I commented on the other blog post with the same article, but looking at this through the lens of happiness through financial flexibility, it's clearly important to be able to have the money to support yourself and your family. It's hard to be truly content and happy if you can barely get by and pay the bills or even buy food or pay for medical expenses. Though there's more to life and to happiness than money, and though money can't buy happiness, money can facilitate happiness if you have it. Having the financial flexibility and freedom to cover at least what you need for a few months is important, yet people don't really think in the long run, including when it comes to money. People find it hard to see beyond the current moment, the current need, and that's what leads to the spiral down, but it's important to try to see the larger picture as well.
one of the pathetic things in our society nowadays is that we cannot have stuff for free even happiness. without money, we are nothing. since money becomes a medium for exchange and we only can obtain it from work, we have lost a lot of pure happiness. someone does not earn enough and cannot afford a dinner; he is unhappy. someone has earned so much and he worries about how to protect his money; he is unhappy. money has complicated a lot of simple things because we cannot survive without money. baby can smile before they know about money because they have no stress to make money. money does make exchange easier, but it also messed up our lives. per 9 Yan
Oftentimes I claim that money doesn't bring happiness. I side more with the mental aspect of it rather than a financial side. But just like the nature-nurture debate, I believe that there is some truth to the mental-financial aspect of happiness. Even though there's some truth to the financial side, I'll just go on the assumption that there's just a minimum amount of money needed to live a happy life. Going back to another article, I'll believe the idea that a minimum of 70k a year is needed as opposed to making millions or close to that. I do however feel that the truth resides in money management rather than income flow. This was seen in the other article about the NFL players 25 years after. Money is a tricky aspect in terms of mental happiness, but I guess that's just something we'll have to figure out over time.
I thought this was a very educational and important article especially in our current day and age. Our generation of teenagers and young adults are infamous for spending more than they earn or even before they earn anything and not being prepared for the future, whether the future concerns college or even retirement plans. As the "i-generation" we're stereotyped for being entitled, self-important, and most importantly, spoiled. These aren't exactly compliments, but I can't say I would disagree with most of them. Sure stereotypes might be unfair since they are generalizing a whole generation, but it's crucial that we at least acknowledge that some of them are true if not all. Debt is a too-commonly heard word these days whether we're talking about credit cards, college loans, mortgages, or national debt. I hope this article becomes more widespread and reaches more readers because I think if we were to take one lesson from economics with us in the future, learning how to be independent and sustain ourselves and our lifestyles is one that everyone no matter what age or background needs to learn.
This article is interesting because it shows how dependent our society is on money. Everything is about money. Success is defined by income. Happiness is defined by income. A person's well-being is defined by income. As bad as it is, money plays an extremely big role in our lives.
I think this article provides many beneficial tips that I am sure future me will appreciate -- hence, I am mentally storing them in my mind for later. At the moment, however, I am fortunate enough to not be able to resonate with any of the tips mentioned. I have always been lucky enough to have parents that provide me with enough cash so that I can buy food and unnecessary things, like clothes, junk food, tickets to shows/events, books, etc, at school, the mall, or social gatherings in restaurants and/or in the city. I have had a very comfortable life, for which I am thankful for. However, my parents have also instilled within me a sense of responsibility, so that I do not spend recklessly when I have the opportunity to do so. Regardless, I understand that eventually, I will have to become financially responsible independently, and when that moment arrives, I will be glad to have read this article, and will attempt to spend with caution.
I find that this article provides a well developed argument in favor of financial stability. The author summarizes crucial signs that one is living beyond his/her means. After reading both sides, I realize that both maintaining emotional well being and monetary success are integral components of living a happy life. As a result, I will keep in mind both my true passions and my economic assets in the future. -K.C. Per. 8
This article was somewhat frightening as it made me think about all the financial responsibilities I’ll have when I grow older, which is actually not that far away. It just seems like there is so much to manage, from everyday bills, like phone bills and electricity bills, to mortgages and retirement funds. Let’s just say it’s something I’d rather not think about right now, but it’s definitely something I should keep in mind. I can easily say that if I were to leave this class knowing one thing and one thing only, it would definitely be to start saving for retirement early. Time is crucial and so it is important to start early. It’s something I definitely plan on doing. I know that it is easier said than done as I know it will be quite tempting to withdraw money form my savings for a vacation or something else down the road, but I understand the importance of tucking away a nice sized portion of mu future salary away in a cash reserve account. Aside from this, I will keep these overspending red flags in mind too, but it certainly will be difficult to get past the last one as most of my purchases often begin with “I know I shouldn’t, but…”
In all honesty, I have no idea what is right and wrong when it comes to managing finances. I don’t know the numbers for how much of my paycheck should be saved or any of that. I feel like there should be some sort of course in high school that teaches just about managing finances and how to live comfortably. –A.L. Period 8
I have to laugh when I go to the gas station and I see people in a Escalade putting $20 cash into their gas tank, then complaining they are broke. The vast majority of people out there complaining they live paycheck to paycheck are only living that way because of their own dumb decisions. New TV's every 3 years, new cars every 4 years, 2,500 square feet for a family of 4... gimme a break. People in today's economy complain about problems they bring on themselves and its just ridiculous. - Yash Shah Pd 8
This article talks about the financial aspect of maintaining a happy life, although I do not think that all of that is necessarily true for everyone. Yes, you need money to live and support yourself or your family, although some people out there do not value money as much as other things. Many Americans do not save at least 10% of their money and some live pay check to pay check. Even though this may seem like a difficult financial situation, it does not always mean that these people are not happy. Sure they can't afford to buy an xbox or go on a vacation, but as long as they are surrounded by loved ones and enjoy what they do in life, they should be happy. I agree with the article in that many people do live about their means, and people should be smarter with the decisions they make concerning their money. All of those points made in the article made sense, and will definitely help me out in the future. I believe that anyone would be much happier if they are in a good financial situation at all times, and have money to get extra things on the side as well.
