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FINANCE - Group 9 (SAVINGS (Saving a little makes a difference,…
FINANCE - Group 9
SAVINGS
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By putting more money in your savings, your account will double up to a higher amount
If you are looking to save money, you may be interested in a CD
PAYMENT TYPES
While it may be easier to pay in just cash, it can be handy to have some sort of card
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Loans build up interest, so you end up paying more than you would by just paying for the total cost up-front
Payday loans have a high interest rate, and will most likely put you in debt
CREDIT SCORES
The higher your credit score, the better loans you will get. Having a high credit score means you are reliable
The lower your credit score, the more likely that companies will not trust you to lend their money. It also may mean that you can't get a house that you want, it may even effect your vehicle options
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Your credit score stays high when you pay things on time. You have the option to pay the minimum, and it won't affect you badly (For your credit score, the price will go up because of interest though)
INSURANCE & TAXES
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If you don't pay all of your taxes, there will be a large fine that you will have to pay
In the long run, insurance may be expensive, but when you have to use it, chances are that you will be saving when a bad event happens
FINANCING HIGHER ED
The better your education, the better you will get.
If you stop going to school after you graduate from high school, you will be making less than someone who went to college for only two years
By going to college for four years, you will be making nearly twice as much as you would have if you decided to only go two years
RENT VS. OWN
If you rent, most of the time you will not have to buy appliances
If you buy, you will have to sell your home in order to move out, you may find that it will be expensive to move
If you rent, you have to stay until the contract is up, or pay a fee
INVESTING
By investing you will allow yourself to spend money on a business, in hopes that they will become large, and you will be making money from their profit.
Investing is not the safest way to use your money, it is a big game of risk
There are investment loans, but because they are usually so safe, their profit is small, and the time you have to wait to get the money back can be a bit of a hassle
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CONSUMER PROTECTION
Try not to use online stores, for some of them may steal your information and take your identity