media? Celebrities and/or influencers? Need? Something else or some combination of these?
Theres a lot of things that influence my spending. I work at a discount store to sometimes its hard to say no to those low prices. Other than that its a combination of need, friends, habit, and advertisement.
In what ways might your consumer decisions impact others? (Think about family and friends, businesses, environment, etc.)
I wouldn't say me spending money effects anyone but me for now, at least with my personal relationships. I'm living at home with my family so i don't have any finical responsibility yet. The only things i would like to do better is when i get new things, donate the old stuff to charity. I feel like i buy a lot and don't give as much back. I also would like to cut down on the amount of throw away plastic i buy, that has a environmental impact.
How can you practice personal finance skills right now? How might practicing these skills better prepare you for adulthood?
I really think getting a car and starting to pay insurance would help me practice my finance skills.
My Dream Car
(affordable option)
2024 Jeep Grand Cherokee (SUV)
$38,290 starting price
22 miles to the gallon
We were asked to find two articles about the advantages or disadvantages of a flat tax system :
Summary:
The article discusses whether the U.S. should switch to a flat tax system, where everyone pays the same tax rate.
Here are the main points:
Pros: A flat tax could help the economy grow, be more fair, and be easier to understand. Some countries, like Estonia, saw their economies grow quickly after using a flat tax.
Cons: It might not share wealth as well, could be harder on middle and lower-income families, and could lead to tax rate wars between countries. Some people don't think a flat tax is the only reason for economic growth in countries that use it.
The article concludes that it's unlikely the U.S. will switch to a flat tax system soon, as it currently uses a tiered tax system.
Summary:
The article discusses the downsides of flat income taxes, where everyone pays the same percentage of their income, compared to graduated tax systems, which tax higher incomes at higher rates.
Here are the main points:
Flat taxes can be unfair, causing wealthier families to pay a smaller portion of their income in taxes compared to middle and lower-income families.
Income taxes help balance out other taxes, like sales and property taxes, which can also affect lower-income families more.
Claims that flat taxes boost the economy or make the tax system simpler are not supported by evidence.
The article concludes that flat taxes increase inequality and are not good for government budgets or most families.
Critical Response:
Both articles make good points, but they have different opinions. The first article talks about the pros and cons of a flat tax, suggesting it would help the economy grow and be simpler, but also acknowledges it might not be fair to everyone. The second article focuses on why flat taxes might not be a good idea, saying they can be unfair to lower and middle-income families and that they don't necessarily boost the economy.
Note: I made the script too long and did not have time to re-write it, so its not really a Pecha Kucha. Apologies.
Access the video HERE