4.09 Debt and Wealth

Last updated 7 months ago

18 questions

Note from the author:

Instructions

4.09 Debt and Wealth

Last updated 7 months ago

18 questions

Note from the author:

Instructions

Do you think being successful means being debt-free? Why or why not?

EDPUZZLE: Is There Such a Thing as Good Debt? 📷10 min
Debt is personal and people’s opinions on debt range widely. Is debt the pathway to building wealth? Or is it a trap keeping you from wealth? Watch this video and follow your teacher's directions to answer the questions either in your student activity packet or within the EdPuzzle itself.

INFOGRAPHIC: What’s My Net Worth? 📷7 min
In the previous resource, you learned about how good debts and bad debts impact your wealth. One way to measure wealth is called net worth. Study the infographic to learn how to calculate your net worth. Then, answer the questions.

VIDEO: Buy, Borrow, Die: How America's Ultrawealthy Stay That Way 📷5 min
Debt is a key part of wealth building for one particular group of Americans. Watch the video to learn how the wealthy use debt. Then, answer the questions.

All of the following are true about access to credit in the United States, EXCEPT…
Access to credit can make it easier to build wealth__________
Access to credit is equal across race and income level__________
There are laws against credit discrimination based on characteristics including race, age, and gender__________
There are laws requiring lenders to offer accurate credit information, like the interest rate and total cost of a loan__________

4.09 Debt and Wealth

4.09 Debt and Wealth

Do you think being successful means being debt-free? Why or why not?

EDPUZZLE: Is There Such a Thing as Good Debt? 📷10 min

INFOGRAPHIC: What’s My Net Worth? 📷7 min

VIDEO: Buy, Borrow, Die: How America's Ultrawealthy Stay That Way 📷5 min

Do you think being successful means being debt-free? Why or why not?

EDPUZZLE: Is There Such a Thing as Good Debt? 📷10 min

INFOGRAPHIC: What’s My Net Worth? 📷7 min

An asset is a resource that someone owns that has value, like furniture or a house that could be sold for money. How could debt help you build your assets?

VIDEO: Buy, Borrow, Die: How America's Ultrawealthy Stay That Way 📷5 min

In your own words, define each step of the “buy, borrow, die” strategy

Buy:_______

Borrow:_______

Die:_______

How does the “buy, borrow, die” strategy help the wealthy maintain and accumulate wealth?

Why does this strategy primarily work for people who are already wealthy?

Part I: Research Credit Protections

Choose one of the credit protections described above. Why is it important?

These laws largely work by allowing borrowers to file a report or lawsuit in response to violations. Do you think that is enough to prevent unfair credit practices? Why or why not?

Do you think there are any important protections are missing? Why or why not

Which of the following is the best definition of a “bad debt”?
A debt with a low interest rate
A debt that decreases your credit score over time
A debt that decreases your net worth over time
A debt that is used to buy something that increases in value over time

Which equation best defines net worth?

Good debts are incurred for things that are expected to…

Summarize: What is the difference between how Robert Kiyosaki and Dave Ramsey approach debt?

How does buying something with debt tend to impact people's spending, compared to buying with cash?

According to the video, what TWO questions should you ask yourself when making decisions about debt?

An asset is a resource that someone owns that has value, like furniture or a house that could be sold for money. How could debt help you build your assets?

In your own words, define each step of the “buy, borrow, die” strategy

Buy:_______

Borrow:_______

Die:_______

How does the “buy, borrow, die” strategy help the wealthy maintain and accumulate wealth?

Why does this strategy primarily work for people who are already wealthy?

Part I: Research Credit Protections

This is a copy of the chart you will fill out on google docs.

I filled in this chart. If I do not have a copy I will ask Mrs. Pariseau for a copy.

Choose one of the credit protections described above. Why is it important?

These laws largely work by allowing borrowers to file a report or lawsuit in response to violations. Do you think that is enough to prevent unfair credit practices? Why or why not?

Do you think there are any important protections are missing? Why or why not

4.09 Debt and Wealth

4.09 Debt and Wealth

Do you think being successful means being debt-free? Why or why not?

EDPUZZLE: Is There Such a Thing as Good Debt? 📷10 min

INFOGRAPHIC: What’s My Net Worth? 📷7 min

VIDEO: Buy, Borrow, Die: How America's Ultrawealthy Stay That Way 📷5 min

Do you think being successful means being debt-free? Why or why not?

EDPUZZLE: Is There Such a Thing as Good Debt? 📷10 min

INFOGRAPHIC: What’s My Net Worth? 📷7 min

An asset is a resource that someone owns that has value, like furniture or a house that could be sold for money. How could debt help you build your assets?

VIDEO: Buy, Borrow, Die: How America's Ultrawealthy Stay That Way 📷5 min

In your own words, define each step of the “buy, borrow, die” strategy

Buy:_______

Borrow:_______

Die:_______

How does the “buy, borrow, die” strategy help the wealthy maintain and accumulate wealth?

Why does this strategy primarily work for people who are already wealthy?

Part I: Research Credit Protections

Choose one of the credit protections described above. Why is it important?

These laws largely work by allowing borrowers to file a report or lawsuit in response to violations. Do you think that is enough to prevent unfair credit practices? Why or why not?

Do you think there are any important protections are missing? Why or why not

Which of the following is the best definition of a “bad debt”?A debt with a low interest rateA debt that decreases your credit score over timeA debt that decreases your net worth over timeA debt that is used to buy something that increases in value over time

Which equation best defines net worth?

Good debts are incurred for things that are expected to…

Summarize: What is the difference between how Robert Kiyosaki and Dave Ramsey approach debt?

How does buying something with debt tend to impact people's spending, compared to buying with cash?

According to the video, what TWO questions should you ask yourself when making decisions about debt?

An asset is a resource that someone owns that has value, like furniture or a house that could be sold for money. How could debt help you build your assets?

In your own words, define each step of the “buy, borrow, die” strategy

Buy:_______

Borrow:_______

Die:_______

How does the “buy, borrow, die” strategy help the wealthy maintain and accumulate wealth?

Why does this strategy primarily work for people who are already wealthy?

Part I: Research Credit Protections

This is a copy of the chart you will fill out on google docs. I filled in this chart. If I do not have a copy I will ask Mrs. Pariseau for a copy.

Choose one of the credit protections described above. Why is it important?

These laws largely work by allowing borrowers to file a report or lawsuit in response to violations. Do you think that is enough to prevent unfair credit practices? Why or why not?

Do you think there are any important protections are missing? Why or why not

Which of the following is the best definition of a “bad debt”?
A debt with a low interest rate
A debt that decreases your credit score over time
A debt that decreases your net worth over time
A debt that is used to buy something that increases in value over time

This is a copy of the chart you will fill out on google docs.

I filled in this chart. If I do not have a copy I will ask Mrs. Pariseau for a copy.