Day 24

Lesson Objectives

  • Evaluate and refute the myths associated with debt.
  • Apply systematic decision making to identify the most cost-effective option for purchasing a car.
  • Identify various types of mortgage loans and the most cost-effective option for purchasing a home.
  • Evaluate ways that debt can negatively affect your financial future and how to overcome personal debt. 

Assignment 4.2.4

  1. Watch Video 2.3
  2. As you watch the video, record the missing words from page 84 of the textbook as they pop up on the left side of the video screen by filling in this form.  (page 84) .
  3. Discussion Questions:
    1. What does it mean to be upside down on a credit purchase?
    2. What are some of the myths regarding car leasing?
  4. Watch Video 2.4
  5. As you watch the video, record the missing words from pages 84-86 of the textbook as they pop up on the left side of the video screen by filling in this form.  (pages 84-86) .
  6. Discussion Questions:
    1. List some wise decisions you should make when buying a house?
    2. Why are reverse mortgages a bad idea?

Assignment 4.2.5

  1. How much value do you lose on the purchase of a new automobile? Is it the same for each one? Find out how much you will lose in a five-year cycle. Choose a new car to research. Find the “true cost to own” using ​​​​​Edmunds true cost to own calculator.
  2. Make a copy of this Google Sheet and titled it Cost of Ownership-(Your Initials).
  3. Complete the assigned tasks in this document.

Assignment 4.2.6

  1. In your Personal Finance Journal-C4 file in your Chapter 4 folder, complete the next two rows in the table by answering the question listed.