This article shows how important the financial aspect of jobs are. It is important to live within your means, which means that you are spending the correct amount according to what you earn. In order to live better, earning more money is important so you can obtain happiness from financial flexibility. Karan L. Period 8
After this class, I've come to appreciate the value of money a little bit more. It's finally starting to hit me that everything costs money- ALOT of money. With the bills that piles my family month after month, it's remarkable how we can afford the standard of living that we do. However, going back to this article, I find it a helpful guideline for people like me who will probably start making money in a few years. As long as we don't fall into one of the criteria in the article when we live our lifestyle, we should be in financial security, and after all, one has to be financially secure before they start pursuing passions and doing things for themselves. -M.S. PD 8
Again, a very well-timed article considering college kids now have to spend money without their parents' monitoring their every step. I feel if people were to take on these tips, the economy would be so much better. But in such a consumer-heavy market in America, it is very hard for many to take on these life lessons. Discipline, though, will eventually lead to both financial and emotional stability.
I think that this was the most helpful one because it does help with our financial side. It is important to know these things and going over it in class was helpful too. Retiring early is a major key and we should save early on. Its all about the time, money and rate formula we learned about. The early on we do it, the rate won't matter much and the money will increase more and more. I didn't know that you can live up to at least 6 months pay, afterwards it is going to be rough. It is crazy that how much money has an importance in our lives and there should be helpful steps like this to keep us afloat later on in our lives. #8 is funny because many of us will do it but we have to be smart on what we do and what we shouldn't do. That is the story of our lives.
It is scary to think that in a few short years I will be entering the workforce and needing to face the “adult world.” There is a misconception that you only have to save for retirement, ignoring the pressing reality that you have to plan for the unexpected hardships. In a world where the urge to buy the latest item is encouraged, the majority of people will spend the money they should have saved in order to buy it. The tips in this article definitely help someone like me, who is rapidly approaching the age where relying on your parents for money is unacceptable, even if you desperately want the latest gadget. These tips will not only help me watch what I spend, but also how to plan and save my money in the future. AB pd. 9
I think this is a very important article for us before we go into college and begin the second chapter of our lives. Many of us have not handled large sums of money and actually have been financially responsible for ourselves. The article explained signs to be aware of but I still think we are too young for these to apply to us. This should be taught in high school because I do not see how I would have known this without you sending us this article. Chirag Soni Period 8
This article is eye opening in a different way. This article makes me realize that, yes it is important to have fun, but it’s also important to stay practical as well. You can only have fun when your risks are minimized so you’re not distracted. I’m not planning on going into business or economics in the future, but I realize how important it is. The fact that so many people in the US are financially illiterate scares me. I don’t want to be part of that group of people. I think I’m going to major or minor in economics in college just because it will help me regardless of what career path I decide to go.
This seems more depressing than the other article. Financial flexibility is so difficult. I'm really bad with money management. When I have more money I don't know what I'm going to do. Paying a credit card fee with another credit card. That made me laugh.That seems like hitting rock bottom. My dad always tells me to manage my money. Don't buy things with credit cards you know you can't pay off. Always pay everything on time. Your credit is the most important thing in this country. Finance is so important. Everyone needs to have a budget. Janvi Pd 9
When reading this article I realized that to most people our age view this information as irrelevant and confusing. Thank god for me my father is a smart cookie who reminds me that the world is financially illiterate and that I need to start saving now. So a bunch of what is written in the article makes sense and the statistics don’t surprise me because people don’t realize what is coming for them until the very end. The hesitance and stress that consumers express with their financial decisions is unfortunate but has become an unrelenting trend because we have a constant demand for things in the short run. It’s funny because everything else people worry about is in the long run except for the one thing that I think actually matters-money. So saving at least 10% of your pay or managing your credit card balance should not be enforced at the age of 45 when you have kids to worry about, it should be during college or right out of college so young adults know what they are doing the second they get their first job. -SS, Pd 9
This article listed some of the warning signs of being in financial trouble; however, what was more interesting was the advice it gave to stay financially secure. One thing that stuck with me is the fact that your rent/maintainance for your house shouldn't be more than 35% of your salary. This is really useful to know because in just over 4 years, I will be living on my own and paying my own rent so it is important to make sure I don't start off living beyond my means. E.S. per 8
Beginning to use my own credit and debit card, I find myself using the logic mentioned in point 8. After reading this article and understanding the reasoning behind the statements made in point 8, I now see the importance of fully knowing I can afford something before buying it. Avital B.
This is extremely practical advice and good guidelines for personal finance management. I think I'll save this and reread it after college, when I start generating income.
Carly L p7: I think one of the most important financial lessons that we tend to look past nowadays is the idea of savings. More and more people are looking for bargains and using coupons and trying every way to save a bit of money on all of their purchases. But the issue there is we are still constantly spending money. Instead of saving a few dollars here and there on unnecessary purchases, we need to learn how to not spend at all. If we save off enough money, we can afford these expensive, extravagant items that we strive to own, but saving doesn't mean only spending a little on everything in between. It means holding off on purchases that are solely wants, and focusing more on needs.
