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Relating with Money Discussion Questions and Case Studies Due 04-10-2008
Type the Discussion Questions on page 67 of your Financial Peace Workbook and answer them in a complete sentence. Also, type the Case Studies on page 67 of your Financial Peace Workbook and answer them in a complete sentence.
8 comments:
1. Singles have the advantage of getting smaller payments. Disadvantages of having to pay longer.
2. So that no one has a problem with the budget arrangement.
3. I was taught to save more than I spend so I will have the money to buy my own car.
4. I receive commissions . . . I have to earn my money.
5. I would just put up about $100 at a time and hide it.
6. I would tell her that she needs to talk to him when he is around you, and he can’t get away. She needs to make time to talk to him.
7. Well, I would tell them that they need to have a serious talk to their son and tell him that he needs to get his priorities straight or he has to pay for gas and his insurance.
Discussion
1. What advantages do singles have when it comes to finances? Disadvantages?
-They don't have to share finances with someone else. Their disadvantages are that its much harder on them to do it on their own then to have someone to help them.
2. In a marriage, why should a budget be agreed upon by both partners?
-Because they should both agree on the same thing.
3. What were you taught about money?
-That it's not easy to keep up with.
4. Do you recieve commissions or an allowance?
-Neither, when I need money my parents give it to me.
5. How would you set up your envelope system?
I would have a savings envelope and a spending envelope.
Case Studies
1. Meryl is having a hard time convincing her husband to sit down and do a cash flow plan. He is the spender, and she is afraid he is going to spend all that they make. He is working 70 hours a week, and their household income is only $29,000 per year. That income is from his full-time job as he spends his part-time job money on his entertainment. He feels that with his extra job, he should be able to spend that money however he chooses. They have credit card debt and some minor medical bills. Meryl wants to get our of debt but her husband says everything is fine. What would you tell Meryl?
-I would tell her to sit her husband down and have a long talk with him and tell him what they need to do to make everything better.
2. David and zmelissa want to teach their 18-year old son how to handle money responsibly. The young man has no interest in going to college, but wants to go to work so he can make money to "party". His car was a Christmas gift, and he only pays for gas as David and Melissa pay for the insurance, which amounts to $1,500 per year. They are afraid he is going to flunk out of high school if he doesn't get his priorities in order. He does not seem to be worried. What would you say to David and Melissa?
-I would tell them they need to straighten their child out. They need to make him start working and pay for his our insurance and maybe that will teach him something.
Discussion
1. What advantages do singles have when it comes to finances? Disadvantage?
- Well one advantage is they only gotta pay for one person. But a disadvantage is they might want to go out ot eat and stuff alot so they wont feel so lonley.
2. In a marriage, why should a budget be agreed upon by both partners?
-Because you both contribute to money so there for it is important that you both agree what it si ogin to be spent on.
3. What were you taught about money?
-That money goes fast!
4. Do you receive commissions or an allowance?
-Neither.
5. How would you set up your envelope system?
-The same way Dave Ramsey does it. Its a realy good way to do ti.
Case Studies
1. Meryl is having a hard time convincing her husband to sit down adn do a cash flow plan. HE is the spender, and she is afraid he is goign to spend all that they make. He is working 70 hours a week, and thier household income is only $29,000 a year. That income is form his full-time job as he spends his part-time job money on his entertainment. He feels that with his extra job, he should be aberl to spend that money hwoever he chooses. They have credit debt but her husband says everything is fine. What would you tell meryl?
- I woudl tell her to make out a cash flow plan herself. And start takeing his checks for both jobs and make sure all of the bills get paid and they get otu of debt. Then they can star t buying entertainment for products.
2. David adn Melissa want to teach their 18-year old son how to handle money responsibly. The young man has no interest in going to college, but wants to go to work so he can make money to "party". His car was a chrismas gift, and he only pays for gas as Dacid adn Melisssa pay for the incureance, which amounts $1,500 a year. Thety are afraid he is going to flunjk out of high school if he doesn't het his priorties i[n order. He does not seem to be worried. What would you say to David adn Melissa?
-I woudl tell them to make him start payign for his own stuff. And that if hw wants to keep haveing a place to live then he better get heis priorities.
