Which of the activities explored during Chapter 4 has had the most impact on you? In other words, which activity surprised you the most or from which activity did you learn the most?
** Choose one of the activities and explain why it impacted you. How do you feel this particular activity will influence you as you start on your financial journey?
**Please make sure you reply with original thoughts and use complete sentences.
**This blog is due Tuesday, November 13, 2018 at the BEGINNING OF YOUR CLASS PERIOD.
**REMEMBER: SPELLING, PUNCTUATION AND GRAMMAR COUNT!!
** Choose one of the activities and explain why it impacted you. How do you feel this particular activity will influence you as you start on your financial journey?
**Please make sure you reply with original thoughts and use complete sentences.
- Rent to Own
- True Cost of Ownership
- Making the Minimum
- Hidden Costs of Credit
**This blog is due Tuesday, November 13, 2018 at the BEGINNING OF YOUR CLASS PERIOD.
**REMEMBER: SPELLING, PUNCTUATION AND GRAMMAR COUNT!!
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ReplyDeleteMaking the minimum really affected me because it shows you have to put in the extra. Instead of just paying off what the credit company asks, you need to give more, otherwise you'll end up paying more in the end. But in reality it has shown me not to use a credit card. This also ties into the hidden cost of credit. Credit cards might look super easy and accessible but if you don't pay them off and you keep spending, you're debts/credit will be hurting.
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ReplyDeleteI enjoyed doing the True Cost of Ownership activity! I was surprised that the car I wanted wasn't necessarily too expensive. Another thing that surprised me was that the difference between the model years really had no significant change. I think this website would be very helpful when I go to purchase my next car as I can compare and contrast, ensuring that I am getting a good deal, even if the model year isn't the newest. Looking at this website also showed me how much is costs to drive my personal car. Some costs of driving ranged from $0.19 all the way up to over $2.00, that is insane!
I feel the Rent to Own activity had the most impact on me. I realized that you could waste a lot more money by renting something rather than buying it. If you save up your money and wait to buy an item, you avoid a crazy rate of interest. This activity will make me avoid renting certain items and instead take the time to save up my money. By doing this, I won’t pay high interest on items that aren’t worth it.
ReplyDeleteI think that the True Cost to Ownership and the Rent to Own. The Rent to Own should be how silly it is to buy items before you have the money, just because one might think they deserve to have this now. Holding over a 100% worth if interest is nuts and so not worth it. I mean 6% is a lot. The True Cost to Ownership showed me that a new car normally is not worth the price, because of the depreciation of a car falls so much in two years. A car is still good even if it's two to four model years old. There's also so much else to think about with cars than I originally thought and that really needs to factor into my cost
ReplyDeleteThe Rent to Own activity had the most interesting information in my opinion. It shows how important it is to save money and actually buy items with cash. Some people paid over 100% interest on an item that could be found for way cheaper someplace else. Renting isn't always the best option and it's important to look at various places. The Rent to Own website really takes advantage of people even if they aren't aware of the cost.
ReplyDeleteI think that the rent to own activity had the most impact on me. It is crazy to see how much more people will pay for something to just get it right away rather than save up and pay so much less. I didn't realize websites like these were even around. It is eye-opening to me that people actually use these websites because of how much more expensive the thing is they want, it makes me wonder if they even do the math and compare prices from different places. It's crazy to see the percentage of interest is charged using these kinds of websites. It is absurd for people to believe in this madness, but it is sad that they actually do!
ReplyDeleteI feel as the Rent to Own activity was very effective and know I understand that those company are just trying to rip you off. They lure you in by offering items such as a expensive couch for $20. The only catch is you pay that $20 every week for many many weeks. By the naked eye, this seems like a great idea because you can gradually pay for you item overtime, not paying for it all upfront but you always end up way overpaying for you item. It's just the better idea to save up for whatever you want and pay for it all at one time. You'll save yourself more money than you'd think.
ReplyDeleteThe True Cost to Own activity was really eye-opening for me. New cars are nice and everything, but are totally a waste of money. If you can look past the status symbol, you will realize cars are just meant for driving and getting where you need to go. A car does not need to be brand new to do this. If you are financially stable and can afford to lose money on a luxury car, that is understandable. But you begin losing money the second the car is driven off the lot, so driving safe used cars saves much more money.