For most Americans, wages have not kept pace with inflation and we now make less than we did 10 years ago. Taxes, utilities, insurance of all kinds, food and clothes are all much more expensive than they were even 2 years ago. Everyone has a lot of belt tightening to do, even though some make the same wages. The 1% are enjoying incomes 4 times what they were 10 years ago and got a huge tax cut from congress. It's just not fair at times. -Maresa M. Period 8
Many of the tips suggested in this article seem very basic, even to a beginner in personal finance like me. I thought the emotional side was much more interesting because the tenets of emotional fulfillment are much more difficult to reach, especially for someone who is relatively well-off. At the same time, I recognize that barely living off a paycheck can be a source of anxiety for many, possibly preventing them from approaching life with an attitude that will make the most of it. Incidentally, I’m actually not sure if my dad is always saving enough for a six-month emergency fund, but it’s because his business requires him to spend (and therefore save) irregularly. Karan Singhal AP Econ Pd. 9
For an economy built on the back of debt and lending, this article puts an enormous emphasis on saving and probably rightfully so. A revolving door of credit may push the envelope in the eternal quest for more stuff, but it's also balancing your finances on a razor's edge. Some of these points seem obvious enough to any financially cautious individual. Don't rack up massive debt. Don't incur fees you don't have to. The hard numbers, however, are reassuring in a world of "am I doing it right?"
I really enjoyed this article. I generally like most articles I read because they foster a lot of thought, but I liked this article in a different sense because it gave clear cut directions on how to live within your means. It's helpful to sometimes have a checklist to make sure you're doing things right. And I know, after I leave school, this won't be something I have the privilege of. In fact, I was freaking out just recently about doing everything I had to for college such as immunizations and what not until they sent a checklist in the mail. I feel like I'm so used to having things handed to me on a silver platter. I was uncomfortable with the fact that a lot the pre-semester things I have to do this summer aren't things I can just log into a portal and submit. I have to do a bunch of different things and do most of them myself. But I digress. Essentially, this article was great because it lets the audience know what is considered living in one's means and what isn't because some would argue it's an arbitrary term when it's actually not. I'll be sure to bookmark this and refer to it years down the road if I remember! (Hopefully I do) Belal Taher Period 8 AP Economics
As you discussed in class, we do need money to be able to satisfy our needs and wants and make our passions a reality. Without financial freedom our time becomes spent more on getting by day to day in search of food, shelter and health needs. While the value-based non-monetary side of life is important to reach happiness, I believe that the monetary side of life is just as important to have a hold of. I am very cautious by nature and it would make me very nervous not to have the safety net described in suggestion #1. Knowing myself, I would probably save the majority of my paycheck and try to live as simply as possible which is why #1 makes sense to me. Most of the situations described in the article about people living above their means had to do with spending too much. A good way to stay away from these situations is learning how to budget very early on, like in high school or college. - Jugal Pd. 8
SK period 7: I have family friends who only stay at the best hotels when they go on vacation, buy big ticket items like Jacuzzis and jet skiis, and recently purchased the new apple watch. Yet, they openly complain about never having enough money to get together for little things, like dinner out or a day trip to a local water park. They are clearly living beyond their means.
I recently had a conversation with my mother about credit cards. She put my name on her credit card when I turned 18, but she explained that I was to use it wisely as she pays it off each month because she does not want to pay interest. Of course, that led to a whole conversation about savings, checking accounts, and mortgages. So, when I read this article I was not shocked.
Right now, we are car shopping. I’m going to drive my mom’s car and she’s buying a new one. That led to another financial talk about leasing vs. buying. Of course, my mom wants the car fully loaded, but I keep reminding her that I’m going to college and she doesn’t really need the leather seats. It’s important to save for the future!
I had wrote about the previous article first and I still maintain the same mentality on the issue. If everyone did jobs for enjoyment and not for money the world would most likely be a better place altogether. So many people work to live a glamorous lifestyle, but are unhappy with what they do. Don't get me wrong, I know there are plenty of people who are working incredibly hard just to make ends meat to put a meal on the table for their families, and that is what is so sad about it all. Everyone nowadays is preoccupies with trying to become doctors and lawyers that no one is doing jobs that they find enjoyable or that even matter. -Kim R pd 7
It is definitely going to be a challenge for me especially in the future to live within my means. I’m pretty sure we are all aware of the fact that saving money is important; however, it’s hard to do so when there are so many things in the world that involves exchanging of money. I think these signs are worth keeping into consideration because we all sometimes spend more than what we earn. One sign that stuck with me was number 4: Your credit card balance has remained the same for the past year. I’m afraid do get a credit card because I feel like I’ll swipe it whenever I need to and worry about the consequences later (which are the bills I need to pay each month). This problem brings me to number 6: You use one credit card to pay another credit card’s balance. This adds onto my fear of creating a credit card.
JJ period 7: I feel like the majority of this article is common sense. People just tend to be irresponsible and reckless with their money, especially in the United States. If you can't afford something today, what makes you think you will be able to next month when your income has not changed and you are barely making ends meet as it is? Schools should implement more programs and courses on managing personal finances to prevent kids from becoming reckless and irresponsible adults that continue to compile debt. I think one of the most important points was that you should save at least 10% of your income. Emergency expenses do come up and it is imperative that you are prepared for them, and in the case that there are no unforeseen expenses, you now have some extra cash to play with. Overall I hope more people will follow these basic guidelines in the future.