Discussion:
1. What advantages do single have when it comes to finances? Disadvantages?
–They don’t have to agree upon the budget. They don’t have someone to help them when it comes to their finances.
2. In a marriage, why should a budget be agreed upon by both partners?
–Because, it is both the people’s lives and unless they agree there will be fights.
3. What were you taught about money?
–I learned that it costs a lot more than I expected to live in today’s world.
4. Do you receive commissions or an allowance?
–No.
5. How would you set up your envelope system?
–I would give 10% to God, 10% to save, and the rest I would live on.
Case Studies:
1. Meryl is having a hard time convincing her husband to sit down and do a cash flow plan. He is the spender, and she is afraid he is going to spend all that they make. He is working 70 hours a week, and their household income is only $29,000 a year. That income is from his full-time job as he spends his part-time money on his entertainment. He feels that with his extra job, he should be able to spend that money however he chooses. They have credit card debt and some minor medical bills. Meryl wants to get out of debt but her husband says everything is fine. What would you tell Meryl?
-I would tell Meryl to tell her husband that they are sinking farther into debt and if he doesn’t stop spending money on unneeded stuff and start paying off that credit card debt and those medical bills they are going to be in bad shape.
2. David and Melissa want to teach their 18-year old son how to handle money responsibly. The young man has no interest in going to college, but wants to go to work so he can make money to “party”. His car was a Christmas gift, and he only pays for gas as David and Melissa pay for the insurance, which amounts to $1,500 per year. They are afraid he is going to flunk out of high school if he doesn’t get his priorities in order. He does not seem to be worried. What would you say to David and Melissa?
-I would tell David and Melissa to take away their sons car and tell him to pay fully for it or don’t drive. Also I think they should make him go out and get a job and pay rent and stuff like that so he can get a taste of the real world.
Type the Discussion Questions on page 67 of your Financial Peace Workbook and answer them in a complete sentence. Also, type the Case Studies on page 67 of your Financial Peace Workbook and answer them in a complete sentence.
1. What advantages do singles have when it comes to finances? Disadvantages? I think they have less to worry about than married couples. There again if they have kids it would be hard.
2. In a marriage, why should a budget be agreed upon by both partners? It could stop the money fights.
3. What were you taught about money? My family excludes me in money matters.
4. Do you receive commissions or an allowance? Neither, I work for money every once and awhile.
5. How would you set up your envelope system? The same as a childs, only more detailed.
1. Meryl is having a hard time convincing her husband to sit down and do a cash flow plan. He is the spender, and she is afraid he is going to spend all that they make. He is working 70 hours a week, and their household income is only about $29,000 per year. That income is from his full-time job as he spends his part-time job money on his entertainment. He feels that with his extra job, he should be able to spend that money however he chooses. They have credit card debt and some minor medical bills. Meryl want to get out of debt but her husband says everything is fine. What would you tell Meryl? I would tell her to get a job, and to tell him to either agree with a cash flow plan or get out.
2. David and Melissa want to teach their 18 year-old son how to handle money responsibly. The young man has no interest in going to college, but wants to go to work so he can make money to “party”. His car was a Christmas gift, and he only pays for as David and Melissa pay for insurance, which amounts to $1,500 per year. They are afraid he is going to flunk out ot high school if he doesn’t get his priorities in order. He does not seem to be worried. What would you say to David and Melissa? Time for their son to pay his own way and find himself a house of his own.
Discussion:
1. What advantages do single have when it comes to finances? Disadvantages?
They do not have to agree upon the budget. They do not have someone to help them when it comes to their finances.
2. In a marriage, why should a budget be agreed upon by both partners?
It is both the people’s lives and unless they agree there will be fights.
3. What were you taught about money?
I have learned that it costs a lot more than I expected to live in today’s world.
4. Do you receive commissions or an allowance?
I don’t have either one of them.
5. How would you set up your envelope system?
I would probably give 10% to God, 10% to save, and the rest I would live on.
Case Studies:
1. Meryl is having a hard time convincing her husband to sit down and do a cash flow plan. He is the spender, and she is afraid he is going to spend all that they make. He is working 70 hours a week, and their household income is only $29,000 a year. That income is from his full-time job as he spends his part-time money on his entertainment. He feels that with his extra job, he should be able to spend that money however he chooses. They have credit card debt and some minor medical bills. Meryl wants to get out of debt but her husband says everything is fine. What would you tell Meryl?
