Unit 5 Lab Questions
1 Why are cars a bad investment? Old cars are cheaper but then you have a lot of repairs. New cars deprecate a lot when you buy them new. Cars eat up money you have to pay for insurance, maintence and finance them.
2 What are some ways that you can save money when buying a car? Don’t buy the first one you see look around for the best deal. Call around and get the best prices on insurance, repair shops and finance charges.
3 What is emergency money? Why would someone need emergency money? Emergency money is having cash on hand when you need it by saving 5 or 10 dollars a week. Use the money for unexpected repairs or if you have to buy something that you really need. The money can earn interest while you’re saving it.…show more content… It cost more in the long run unless you can pay it off quickly because of the high interest rates.
5 What are some of the ways that people waste money? People waste money by buying expensive coffee’s or other drinks every day. Using the ATM’s frequently because of the fees and paying for special ring tones and other extra’s on cell phones.…show more content… Track all spending to see what your spending money on and how much. Cut back on cable by not paying for premium channels drink more water and don’t eat out as much.
7 How can someone build wealth? Make a list of stuff that you have. Buy more stuff that makes money instead of stuff that loses