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Unit 3: First Look at Personal FinanceDocument 1: What type of information is included in a ‘credit score’? What type of information is not included? Why?Make an educated guess about what a credit score is used for. Document 2: What is written on the tablet/document each graduate is holding?How do you feel about the about of debt college graduates usually end up accumulating?How are you planning to minimize your college debt or your debt in general?Document 3What is a pyramid scheme, in your own words?Can you think of an example of a pyramid scheme?What other types of scams are there? Document 4Monthly income (for a $25,000/year job)$2,083TaxesSocial security, medicare, Federal income tax, state and local income taxesEssential ExpensesRent, utilities, phone, cable, internet, transportation, car insurance, groceries, health insurance, medicineFinancial PrioritiesStudent loan payments, credit card payments, retirement fund, emergency fundLifestyle expensesPersonal items, dining out, entertainment, clothes, travel, gifts, etc. For each blank box, write out how much of the monthly and yearly budget you would spend in that category of spending.Which area do you think you would make cuts in if you lost your job? Why?Which area do you think you would spend more money on if you doubled your salary? Why? Document 5Which state has the most credit card debt? Which has the least?How does North Carolina compare with the rest of the country?Which state has the highest number of months it would take to pay off the debt? (look at the circles)Document 6Dave Ramsey's 7 Baby Steps will show you how to save for emergencies, pay off all your debt for good, and build wealth. It’s not a fairy tale. It works every single time!BABY STEP 1Save $1,000 for your starter emergency fund. In this first step, your goal is to save $1,000 as fast as you can. Your emergency fund will cover those unexpected life events you can't plan for. And there are plenty of them. You don’t want to dig a deeper hole while you’re trying to work your way out of debt!BABY STEP 2Pay off all debt (except the house) using the debt snowball (The debt snowball method is a debt reduction strategy where you pay off debt in order of smallest to largest, gaining momentum as you knock out each balance. When the smallest debt is paid in full, you roll the money you were paying on that debt into the next smallest balance). Next, it’s time to pay off the cars, the credit cards, and your student loans. Start by listing all of your debts except for your mortgage. Put them in order by balance from smallest to largest. This is called the debt snowball method, and you’ll use it to knock out your debts one by one.BABY STEP 3Save 3–6 months of expenses in a fully funded emergency fund. You’ve paid off your debt! Don’t slow down now. Take that money you were throwing at your debt and build a fully funded emergency fund that covers 3–6 months of your expenses. This will protect you against life’s bigger surprises, like the loss of a job or your car breaking down, without slipping back into debt.BABY STEP 4Invest 15% of your household income in retirement. It's time to get serious about retirement—no matter your age. Take 15% of your gross household income and start investing it into your retirement. Start with your company’s 401(k) plan and receive the full employer match. Invest the rest into Roth IRAs—one for you and one for your spouse (if you’re married).BABY STEP 5Save for your children’s college fund. By this step, you've paid off all debts (except the house) and started saving for retirement. Next, it's time to save for your children’s college expenses (that is, if they make it through Algebra II and Chemistry unscathed). We recommend 529 college savings plans or ESAs (Education Savings Accounts).BABY STEP 6Pay off your home early. Now, bring it all home. Baby Step 6 is the big dog! Your mortgage is the only thing between you and complete freedom from debt. Can you imagine your life with no house payment? Any extra money you can put toward your mortgage could save you tens (or even hundreds) of thousands in interest.BABY STEP 7Build wealth and give. You know what people with no debt can do? Anything they want! The last step is the most fun. You can live and give like no one else! Keep building wealth and become insanely generous. Leave an inheritance for your kids and their kids. Now, that's what we call leaving a legacy!What assumptions does this plan make?What benefits would sticking to