Before I read Atlas Shrugged by Ayn Rand, I associated a love for money as greediness and materialism. “The words ‘to make money’ hold the essence of human morality.” This statement has changed my view of money and it’s impact on society. In Rand’s book, a character by the name of Francisco d’Anconia gives a speech on the virtue of wealth after being called out for being a depraved product of money. He is scorned for his profits through the downfall of his competitors, but then ultimately talks about the problems his own company faces.
Reading Response: The Mansion: A Subprime Parable The Mansion: A Subprime Parable is a piece by Michael Lewis which tells the story of how he moved from an upper middle class house and lifestyle into a very large mansion, only to discover that renting expensive house wasn’t such a good idea. Lewis’s desire to rent an expensive mansion is a very relatable experience. I think it’s safe to say that pretty much everyone would like to be able to buy nicer things than they can afford.
Good morning. Now, you can either choose to be attentive to my argument or you can choose to inconspicuously take out a phone from your pocket, which is presumably a smartphone. Memory storage for applications and games is entertaining and for sure, but the sole purpose of portable telephones exists to provide efficient and fast communication between parties. But pretend you never heard that, because modern techno companies such as Apple and Samsung don’t want you to know. They’d rather you bust a gut, a lung and a heart to buy that glorious new release of smartphone, equipped with unecessary features for only $800 more from its older model!
In this situation, I have recently graduated with my business degree and have landed a new position at a company I had been researching during my senior year in college. I have been offered a lump-sum, sign-on bonus of $5,000 and have also recently purchased a new condo and car. My personal debt is comprised of these two new purchases as well as my student loans. When considering my debt reduction and investment earnings potential and any applicable taxes I would personally choose to invest the $5,000 sign-on bonus and pay down my debt. In this example, tax rates are stable over the next 10 years and inflation is low and does not change.
Based on the study from University of Toronto, this list of benefits can help a lot to know what the do’s and don’ts are about financial literacy. It tells us to: Save money! Free up resources to do what you want. Be able to navigate, evaluate, and select from the hundreds of (confusing) investing, savings, credit, and consumer spending options that exist. Manage or avoid debt.
Have you ever thought that money can buy a person’s happiness? People cannot live without money, money can buy every one’s happiness. People can buy whatever they want with money. The issue of some individuals who do not understand how to use and spend their money, is that they do not know what are the things that they really need to use, and the reason of why do they must buy them. Many people are spending their money on things that they do not need, so those people are wasteful with money.
Before playing the Finances 101 game, I thought that I had a decent understanding of my finances. After playing, I realized that there were many issues and choices that I was simply unaware of prior to playing. Some of the things I was unaware of stem from the fact that my parents, up to this point, have handled most of the financial issues in our family. Although I have had multiple part-time or neighborhood jobs, most of the money earned went directly into my savings account. I have never given serious thought to budgeting, and financial decisions.
Statistics show that today there are over 1.7 billion members of the “consumer class”- half of them being in the developing world (2011, the World Watch Institute). Being part of the consumer class myself, I believe it is crucial to dispense a great deal of money on goods and services to improve the economy here in Canada. Does this mean I’m considered to be a consumer as a result of my views on world consumption? Yes, I fit into the category of a consumer due to the fact that I’m part of the endless cycle of supply and demand. From the moment I leave my house and walk the two minutes to the bus stop I’m already thinking about what I’m going to buy.
The impression of reflecting on what I have learnt over the preceding weeks are often frustrating struggle for me since I habitually contend that I have learnt nothing! Though, incredible that I suppose I might not comprehend that I am actually learning and altering my judgments and philosophies on materials of any significance. Being conversant with the new originations and thoughts often necessitate a great deal of reading, writing, group work and active participation on module forums which can construct a bit of intellectual reluctance but also ask probing questions for the purpose of learning activities. Irrespective in the end, I recognize that I have learnt because I have proficient new ideas, thoughts and intuitions to new tools, technologies
As soon as a walk out of Mrs. Bates apartment I instantly think to myself “what just happened”. How could someone be so kind, sympathetic and forgiving to a thief like me? She does not know that I steal in the hope of being able to provide for me and my 3 younger siblings. Why I said I wanted money for shoes, I do not know. But still she decides to give me a second chance.