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Credit Card Payoff

Download Credit Card Payoff

(2 points)- Do you have a credit card you are working towards paying off? Use this spreadsheet to create a plan to pay off the credit card. If you do not have a credit card, use the information in this case study

Download case study

to complete the spreadsheet.

Rent vs Buy

Download Rent vs Buy

(2 points)- Compare renting vs buying a home.

Financing College

Download Financing College

(2 points)- Calculate your estimated student loan debt and payment. If you are not accumulating student loans, fill out the worksheet with this case study

Download case study

.

Reflection (2 points)- In a word document answer the questions below in a brief reflection with a total minimum word count of 500.

● There are different strategies for prioritizing debt paydown. Describe the strategy you use or would use and why this is most effective for you?

● What are the key factors in establishing or improving your credit score?

Rubric Homework

Criteri a

Ratings Pts

This criterio n is linked to a Learni ng Outco me

Item 1

2 pts

Full Mark s

1.5 pts

Complete but with inaccuracies

1 pts

Not complete or many inaccuracies

0 pts

Missing or blank

2 pts

This criterio n is linked to a Learni ng Outco me

Item 2

2 pts

Full Mar ks

1.5 pts

Complete but with inaccuracies

1 pts

Not complete or many inaccuracies

0 pts

Missin g or blank

2 pts

This criterio n is linked to a Learni ng Outco me

Item 3

2 pts

Ful l Ma rks

1.5 pts

Complete but with inaccuracie s

1 pts

Not complete or many inaccuracies

0 pts

Missi ng or blank

2 pts

This criterio n is linked to a Learni ng Outco me

Reflec tion

2 pt s

F ul l M ar ks

1.5 pts

Complete but with inaccurac ies

1 pts

Not complete or many inaccuraci es

0 pts

Mis sing or blan k

2 pts

Total Points: 8

Module 7 Large

Purchase

Planning Welcome to Week 7!

Objectives:

● Learn how to plan and manage the purchase of a large purchase. ● Understand the ins and outs of purchasing a car and a house.

Large Purchase Planning

Large purchases require planning to ensure you are making the right purchase and at the best price. Allow yourself ample time to make a large purchase decision. First, start by seeing how this purchase fits into your financial goals and current spending plan. If you are going to obtain a loan to make the purchase, does your budget support the payment? Also, consider if there are any additional expenses related to the purchase. Will you need insurance? Are there operating or maintenance costs?

For some purchases, you may enlist support from a professional to assist with the purchase. If you do utilize a professional, make sure the person is qualified and understands your needs. Also, be sure to understand how they are paid.

Readings:

● Saving Money vs. Borrowing for a Large Purchase

● Links to an external site. ●

Purchasing a Car

A car is a typical first large purchase and many times also one’s first loan. When purchasing a car, you will decide if you are purchasing new or used, or instead leasing. You may decide to finance the vehicle. I recommend separating the purchase from the financing. What I mean by this is obtaining financing separate from a dealership. This will give you one less item to have to negotiate when making the purchase.

You also do not need to purchase from a dealership. You can save money by purchasing from a private party. Purchasing from a private party does not keep you from being able to obtain a loan to purchase the car.

Factor in additional costs related to the purchase of the car. You will need insurance. We will talk later in the term about the different types of auto insurance and how much you will need. How much is gas and maintenance? These additional costs will also need to be built into your budget.

Readings:

● 50 Resources for Buying a New Car ● Links to an external site. ●

Purchasing a House

Purchasing a home can be one of the most stressful experiences one faces. You will start planning for the purchase of your first house years before the purchase. You will want to seek to have a high credit score in order to obtain the best interest rate on the mortgage. Conventional mortgages usually require a 20% down payment, which can take years to save for.

There are some mortgage programs, like the Federal Housing Administration (FHA) or Veteran’s Administration (VA), that allow for a lower down payment. If you are not able to put 20% down, you may need to pay for Private Mortgage Insurance, which is not insurance that protects you but protects the lender.

Depending on the real estate market, you may find yourself at an advantage (buyers market) or a disadvantage (sellers market). It can be very frustrating not being able to find the house you want or you find it and lose out on it in a bidding war.

Readings:

● Renting vs. Buying

● Links to an external site. ● ● Renting vs Buying in one chart ● Links to an external site. ● ● First-Time Homebuyer ● Links to an external site. ● ● VA Loan ● Links to an external site. ● ● 17 Mistakes First-Time Homebuyers Should Avoid ● Links to an external site. ● ● Types of Home Loans ● Links to an external site. ● ● A Guide to Private Mortgage Insurance ● Links to an external site. ● ● Bidding War ● Links to an external site. ●

Lecture Slides

Module 7 Slides

Links to an external site.