Professional Documents
Culture Documents
Personal Finance Final Project Example
Personal Finance Final Project Example
Personal Finance Final Project Example
Title Loans
Subprime
Auto Loans
9. Loans to Avoid
The example loan I will avoid is a Payday Loan. The
payday loan I researched was a 2-week loan from
Cash America, with bi-weekly interest rate of 17.7%.
If I were to take out a $300 payday loan to help pay
my bills, heres owe much I would owe (depending
on how much time I take to pay it back.
Time to pay back Amount Due
2 weeks $353.10
4 weeks $415.60
1 year $1380
9. Predatory Loan to Avoid
As the table shows, even if I pay back the loan on
time in 2 weeks, I will still have to pay back $353,
which is much more than I took out the loan for. If I
cant pay it back until 4 weeks later (which is very
possible), then I have to pay back up to $415. So
even if I am responsible and pay back this loan soon
after taking it out, I will still lose a lot of money (either
$53 or $115 according to my examples). If I take even
longer, this loan will put me under a big financial
burden that will limit me from doing what I want to do
with my money for several years.
This course was very beneficial for me and my future. I
learned a lot of valuable information that will allow me
to make the best choices for myself. I learned how to
create goals for myself and achieve them.
I determined my values and learned the first steps in
managing my money. I know now how to save and
invest my money that will benefit me the most.
During the course, I learned about credit and debit. I
learned about loans which will help me with going to
college or when I want to buy a house or car. I also
learned which loans to avoid!! The lessons taught me
about being smart with a credit card and what a credit
report is.
The course also taught me about choosing a career that
is right for me. It taught me about employee benefits and a
salary. I learned about saving for retirement and I know that
the early I start saving the better off I will be. I have learned
how to break my income up and what money I should
spend where. When I buy and I house or car I understand
how to make big payments intelligently. I know that I need
to pay off more than the minimum every month, if I can, to
keep the interest as low as possible. I have learned about
different banks and what they offer. I also learned about
insurance and how to protect my items. The course taught
me about a will and how to take care of my assets.
Everything I have learned will make my future easier. I will
be happier because I will make less mistakes with my
personal finances. I can use what I have learned to help
family and friends with their personal finances as well. It is
very nice to learn about something that will benefit me in
the real world.