Day: November 30, 2016

30 for 30 Broke Reflection

Gary

1.What do you think the root of the problem as to why these multi-millionaires are going broke?

Because I think He buy a lot of houses and car, they bought a lot of yachts
They have no plans to manage money. So they will go bankrupt

 

2.How did sports salaries change in the 1990’s? Explain the term “Keeping up with the Joneses”. Why does that lead to bad money management decisions?

Spend a lot money to buy a car ,clothes ,jewelry and shoes trying to compete with your friends.

 

3.What money management lessons could the average person learn from these stories?

 

4.If you were a financial planner, how would you handle a pro athlete’s money?

I will put the athletes money into the bank, with a reasonable way to help them make money

 

5.What do you think is the worst financial decision some of these athletes made that affected their lives for many years after they lost the majority of their money?

 

I think the worst financial decisions among these athletes are the unplanned use of money, and after they have lost most of their money, they think about their 20-year life

Freedom 18 Response

Gary

After talking with my parents, they said that right now I need to focus on school and get good grades. Later, when I have enough experience and education, they will give me money to open my own company where I will be able to do what I want to.

 

Before I am 18 years old, I think all of my cost will be given by my parents. It will be a lot of money, because it includes tuition fees and living fees. But, I would like to reduce the cost as far as possible which will make it more easy for my parents. I think the amount of my money I will be spending after I graduate from high school will contain a lot of things in life, such as; clothes, food and, video games. If I save all of that money after graduation I would be able to afford more in future.

 

If I save enough I might be able to open a company. This is also what my parents want me to do.  Finally, my ideal job is to be a well-known designer making a lot of money to be able to afford anything I want.