Partner is Nick Parvahesh.
House Hunters
on Category: Planning 10
on Credit Card Comparison
on Credit Card Comparison
Planning 10
Mrs. Durand
Explain/define the following terms:
Credit – The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
Credit Card –
A small piece of plastic issued by a bank, business, etc., allowing the holder to purchase goods or services on credit. Also it is primarily used for short-term financing.
Annual Fee –
A credit card annual fee is a fee automatically charged once a year to your credit card account for the convenience of the credit card
Interest Rate –
The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding
Minimum Payment –
The smallest amount of a credit card bill that a consumer can pay, to remain in good standing with the credit card company.
Grace Period –
the period of time a credit card company gives you to pay your new charges, without having to pay interest on the new balance
Answer the following questions.
Why would a credit card company let you borrow money?
Because there are fees which you need to pay which makes the company a profit. Also when you don’t pay your bills, you pay an interest which makes them tons of money. Basically they make profits off people who apply for their company.
| Credit Card #1 | Credit Card #2 | Credit Card #3 | |
| NAME OF CARD | CIBC Aventura® Visa* Student Card | CIBC Dividend® Visa* Card | CIBC TELUS Rewards® Visa* Card |
| BANKING INSTITUTION | CIBC | CIBC | CIBC |
| TYPE OF CARD (Ex. Visa, Mastercard, etc.) |
Visa | Visa | Visa |
| ANNUAL FEE | $39.00 | No fee | No fee |
| INTEREST RATE | Purchases – 19.99% Cash – 22.99% | Purchases – 19.99% Cash – 22.99% | Purchases – 19.99% Cash – 22.99% |
| PERKS/BENEFITS | – Out-of-Province Emergency Travel Medical Insurance covers the primary cardholder, their spouse and dependent children for the first 15 days of a trip if the covered person is age 64 or under
– Auto Rental Collision/Loss Damage Insurance
– $100,000 Common Carrier Accident Insurance
– Purchase Security and Extended Protection Insurance |
– Want to earn cash back on every purchase, with no limit on the total cash back you can earn
– Don’t want to pay an annual fee
– Would like the added benefit of replacements for lost, stolen or damaged items with Purchase Security and Extended Protection® Insurance
– Have a minimum household income of $15,000
|
– Are a TELUS® Mobility account holder or subscriber with an eligible service and want to earn points towards select TELUS products and services
– Enjoy car rental discounts at participating locations worldwide
– Don’t want to pay an annual fee
– Have a minimum household income of $15,000 |
– –
What card do you prefer and why? Explain in multiple sentences your reasoning.
I prefer the CIBC TELUS Rewards Visa Card. I prefer this card because it offers many TELUS deals and products which can benefit you. Since I have TELUS as my Wi-Fi-network, I will obtain free goods and sales for items such as car rentals, TVs, etc. Also you don’t have to pay an annual fee which can save you decent money.
What card do you NOT prefer and why? Explain in multiple sentences your reasoning.
The card I don’t prefer is the CIBC Dividend Visa Card. I do not prefer this card because the benefits of this card aren’t that great, and there aren’t many benefits. Even if there isn’t an annual fee, you still don’t make profit from it. The interest rate is the same as others.
“Freedom 18 Response”
on Freedom 18 Response
After discussing with my parents about my budget, we came to an agreement that it is realistic, and that it meets my family’s expectations when I am 18. My budget is realistic because I will stay at home, along with my parents, who will pay for most of my expenses. Items such as gas, utilities, electricity, internet, housing, tuition, etc., which I won’t pay for. I am fortunate to have parents with decent salaries, but this doesn’t apply to everyone. For my income, I will work a part time job, for about 12 hours weekly, which is about $130 before taxes. Also I will get allowance from my parents for things such as movies, dining out, extra clothing, and going out with my friends. I will have a surplus of around $100 per month, which I will save. The importance of a budget is great, because you can know your needs, and you can organize your wants to buy them. When my parents were 18 years old, their budget was much different. There was not internet, phone plans, housing was much cheaper, and education wasn’t extremely needed as today. Their budget was easier to handle because all the technology today wasn’t there, which saved them tons of money for other items. Also my parents moved out at a young age, due to the cheapness of houses in the past. Comparing me when I am going to be 18, from my parents, it is better for me to live within my means. Many teenagers going into their adulthood is different than mine, they need to keep an organized account of their budget without spending a lot of money on wants, rather on their needs to survive. In conclusion, it is suitable to have a budget, with a surplus, because being young does not last forever, and when you grow up you need to plan your life with great care and responsibility, and this keeps note of how much money you can spend on specific items.
Digital Autobiography
on 30 for 30 Broke
on 30 for 30 Broke
By: Josh Secrieru
After watching the documentary “30 for 30 Broke,” I have a better understanding of how life is for professional athletes. The documentary includes how athletes spend their money, going broke, how it affected them, what they regret, and how to prevent it happening to anyone. I think the root of the problem are for these professional athletes is not keeping their money organized and safe. They don’t keep their money safe because they don’t keep an account of how much they spend, instead they just spend freely on whatever expenses they want. Even though sport players have a huge income, most of them eventually go bankrupt after a few years of retirement. Salaries in the 1990s changed due to the economic change. The term “Keeping up with the Joneses”, means to buy or have something one has, then buying the better version to keep up with the style. For example: if one person buys a new 2015 Porsche, then someone buys a 2016 Porsche to keep up. This term leads to bad money making decisions because people buy things that he/she does not need, and wastes tons of money, which you could save or invest. Money making lessons I could learn from these stories are: keep your money safe, have secure bank accounts, always know your surroundings, have money for a pension plan, etc. If I were a financial planner, I would handle a professional’s money with great care. I would have restrictions on how many things you can buy, budget for recreational items, limited houses, and keep some of your money in banks for pension, bills, or savings. I think the worst financial decision some these athletes made are having too many wives or girlfriends, who are all essentially gold diggers. Some players have one wife, some have over seven. When a player has a wife or girlfriend, and they have a child, the child requires child support, and items they desire until they are 19 years of age. Also many players have several or more ex-wives, which sometimes they don’t obtain a pre-nuptial agreement, then they could lose half or more of their money because they were too lazy to get one. Also, some women get pregnant by a player on purpose, so they can acquire money from the father, for the mother and the child. In conclusion, if you ever become a professional athlete, always keep your money safe and secure, do not spend too much, save a large pension, and be easy with women.
Josh’s Future Lifestyle
on 
Career Compass
on