I would have to tell Meryl to tell her husband that they are sinking farther into debt and if he doesn’t stop spending money on unneeded stuff and start paying off that credit card debt and those medical bills they are going to be in very bad shape.
2. David and Melissa want to teach their 18-year old son how to handle money responsibly. The young man has no interest in going to college, but wants to go to work so he can make money to “party”. His car was a Christmas gift, and he only pays for gas as David and Melissa pay for the insurance, which amounts to $1,500 per year. They are afraid he is going to flunk out of high school if he doesn’t get his priorities in order. He does not seem to be worried. What would you say to David and Melissa?
I would have to tell David and Melissa to take away their sons car and tell him to pay fully for it or don’t drive. Also I think they should make him go out and get a job and pay rent and stuff like that so he can get a taste of the real world so that he want just waste money.
Discussion
1. What advantages do singles have when it comes to finances? Disadvantages?
-They don't have to share finances with someone else. Their disadvantages are that its much harder on them to do it on their own then to have someone to help them.
2. In a marriage, why should a budget be agreed upon by both partners?
-Because they should both agree on the same thing.
3. What were you taught about money?
-That it's not easy to keep up with.
4. Do you recieve commissions or an allowance?
-Neither, when I need money my parents give it to me.
5. How would you set up your envelope system?
I would have a savings envelope and a spending envelope.
Case Studies:
1. Meryl is having a hard time convincing her husband to sit down and do a cash flow plan. He is the spender, and she is afraid he is going to spend all that they make. He is working 70 hours a week, and their household income is only $29,000 a year. That income is from his full-time job as he spends his part-time money on his entertainment. He feels that with his extra job, he should be able to spend that money however he chooses. They have credit card debt and some minor medical bills. Meryl wants to get out of debt but her husband says everything is fine. What would you tell Meryl?
-I would tell Meryl to tell her husband that they are sinking farther into debt and if he doesn’t stop spending money on unneeded stuff and start paying off that credit card debt and those medical bills they are going to be in bad shape.
2. David and Melissa want to teach their 18-year old son how to handle money responsibly. The young man has no interest in going to college, but wants to go to work so he can make money to “party”. His car was a Christmas gift, and he only pays for gas as David and Melissa pay for the insurance, which amounts to $1,500 per year. They are afraid he is going to flunk out of high school if he doesn’t get his priorities in order. He does not seem to be worried. What would you say to David and Melissa?
I would have to tell David and Melissa to take away their sons car and tell him to pay fully for it or don’t drive. Also I think they should make him go out and get a job and pay rent and stuff like that so he can get a taste of the real world so that he want just waste money.
1. What advantages do singles have when it comes to finances? Disadvantage?
- They only have to pay for themselves. They only have one income.
2. In a marriage, why should a budget be agreed upon by both partners?
Because if it is not agreed on by both it will not work
3. What were you taught about money?
It does not grow on trees.
4. Do you receive commissions or an allowance?
Commisions
5. How would you set up your envelope system?
One for giving, one for spending, and one for saving
Case Studies
1. Meryl is having a hard time convincing her husband to sit down and do a cash flow plan. HE is the spender, and she is afraid he is going to spend all that they make. He is working 70 hours a week, and their household income is only $29,000 a year. That income is form his full-time job as he spends his part-time job money on his entertainment. He feels that with his extra job, he should be able to spend that money however he chooses. They have credit debt but her husband says everything is fine. What would you tell Meryl?
Tell her to use her paycheck to pay off the debt and for him to pay the bills.
2. David and Melissa want to teach their 18-year old son how to handle money responsibly. The young man has no interest in going to college, but wants to go to work so he can make money to "party". His car was a Christmas gift, and he only pays for gas as David and Melissa pay for the insurance, which amounts $1,500 a year. They are afraid he is going to flunk out of high school if he doesn't have his priorities in order. He does not seem to be worried. What would you say to David and Melissa?
To take away his car until he straightens up or make him pay for everything by himself if he does flunk.
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