I think that the most important takeaway from this article is that while money might not be the be all and end all of one's happiness, it does have a significant impact on someone if they can't afford the things necessary to live. If a person loves what they do, but lives in a cardboard box on the street, will that person be truly happy? I think that to strike a good balance, one must be able to afford everything he needs to live while loving what he does, and while that might not be easy, it's certainly something to strive for.
This article emphasizes on the financial aspect of life, covering the most basic, common sense-esque advices, but it really is shocking how many people fail to follow these basic rules. And although as students most of us don't have a job yet, advice #8 should really be taken to heart. Buying something although you think "I know I shouldn't". I see lots of people and my friends too spending a lot more than is really necessary and spending money on useless things. -Ben Jung pd.9
Most of these points dealt with buying things you cant afford. I'm not sure where this desire stems from, but we (as a society) need to learn that having a lot of nice stuff does not bring happiness. Yes, being able to provide yourself and your family with some gifts will make them smile, but it's the thought that you put into that counts. All of these tips were completely new to me - i never knew that you could base so much off of your paycheck. I bookmarked this article, so I could refer to it in the future, when I'll be on my own.
This the third time I have come across this article. Every time I read it I am reminded of my mom and dad. My mom tries her hardest to try and keep us within our living means. On the other hand, my father is the complete opposite. This becomes a problem when there is not an equal level of power in a marriage. AA per 9.
Athur syed People dont understand how saving their money could beter them so much in the future. Little bills that come up can be cleared for without stress and longterm wise, it could build up to much more than ever believed and can help so much for different luxuries in the future. Every kid coming out of college should read this immediately.
As the other article looked at things one can do to improve their lives socially, this article takes a financial approach. Growing up through the early years of adult life where many people are earning money and fending for themselves for the first time in life, it is difficult to know what to do with this money. Most people arent equipped with the apt financial skills to know what to do with their money and how to save it so this article is a good tip for those who are not well versed in the subject to learn simple skills and guidelines to properly save their money and set themselves on the right track for a bright financial future. -A.R. P8
People are always concerned about this new thing that they "need" when all reality they don't need it. This has meant that people are spending more and more of their paychecks and saving less and less. A good way to look at it is that if you can't afford it now then don't get it and assume you can pay for it later. Convenience is really cool, the credit is really cruel. -Brian Haug
I think this is some pretty basic stuff. It seems practical and when someone looks at it blindly it's obvious, why would you spend more than you can? It seems so simple yet I have a strong feeling I'm going to forget these things and probably be in the red for a bit. Fortunately, I have this to go to! It's just an unnecessary burden to add if you're going beyond your budget. You can enjoy life maybe even extravagant for a short time and then you'll regret your actions. Skip the regret and live a comfortable life by planning stuff out. -AT Pd 7
I personally have seen number 8 first hand. Now first of all, I don't think my family is in any kind of financial situation. On the same token though, I know we aren't rich. My dad always tells me I have to be careful with what I spend money because you know, money doesn't grow on trees and stuff. This is all understandable. But then out of the blue they are like, so where do you want to go on vacation? I mean, you just gave me a whole talk about saving money and now you want to go on vacation. Sure we may be able to afford it, but with college expenses right around the corner, can't we just sacrifice one or two vacations. I tried explaining my logic to them, but they never listen. Parents can be so stubborn. ~ TM Pd 8
CC period 7 You should understand how to enjoy life to the fullest as said in article 1, but part of enjoying life is not having to worry about money. Managing money correctly is just as important as enjoying life, because you most likely won't enjoy life too much whilst in large debt. If you ever do take the time to enjoy things in life, make sure you don't spend any unnecessary amounts of money that you will soon learn to regret.
Lisa Scherzer’s article “Signs You’re Living Beyond Your Means” truly exemplifies the importance of living within one’s means. In other words, it is essential that one is constantly aware of his or her financial stability and saves money for a rainy day in cash reserve accounts. Although the majority of these tell-tale signs do not apply to our current lives as adolescents, I am sure that they will be of great use to us in the near future. Out of the eight major signals, I think the first two are most significant. Firstly, one is not financially stable if he or she “couldn’t survive financially without [his or her] job’s income for at least six months.” Secondly, one is not saving an adequate amount of money if “[he or she is] saving less than 10% of [his or her] pay.” After reading this piece, I hope to save enough money in order to live a long and healthy life. - ZA (Period 8)
This is a crazy article. I dont really handle any financial stuff but I can see how this might be very helpful to adults. What popped out to me was using another credit card to pay off a credit card. I did not know you could even do that. I must imagine you are not financially stable if you are doing that. Even though I am only 18 I know that it will be very hard to save my money once i start working. All I do is spend. Hopefully I just make a lot of money haha. -Won Park period 9
I commented on the other blog post with the same article, but looking at this through the lens of happiness through financial flexibility, it's clearly important to be able to have the money to support yourself and your family. It's hard to be truly content and happy if you can barely get by and pay the bills or even buy food or pay for medical expenses. Though there's more to life and to happiness than money, and though money can't buy happiness, money can facilitate happiness if you have it. Having the financial flexibility and freedom to cover at least what you need for a few months is important, yet people don't really think in the long run, including when it comes to money. People find it hard to see beyond the current moment, the current need, and that's what leads to the spiral down, but it's important to try to see the larger picture as well.