this plan bring you?What do you think of this plan overall? Is it clear? What questions do you have about it? Document 7Lunchmoney Lewis – Bills Barenaked Ladies – if I had a million dollarsI got bills I gotta paySo I'ma gon' work, work, work every dayI got mouths I gotta feedSo I'ma gon' make sure everybody eatsI got billsAll these bills pile up my deskThey looking like a mountAll the little kids run aroundI can hear their stomach growlThere's a full moon outAnd my girl just keep on howlin'Said she gonna leave me if I don't home with fifty thousandFifty thousand? Ah damn, ah damn, ah damn, ah damnOh man, oh man, oh man, oh manAh damn, oh man, ah damn, oh manI got bills I gotta paySo I'm gon' work, work, work every dayI got mouths I gotta feedSo I'm gon' make sure everybody eatsI got billsWoke up and I bumped my headStumped my toe on the edge of the bedOpened the fridge and the food all goneNeighbor's damn dog done crapped on my lawnHopped in the car and the car won't startIt's too damn hot but I still gotta walkBehind an old lady in the grocery linePraying that my card won't get declinedAh damn, ah damn, ah damn, ah damnOh man, oh man, oh man, oh manAh damn, oh man, ah damn, oh manI got bills I gotta paySo I'm gon' work, work, work every dayI got mouths I gotta feedSo I'm gon' make sure everybody eatsI gotAnd my shoes, my shoesI said my shoesAin't got no soulI got bills I gotta paySo I'm gon' work, work, work every dayI got mouths I gotta feedSo I'm gon' make sure everybody eatsI got bills I gotta paySo I'm gon' work, work, work every dayI got mouths I gotta feedSo I'm gon' make sure everybody eatsI got billsYo momma got bills, yo daddy got billsYo sister got bills, Yo auntie got bills (I got bills)Yo uncle got billsEverybody got bills, everybody got bills, uhSource:? HYPERLINK "" LyricFindSongwriters: Eric Frederic / Gamal Lewis / Jacob Hindlin / Richkard GoranssonBills lyrics ? Sony/ATV Music Publishing LLCIf I had a million dollars (if I had a million dollars)Well I'd buy you a house (I would buy you a house)And if I had a million dollars (if I had a million dollars)I'd buy you furniture for your house (maybe a nice chesterfield or an ottoman)And if I had a million dollars (if I had a million dollars)I'd buy you a k-car (a nice reliant automobile)And if I had a million dollars I'd buy your loveIf I had a million dollars I'd build a tree fort in our yardIf I had a million dollars you could help, it wouldn't be that hardIf I had a million dollars maybe we could put a little tiny refrigerator in there somewhere(You know we could just go up the and hang out)(Like open the fridge and stuff and, girl, there'd be foods laid out for us)(With little pre-wrapped sausages and things, hmm)(They have pre-wrapped sausages but they don't have pre-wrapped bacon)(Can you blame them? Yeah)If I had a million dollars (if I had a million dollars)I'd buy you a fur coat (but not a real fur coat that's cruel)And if I had a million dollars (if I had a million dollars)Well I'd buy you an exotic pet (yep, like a llama or an emu)And if I had a million dollars (if I had a million dollars)Well I'd buy you John Merrick's remains (all them crazy elephant bones)And if I had a million dollars I'd buy your loveIf I had a million dollars we wouldn't have to walk to the storeIf I had a million dollars we'd take a limousine 'cause it costs moreIf I had a million dollars we wouldn't have to eat Kraft dinner(But we would eat Kraft dinner)(Of course we would, we'd just eat more)(And buy really expensive ketchups with it)(That's right, all the fanciest dijon ketchups, hmm)If I had a million dollars (if I had a million dollars)Well I'd buy you a green dress (but not a real green dress, that's cruel)And if I had a million dollars (if I had a million dollars)Well I'd buy you some art (a Picasso or a Garfunkel)If I had a million dollars (if I had a million dollars)Well I'd buy you a monkey (haven't you always wanted a monkey?!)If I had a million dollars I'd buy your loveIf I had a million dollars, if I had a million dollarsIf I had a million dollars, if I had a million dollarsIf I had a million dollars, if I had a million dollarsI'd be richSource:? HYPERLINK "" LyricFindSongwriters: Ed Robertson / Steven PageIf I Had $1,000,000 lyrics ? Warner Chappell Music, IncWhat is the message these two songs are sending about money? What is a difference in the message they are conveying?Which do you think is more in line with how you think about money and why? ................
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