2.1 Saving Basics (Due 9/7/22)
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Last updated 12 months ago
22 questions
Note from the author:
In this lesson, you will learn to:
- Explain how saving is linked to overall wealth
- Describe how saving and investing are different
- Understand fundamentals of saving such as reasons for saving, how much to save, and strategies to enable saving
- Acknowledge the role of delayed gratification in saving
In this lesson, you will learn to:
- Explain how saving is linked to overall wealth
- Describe how saving and investing are different
- Understand fundamentals of saving such as reasons for saving, how much to save, and strategies to enable saving
- Acknowledge the role of delayed gratification in saving
Have you or your family ever saved money for something?
Required
10
Have you or your family ever saved money for something? What were you saving for?
Have you or your family ever saved money for something? What were you saving for?
Required
10
What strategy(ies) did you use to save?
What strategy(ies) did you use to save?
What is Wealth?
Watch this brief video on wealth
Required
20
What does being weathly look like? Represent your thoughts without using words.
What does being weathly look like? Represent your thoughts without using words.
Required
10
What does being wealthy mean to you?
What does being wealthy mean to you?
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10
Do you want to be wealthy? Why or why not.
Do you want to be wealthy? Why or why not.
Required
10
How are wealth and savings related?
How are wealth and savings related?
The Difference Between Saving & Investing
Watch this video and use what you’ve learned to answer the questions that follow
Required
10
Determine whether each action is an example of saving or investing:
Determine whether each action is an example of saving or investing:
Investing | Saving | |
|---|---|---|
Putting $20 per paycheck into an account to help pay for books during college | ||
Contributing 3% of your paycheck to a 401(k) plan offered through your job | ||
Buying shares of stock in your favorite clothing company | ||
Giving your cousin $5000 to help start his business, in exchange for 5% of his monthly profits | ||
Depositing your annual income tax return into an account until you have enough to buy a car |
Required
10
Your friend recently got a pay raise and plans on putting more money into his savings account. You know that he does not have any investments and advise him to open a 401k (this is a retirement investment) instead. He doesn't understand why he should do so. What do you tell him?
Your friend recently got a pay raise and plans on putting more money into his savings account. You know that he does not have any investments and advise him to open a 401k (this is a retirement investment) instead. He doesn't understand why he should do so. What do you tell him?
Learn the Most Important Reasons to Save Money
Read this article that gives 7 reasons why you should consider saving money. Then answer the questions.
Required
10
Which of these types of saving are you already doing? If you are not saving which one would you do first?
Which of these types of saving are you already doing? If you are not saving which one would you do first?
Required
10
Which of these 7 reasons to save is NOT really an example of saving, but rather of investing?
Which of these 7 reasons to save is NOT really an example of saving, but rather of investing?
How Much Should I Save? Kal Penn Explains
Watch this video on how much to save, which also gives some examples of what to save for. Then answer the questions..
Required
10
How much does Kal Penn recommend you save?
How much does Kal Penn recommend you save?
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10
Why does it make sense to start investing right now?
Why does it make sense to start investing right now?
5 Simple Saving Tricks
Read this article. Then answer the questions.
Required
10
Which of the 5 tricks are you already doing?
Which of the 5 tricks are you already doing?
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10
Which of the 5 tricks would be MOST difficult for you to implement? Why?
Which of the 5 tricks would be MOST difficult for you to implement? Why?
Savings Calculator
Use the savings calculator provided to fill in the chart.
You earn $100 per month and want to save 10% in a savings account.
Required
20
Fill out the chart using the link provided.
Fill out the chart using the link provided.
Required
10
Based on what you know about saving and investing, would the totals be the same if you had invested the money, instead of saving it? Why or why not?
Based on what you know about saving and investing, would the totals be the same if you had invested the money, instead of saving it? Why or why not?
Don’t Eat the Marshmallow
Watch this video about a famous psychology study often referred to as the "Marshmallows Study". Then answer the questions.
Required
10
When you were four, would you have eaten the marshmallow?
When you were four, would you have eaten the marshmallow?
Required
10
Reflect on a moment when you were very tempted to spend money on something. Did you end up spending the money?
Reflect on a moment when you were very tempted to spend money on something. Did you end up spending the money?
Required
10
Why is it sometimes SO hard to resist?
Why is it sometimes SO hard to resist?
Exit Ticket
Required
5
What is wealth?
What is wealth?
Required
2
How much of your paycheck should you save according to experts?
How much of your paycheck should you save according to experts?
Required
10
Which of the following statements is TRUE?
Which of the following statements is TRUE?