ReplyDeleteone of the pathetic things in our society nowadays is that we cannot have stuff for free even happiness. without money, we are nothing. since money becomes a medium for exchange and we only can obtain it from work, we have lost a lot of pure happiness. someone does not earn enough and cannot afford a dinner; he is unhappy. someone has earned so much and he worries about how to protect his money; he is unhappy. money has complicated a lot of simple things because we cannot survive without money. baby can smile before they know about money because they have no stress to make money. money does make exchange easier, but it also messed up our lives.
ReplyDeleteper 9 Yan
Ansh Hirani Prd 9.
ReplyDeleteOftentimes I claim that money doesn't bring happiness. I side more with the mental aspect of it rather than a financial side. But just like the nature-nurture debate, I believe that there is some truth to the mental-financial aspect of happiness. Even though there's some truth to the financial side, I'll just go on the assumption that there's just a minimum amount of money needed to live a happy life. Going back to another article, I'll believe the idea that a minimum of 70k a year is needed as opposed to making millions or close to that. I do however feel that the truth resides in money management rather than income flow. This was seen in the other article about the NFL players 25 years after. Money is a tricky aspect in terms of mental happiness, but I guess that's just something we'll have to figure out over time.
I thought this was a very educational and important article especially in our current day and age. Our generation of teenagers and young adults are infamous for spending more than they earn or even before they earn anything and not being prepared for the future, whether the future concerns college or even retirement plans. As the "i-generation" we're stereotyped for being entitled, self-important, and most importantly, spoiled. These aren't exactly compliments, but I can't say I would disagree with most of them. Sure stereotypes might be unfair since they are generalizing a whole generation, but it's crucial that we at least acknowledge that some of them are true if not all. Debt is a too-commonly heard word these days whether we're talking about credit cards, college loans, mortgages, or national debt. I hope this article becomes more widespread and reaches more readers because I think if we were to take one lesson from economics with us in the future, learning how to be independent and sustain ourselves and our lifestyles is one that everyone no matter what age or background needs to learn.
ReplyDelete- VL Period 8
This article is interesting because it shows how dependent our society is on money. Everything is about money. Success is defined by income. Happiness is defined by income. A person's well-being is defined by income. As bad as it is, money plays an extremely big role in our lives.
ReplyDeleteK.K p8
I think this article provides many beneficial tips that I am sure future me will appreciate -- hence, I am mentally storing them in my mind for later. At the moment, however, I am fortunate enough to not be able to resonate with any of the tips mentioned. I have always been lucky enough to have parents that provide me with enough cash so that I can buy food and unnecessary things, like clothes, junk food, tickets to shows/events, books, etc, at school, the mall, or social gatherings in restaurants and/or in the city. I have had a very comfortable life, for which I am thankful for. However, my parents have also instilled within me a sense of responsibility, so that I do not spend recklessly when I have the opportunity to do so. Regardless, I understand that eventually, I will have to become financially responsible independently, and when that moment arrives, I will be glad to have read this article, and will attempt to spend with caution.
ReplyDeleteShweta Lodha
I find that this article provides a well developed argument in favor of financial stability. The author summarizes crucial signs that one is living beyond his/her means. After reading both sides, I realize that both maintaining emotional well being and monetary success are integral components of living a happy life. As a result, I will keep in mind both my true passions and my economic assets in the future.
ReplyDelete-K.C. Per. 8
This article was somewhat frightening as it made me think about all the financial responsibilities I’ll have when I grow older, which is actually not that far away. It just seems like there is so much to manage, from everyday bills, like phone bills and electricity bills, to mortgages and retirement funds. Let’s just say it’s something I’d rather not think about right now, but it’s definitely something I should keep in mind. I can easily say that if I were to leave this class knowing one thing and one thing only, it would definitely be to start saving for retirement early. Time is crucial and so it is important to start early. It’s something I definitely plan on doing. I know that it is easier said than done as I know it will be quite tempting to withdraw money form my savings for a vacation or something else down the road, but I understand the importance of tucking away a nice sized portion of mu future salary away in a cash reserve account. Aside from this, I will keep these overspending red flags in mind too, but it certainly will be difficult to get past the last one as most of my purchases often begin with “I know I shouldn’t, but…”
ReplyDeleteIn all honesty, I have no idea what is right and wrong when it comes to managing finances. I don’t know the numbers for how much of my paycheck should be saved or any of that. I feel like there should be some sort of course in high school that teaches just about managing finances and how to live comfortably. –A.L. Period 8
ReplyDeleteI have to laugh when I go to the gas station and I see people in a Escalade putting $20 cash into their gas tank, then complaining they are broke. The vast majority of people out there complaining they live paycheck to paycheck are only living that way because of their own dumb decisions. New TV's every 3 years, new cars every 4 years, 2,500 square feet for a family of 4... gimme a break. People in today's economy complain about problems they bring on themselves and its just ridiculous. - Yash Shah Pd 8
ReplyDeleteRobert Lis- Pd. 9
ReplyDeleteThis article talks about the financial aspect of maintaining a happy life, although I do not think that all of that is necessarily true for everyone. Yes, you need money to live and support yourself or your family, although some people out there do not value money as much as other things. Many Americans do not save at least 10% of their money and some live pay check to pay check. Even though this may seem like a difficult financial situation, it does not always mean that these people are not happy. Sure they can't afford to buy an xbox or go on a vacation, but as long as they are surrounded by loved ones and enjoy what they do in life, they should be happy. I agree with the article in that many people do live about their means, and people should be smarter with the decisions they make concerning their money. All of those points made in the article made sense, and will definitely help me out in the future. I believe that anyone would be much happier if they are in a good financial situation at all times, and have money to get extra things on the side as well.