ReplyDeleteThe Rent to Own activity was the biggest eye opener to me this chapter mostly because I did not know that this method existed. At first, it sounds like a great plan. When you merely glance at the numbers, paying only $7.99 a week for 78 weeks does not sound so bad. When we investigated these numbers a little more, the amount of interest these people pay by using the Rent to Own method is insane! I know know that this option is a very poor one and in the future, it is better to save up and pay for items in cash than to ever have to pay payments, especially with Rent to Own.
ReplyDeleteThe rent to own activity really shocked me. Advertisements make it out to be a great idea and a really good way to save money. In reality, it costs so much more. The fact that using cost to own can make a product cost 600% more than it would have is insane. I also was surprised to see the heavy marketing that went into getting people to use the website. It told us that we deserve super expensive things, and that the website was the best way to get them.
ReplyDeleteIn this chapter, the rent to own surprised me the most. I don't feel that people who use these cites know about the math. I also believe that none of them even take time to do the math of what they're spending versus what they could be spending elsewhere. It amazes me that one of the items I found ended up having an interest rate of 814.52%. That was on a somewhat outdated phone. That is ridiculous and it is all a scam. People need to take the time to do the math and look for alternatives before caving into the low payments. They win people over by having a low payment each week, but that all adds up fast. They end up spending way more money than the item is even worth.
ReplyDeleteThe True Cost of Ownership activity impacted me the most. It surprised me how the value of a car can remarkably drop within a couple years. Buying a 2016 car over a 2018 car saves you a lot of money, and usually are just as nice as the newer one. The new car is not worth spending the extra money because the depreciation of the vehicle drops significantly as every second passes. Buying a safe, reliable car is better than buying an expensive one. Hopefully in the future, I can use this website when I buy a new car!
ReplyDeleteRent to own impacted me the most because I was going to do rent to own but after lerning about it and knowing how crapy it is. I didnt do it. It will influence me later on in life because my kids might do it but I hope I can teach them not to.
ReplyDeleteI think rent to own impacted me the most. It made me notice the differences and how much the differences are to searching for the better deal than settling for the first choice. There is always a better deal out there and it is worth looking for. My family bargains for things so I'm already used to finding the better deal. Doing the rent to own worksheet made it more realistic as to what was happening while renting objects.
ReplyDeleteSo when was paying attention rent to own caught my ears. It showed me waiting for something is a better deal 9 times out of 10. There is so many better deals rather then rent to own. It helped me not to just look at what the website says and to actually do the math and see if it is the best deal for me.
ReplyDeleteI enjoyed rent to own the most out of all of the assignments because I found it interesting just how much more you spend by having a weekly payment, rather than just saving up. Most of the items on the website were even luxuries, like TVs, gaming systems, electric fireplaces, objects you don't really need and could definitely wait to buy. By paying a weekly cost the interest rate spikes incredibly and you could pay quadruple the cost of the item's price at a department store. The main problem in this situation is being too impatient to wait until you have enough money, which will probably be far sooner than when your weekly payments stop, and there are far cheaper alternatives you can use until you have enough money for what you're looking to buy. I found this assignment the most significant to see just how much of a scam rent to own sites can be.
ReplyDeleteI enjoyed doing the debt snowball activity, because I found it easy to do. I comprehended it really well and it has taught me I don't want to get myself in debt. It can take a while to get out of debt and I could be saving that money. The money I save instead of getting into debt can be put to purchases things with cash. If I get in debt, I now know how to get out of it, by getting rid of the smallest debt first. I felt this activity applied to my life the most as well, because in the future when I want a new car or look at buying a house, I may have to take a loan out, which will put me into debt and I will need to know how to get rid of it to start saving.
ReplyDeleteI thought the rent to own was a very informative assignment. It was interesting to see the cost differences of straight up buying the item and renting it. I learned that rent to own is defiantly a scam and I would now never partake in it. I know now that saving up for luxuries like TV's or Appliances like refrigerators and microwaves is a lot more cost effective than just renting it.
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