Freedom 18
Sarah Wade
Block C
When I’m eighteen I will have graduated from high school. I will be going to university. I will also have a job.
To be able to pay for university I will need to have a good paying job. I will probably end up working two jobs. In order to pay for university. If I was to work 6 hours a day 6 days a week I would be paid approximately $762.00 per month. As a second job I would be a soccer referee. I would work 3 games a week. I would make $120.00 per month. This would be a total of $882.00 a month.
My only fixed expense would be my cell phone bill. I would have a plan that cost $20.00 a month. I don’t need unlimited everything I want it. So my plan would be just needs. I could call when I needed to. I could text when I needed to. But I wouldn’t be calling and texting all the time.
My biggest variable expense would be my tuition. My tuition would cost me $500 a month. That is just paying for half. On top of that I would have to pay for going out for dinner, clothes, gifts, transit and my savings account. To keep the cost down, I would only go out for dinner once a month, I would have a budget of $20.00 a month on clothes, I wouldn’t buy that expensive gifts. I can’t really do anything about transit. I just couldn’t take any extra trips. I would out $20.00 a month away in my savings account. All of this would be approximately $635.00.
By the end of the month I would have around $227.00.
When I talked to my parents. They thought that me working full time and going to school would be unrealistic. They did not think that I would be able to work 6 hours a day and keep my grades up. They thought it would be better if I worked maybe 3 hours a day 4 days a week. This way I would only be making $684.00 a month. By the end of the month I would have a surplus of $27.00.
I think that I would be able to live this way for a few years. If I put that $27.00 into my savings account I would have enough money saved up by the end of university to do whatever I wanted.
This week I learned how to convert within the metric system.
For example:
I’m converting 6780cm into m.
First you have to find out how many cm are in a m. -There are 100
So to convert it you need to make 6780cm a fraction
Then you multiply it by
The cm cancel each other out
So your left with
Divide it and you get 67.8m
The unit that you want to convert to always goes on the top.
30 for 30 Broke
Sarah Wade
Block C
Athletes all over the world are going broke. Why? Because they don’t know how to handle their money. If you were completely and totally broke one day and a millionaire the next, what would you do? Would your first thought be to save all your money for your retirement and the off season, or would it be to spend it all? Would you get some nice clothes, shoes and jewellery that you have never been able to afford? Would you buy a nice house, a nice car? These athletes, every single time they get a pay check they spend it right away. This eventually leads to going broke. When they have these huge houses, it’s expensive. If every month they have to pay a lot of money towards that along with money for people to upkeep their houses. They buy their parents big houses too. So that’s double the cost of your mortgage. Athletes have multiple cars. More money for the insurance. The bills just keep piling up. What happens when they stop making money? They haven’t put any money aside.They go broke. Eventually their income fails to keep up with their expenses.
In the 1990’s the economy was in really good shape. That meant for athletes a ton more money than they were making before. This time period brought on the term “keeping up with the Joneses”. This is what people called it when athletes competed with their money. Players that didn’t play as much, got less money than people that did play. They didn’t want the public to know that though. So they dressed the part. They wanted to look just like the athletes that did play. They bought the most expensive and trendy things. Things that would make them look rich.
Something that everybody can learn from this is that you need to put money away. Once you have put money away, you can buy all of those extra things that make you look rich, but don’t buy things that you can’t afford. The most efficient way to avoid bankruptcy is to consistently put money away.
If I were a financial planner I would make sure that my clients put enough money away for retirement and for the off season. I would also ensure that they bought a house within their price range. If they didn’t have a family they would only need 1 car. This car could be fancy though. I would allot them a bit of money every week for buying their extra things. This way they would have enough money for their luxuries and necessities.
The worst financial decision any of these athletes could do, is to buy out of their price range. They just wanted to look like millionaires even if they didn’t have the money backing them up. The other big issue was not saving any money. These two things added together resulted in bankruptcy for multiple players.