This article shows how important the financial aspect of jobs are. It is important to live within your means, which means that you are spending the correct amount according to what you earn. In order to live better, earning more money is important so you can obtain happiness from financial flexibility. Karan L. Period 8
ReplyDeleteAfter this class, I've come to appreciate the value of money a little bit more. It's finally starting to hit me that everything costs money- ALOT of money. With the bills that piles my family month after month, it's remarkable how we can afford the standard of living that we do. However, going back to this article, I find it a helpful guideline for people like me who will probably start making money in a few years. As long as we don't fall into one of the criteria in the article when we live our lifestyle, we should be in financial security, and after all, one has to be financially secure before they start pursuing passions and doing things for themselves.
ReplyDelete-M.S. PD 8
Again, a very well-timed article considering college kids now have to spend money without their parents' monitoring their every step. I feel if people were to take on these tips, the economy would be so much better. But in such a consumer-heavy market in America, it is very hard for many to take on these life lessons. Discipline, though, will eventually lead to both financial and emotional stability.
ReplyDeleteJim Tse Period 8
I think that this was the most helpful one because it does help with our financial side. It is important to know these things and going over it in class was helpful too. Retiring early is a major key and we should save early on. Its all about the time, money and rate formula we learned about. The early on we do it, the rate won't matter much and the money will increase more and more. I didn't know that you can live up to at least 6 months pay, afterwards it is going to be rough. It is crazy that how much money has an importance in our lives and there should be helpful steps like this to keep us afloat later on in our lives. #8 is funny because many of us will do it but we have to be smart on what we do and what we shouldn't do. That is the story of our lives.
ReplyDelete- Noved G. Period 9
It is scary to think that in a few short years I will be entering the workforce and needing to face the “adult world.” There is a misconception that you only have to save for retirement, ignoring the pressing reality that you have to plan for the unexpected hardships. In a world where the urge to buy the latest item is encouraged, the majority of people will spend the money they should have saved in order to buy it. The tips in this article definitely help someone like me, who is rapidly approaching the age where relying on your parents for money is unacceptable, even if you desperately want the latest gadget. These tips will not only help me watch what I spend, but also how to plan and save my money in the future.
ReplyDeleteAB pd. 9
I think this is a very important article for us before we go into college and begin the second chapter of our lives. Many of us have not handled large sums of money and actually have been financially responsible for ourselves. The article explained signs to be aware of but I still think we are too young for these to apply to us. This should be taught in high school because I do not see how I would have known this without you sending us this article.
ReplyDeleteChirag Soni Period 8
This article is eye opening in a different way. This article makes me realize that, yes it is important to have fun, but it’s also important to stay practical as well. You can only have fun when your risks are minimized so you’re not distracted. I’m not planning on going into business or economics in the future, but I realize how important it is. The fact that so many people in the US are financially illiterate scares me. I don’t want to be part of that group of people. I think I’m going to major or minor in economics in college just because it will help me regardless of what career path I decide to go.
ReplyDelete-TB
This seems more depressing than the other article. Financial flexibility is so difficult. I'm really bad with money management. When I have more money I don't know what I'm going to do. Paying a credit card fee with another credit card. That made me laugh.That seems like hitting rock bottom. My dad always tells me to manage my money. Don't buy things with credit cards you know you can't pay off. Always pay everything on time. Your credit is the most important thing in this country. Finance is so important. Everyone needs to have a budget.
ReplyDeleteJanvi Pd 9
ReplyDeleteWhen reading this article I realized that to most people our age view this information as irrelevant and confusing. Thank god for me my father is a smart cookie who reminds me that the world is financially illiterate and that I need to start saving now. So a bunch of what is written in the article makes sense and the statistics don’t surprise me because people don’t realize what is coming for them until the very end. The hesitance and stress that consumers express with their financial decisions is unfortunate but has become an unrelenting trend because we have a constant demand for things in the short run. It’s funny because everything else people worry about is in the long run except for the one thing that I think actually matters-money. So saving at least 10% of your pay or managing your credit card balance should not be enforced at the age of 45 when you have kids to worry about, it should be during college or right out of college so young adults know what they are doing the second they get their first job. -SS, Pd 9
This article listed some of the warning signs of being in financial trouble; however, what was more interesting was the advice it gave to stay financially secure. One thing that stuck with me is the fact that your rent/maintainance for your house shouldn't be more than 35% of your salary. This is really useful to know because in just over 4 years, I will be living on my own and paying my own rent so it is important to make sure I don't start off living beyond my means.
ReplyDeleteE.S. per 8
Beginning to use my own credit and debit card, I find myself using the logic mentioned in point 8. After reading this article and understanding the reasoning behind the statements made in point 8, I now see the importance of fully knowing I can afford something before buying it.
ReplyDeleteAvital B.
This is extremely practical advice and good guidelines for personal finance management. I think I'll save this and reread it after college, when I start generating income.
ReplyDeleteCarly L p7: I think one of the most important financial lessons that we tend to look past nowadays is the idea of savings. More and more people are looking for bargains and using coupons and trying every way to save a bit of money on all of their purchases. But the issue there is we are still constantly spending money. Instead of saving a few dollars here and there on unnecessary purchases, we need to learn how to not spend at all. If we save off enough money, we can afford these expensive, extravagant items that we strive to own, but saving doesn't mean only spending a little on everything in between. It means holding off on purchases that are solely wants, and focusing more on needs.
