Presentation on theme: "C AN Y OU A FFORD I T ? Why is it important to be able to comfortably pay for a purchase such as a TV or new watch? Should you sacrifice your savings for."— Presentation transcript:
C AN Y OU A FFORD I T ? Why is it important to be able to comfortably pay for a purchase such as a TV or new watch? Should you sacrifice your savings for a big ticket purchase that is a want and not a need? What would be some examples of a trade off if you were to buy a big ticket item such as a new TV?
A NOTHER E XAMPLE Information from Bank of America
M ONEY P ERSONALITY Q UIZ 1. You head to the mall to buy some pants you know are on sale and you also find a great shirt to match. You don't need it, but it looks great. What do you do? a. Buy it! No hesitation b. Wait until it goes on sale c. Stick to your original plan and just buy the pants!
M ONEY P ERSONALITY Q UIZ 2. You just got a $50,000 inheritance you weren't expecting when Aunt Mary passed away. Your first instinct is to: a. Spend it all on a new sports car! b. Take $10,000 and go on a nice vacation and save or invest the rest of the money! c. Pay off your mortgage and invest in a money market account!
M ONEY P ERSONALITY Q UIZ 3. You decide its time to move out of mom and dads house and out on your own. You have a choice between a great apartment downtown that is perfect but way too expensive. Or an apartment that fits your budget perfectly but is not in a prime location. What do you do? a. Go for the expensive apartment! Location is everything! b. Try to find another option that better fits your budgets and your location! c. Choose the apartment that fits your budget!
M ONEY P ERSONALITY Q UIZ 4. When you are planning for a summer or spring break vacation you typically would…? a. Go when you feel like its your time to go, spend whatever you need to in order to have a good time. b. Make sure you have at least the bulk of it covered through savings and watch for deals so you don't come back too deep in debt. c. Save until you can cover the entire cost of the trip and then some.
M ONEY P ERSONALITY Q UIZ 5. You are getting ready to decide on college. You have a full scholarship at a great school. But you have not received a scholarship from your number one choice. You also have A+ money that you could use at community college for your first two years… What do you do? a. Go to your number one school, you can always pay it off later. b. Use your A+ money and go to community college then transfer to your first choice school, the debt will be less! c. Go to the great school that offered you a full scholarship!!