ReplyDeleteFor most Americans, wages have not kept pace with inflation and we now make less than we did 10 years ago. Taxes, utilities, insurance of all kinds, food and clothes are all much more expensive than they were even 2 years ago. Everyone has a lot of belt tightening to do, even though some make the same wages. The 1% are enjoying incomes 4 times what they were 10 years ago and got a huge tax cut from congress. It's just not fair at times.
ReplyDelete-Maresa M. Period 8
Many of the tips suggested in this article seem very basic, even to a beginner in personal finance like me. I thought the emotional side was much more interesting because the tenets of emotional fulfillment are much more difficult to reach, especially for someone who is relatively well-off. At the same time, I recognize that barely living off a paycheck can be a source of anxiety for many, possibly preventing them from approaching life with an attitude that will make the most of it. Incidentally, I’m actually not sure if my dad is always saving enough for a six-month emergency fund, but it’s because his business requires him to spend (and therefore save) irregularly.
ReplyDeleteKaran Singhal
AP Econ Pd. 9
For an economy built on the back of debt and lending, this article puts an enormous emphasis on saving and probably rightfully so. A revolving door of credit may push the envelope in the eternal quest for more stuff, but it's also balancing your finances on a razor's edge. Some of these points seem obvious enough to any financially cautious individual. Don't rack up massive debt. Don't incur fees you don't have to. The hard numbers, however, are reassuring in a world of "am I doing it right?"
ReplyDelete-JW
Period 8 AP Economics
I really enjoyed this article. I generally like most articles I read because they foster a lot of thought, but I liked this article in a different sense because it gave clear cut directions on how to live within your means. It's helpful to sometimes have a checklist to make sure you're doing things right. And I know, after I leave school, this won't be something I have the privilege of. In fact, I was freaking out just recently about doing everything I had to for college such as immunizations and what not until they sent a checklist in the mail. I feel like I'm so used to having things handed to me on a silver platter. I was uncomfortable with the fact that a lot the pre-semester things I have to do this summer aren't things I can just log into a portal and submit. I have to do a bunch of different things and do most of them myself. But I digress. Essentially, this article was great because it lets the audience know what is considered living in one's means and what isn't because some would argue it's an arbitrary term when it's actually not. I'll be sure to bookmark this and refer to it years down the road if I remember! (Hopefully I do)
ReplyDeleteBelal Taher Period 8 AP Economics
As you discussed in class, we do need money to be able to satisfy our needs and wants and make our passions a reality. Without financial freedom our time becomes spent more on getting by day to day in search of food, shelter and health needs. While the value-based non-monetary side of life is important to reach happiness, I believe that the monetary side of life is just as important to have a hold of. I am very cautious by nature and it would make me very nervous not to have the safety net described in suggestion #1. Knowing myself, I would probably save the majority of my paycheck and try to live as simply as possible which is why #1 makes sense to me. Most of the situations described in the article about people living above their means had to do with spending too much. A good way to stay away from these situations is learning how to budget very early on, like in high school or college.
ReplyDelete- Jugal Pd. 8
SK period 7: I have family friends who only stay at the best hotels when they go on vacation, buy big ticket items like Jacuzzis and jet skiis, and recently purchased the new apple watch. Yet, they openly complain about never having enough money to get together for little things, like dinner out or a day trip to a local water park. They are clearly living beyond their means.
ReplyDeleteI recently had a conversation with my mother about credit cards. She put my name on her credit card when I turned 18, but she explained that I was to use it wisely as she pays it off each month because she does not want to pay interest. Of course, that led to a whole conversation about savings, checking accounts, and mortgages. So, when I read this article I was not shocked.
Right now, we are car shopping. I’m going to drive my mom’s car and she’s buying a new one. That led to another financial talk about leasing vs. buying. Of course, my mom wants the car fully loaded, but I keep reminding her that I’m going to college and she doesn’t really need the leather seats. It’s important to save for the future!
I had wrote about the previous article first and I still maintain the same mentality on the issue. If everyone did jobs for enjoyment and not for money the world would most likely be a better place altogether. So many people work to live a glamorous lifestyle, but are unhappy with what they do. Don't get me wrong, I know there are plenty of people who are working incredibly hard just to make ends meat to put a meal on the table for their families, and that is what is so sad about it all. Everyone nowadays is preoccupies with trying to become doctors and lawyers that no one is doing jobs that they find enjoyable or that even matter.
ReplyDelete-Kim R pd 7
R.L. Period 8
ReplyDeleteIt is definitely going to be a challenge for me especially in the future to live within my means. I’m pretty sure we are all aware of the fact that saving money is important; however, it’s hard to do so when there are so many things in the world that involves exchanging of money. I think these signs are worth keeping into consideration because we all sometimes spend more than what we earn. One sign that stuck with me was number 4: Your credit card balance has remained the same for the past year. I’m afraid do get a credit card because I feel like I’ll swipe it whenever I need to and worry about the consequences later (which are the bills I need to pay each month). This problem brings me to number 6: You use one credit card to pay another credit card’s balance. This adds onto my fear of creating a credit card.
JJ period 7: I feel like the majority of this article is common sense. People just tend to be irresponsible and reckless with their money, especially in the United States. If you can't afford something today, what makes you think you will be able to next month when your income has not changed and you are barely making ends meet as it is? Schools should implement more programs and courses on managing personal finances to prevent kids from becoming reckless and irresponsible adults that continue to compile debt. I think one of the most important points was that you should save at least 10% of your income. Emergency expenses do come up and it is imperative that you are prepared for them, and in the case that there are no unforeseen expenses, you now have some extra cash to play with. Overall I hope more people will follow these basic guidelines in the future.
ReplyDeleteI think that the most important takeaway from this article is that while money might not be the be all and end all of one's happiness, it does have a significant impact on someone if they can't afford the things necessary to live. If a person loves what they do, but lives in a cardboard box on the street, will that person be truly happy? I think that to strike a good balance, one must be able to afford everything he needs to live while loving what he does, and while that might not be easy, it's certainly something to strive for.
ReplyDeleteAP Econ PD. 8
Danny Cheng
This article emphasizes on the financial aspect of life, covering the most basic, common sense-esque advices, but it really is shocking how many people fail to follow these basic rules. And although as students most of us don't have a job yet, advice #8 should really be taken to heart. Buying something although you think "I know I shouldn't". I see lots of people and my friends too spending a lot more than is really necessary and spending money on useless things.
ReplyDelete-Ben Jung pd.9
Most of these points dealt with buying things you cant afford. I'm not sure where this desire stems from, but we (as a society) need to learn that having a lot of nice stuff does not bring happiness. Yes, being able to provide yourself and your family with some gifts will make them smile, but it's the thought that you put into that counts. All of these tips were completely new to me - i never knew that you could base so much off of your paycheck. I bookmarked this article, so I could refer to it in the future, when I'll be on my own.
ReplyDeleteKevin Chand AP Econ Pd. 8
This the third time I have come across this article. Every time I read it I am reminded of my mom and dad. My mom tries her hardest to try and keep us within our living means. On the other hand, my father is the complete opposite. This becomes a problem when there is not an equal level of power in a marriage. AA per 9.
ReplyDeleteAthur syed
ReplyDeletePeople dont understand how saving their money could beter them so much in the future. Little bills that come up can be cleared for without stress and longterm wise, it could build up to much more than ever believed and can help so much for different luxuries in the future. Every kid coming out of college should read this immediately.
As the other article looked at things one can do to improve their lives socially, this article takes a financial approach. Growing up through the early years of adult life where many people are earning money and fending for themselves for the first time in life, it is difficult to know what to do with this money. Most people arent equipped with the apt financial skills to know what to do with their money and how to save it so this article is a good tip for those who are not well versed in the subject to learn simple skills and guidelines to properly save their money and set themselves on the right track for a bright financial future.
ReplyDelete-A.R. P8
People are always concerned about this new thing that they "need" when all reality they don't need it. This has meant that people are spending more and more of their paychecks and saving less and less. A good way to look at it is that if you can't afford it now then don't get it and assume you can pay for it later. Convenience is really cool, the credit is really cruel.
ReplyDelete-Brian Haug
I think this is some pretty basic stuff. It seems practical and when someone looks at it blindly it's obvious, why would you spend more than you can? It seems so simple yet I have a strong feeling I'm going to forget these things and probably be in the red for a bit. Fortunately, I have this to go to! It's just an unnecessary burden to add if you're going beyond your budget. You can enjoy life maybe even extravagant for a short time and then you'll regret your actions. Skip the regret and live a comfortable life by planning stuff out. -AT Pd 7
ReplyDeleteI personally have seen number 8 first hand. Now first of all, I don't think my family is in any kind of financial situation. On the same token though, I know we aren't rich. My dad always tells me I have to be careful with what I spend money because you know, money doesn't grow on trees and stuff. This is all understandable. But then out of the blue they are like, so where do you want to go on vacation? I mean, you just gave me a whole talk about saving money and now you want to go on vacation. Sure we may be able to afford it, but with college expenses right around the corner, can't we just sacrifice one or two vacations. I tried explaining my logic to them, but they never listen. Parents can be so stubborn. ~ TM Pd 8
ReplyDeleteCC period 7
ReplyDeleteYou should understand how to enjoy life to the fullest as said in article 1, but part of enjoying life is not having to worry about money. Managing money correctly is just as important as enjoying life, because you most likely won't enjoy life too much whilst in large debt. If you ever do take the time to enjoy things in life, make sure you don't spend any unnecessary amounts of money that you will soon learn to regret.
Lisa Scherzer’s article “Signs You’re Living Beyond Your Means” truly exemplifies the importance of living within one’s means. In other words, it is essential that one is constantly aware of his or her financial stability and saves money for a rainy day in cash reserve accounts. Although the majority of these tell-tale signs do not apply to our current lives as adolescents, I am sure that they will be of great use to us in the near future. Out of the eight major signals, I think the first two are most significant. Firstly, one is not financially stable if he or she “couldn’t survive financially without [his or her] job’s income for at least six months.” Secondly, one is not saving an adequate amount of money if “[he or she is] saving less than 10% of [his or her] pay.” After reading this piece, I hope to save enough money in order to live a long and healthy life.
ReplyDelete- ZA (Period 8)
This is a crazy article. I dont really handle any financial stuff but I can see how this might be very helpful to adults. What popped out to me was using another credit card to pay off a credit card. I did not know you could even do that. I must imagine you are not financially stable if you are doing that. Even though I am only 18 I know that it will be very hard to save my money once i start working. All I do is spend. Hopefully I just make a lot of money haha.
ReplyDelete-Won Park period 9
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