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    This document contains a student's reflection on financial literacy. The student discusses several topics: 1) The costs and benefits of credit, noting that while credit can be expensive if misused, it is necessary for large purchases and builds a strong credit history. 2) How to use credit responsibly by making on-time payments, paying more than the minimum due, and not missing payments. 3) The types of taxes citizens pay, including income, sales, and property taxes which support government services and are calculated based on income, purchases, and property value. 4) How insurance can help by sharing costs of unexpected medical expenses, property damage, or accidents to protect one's financial future.

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    This document contains a student's reflection on financial literacy. The student discusses several topics: 1) The costs and benefits of credit, noting that while credit can be expensive if misused, it is necessary for large purchases and builds a strong credit history. 2) How to use credit responsibly by making on-time payments, paying more than the minimum due, and not missing payments. 3) The types of taxes citizens pay, including income, sales, and property taxes which support government services and are calculated based on income, purchases, and property value. 4) How insurance can help by sharing costs of unexpected medical expenses, property damage, or accidents to protect one's financial future.

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    211 views1 page

    Lesson 14 - Financial Literacy Reflection

    Uploaded by

    api-456827469
    This document contains a student's reflection on financial literacy. The student discusses several topics: 1) The costs and benefits of credit, noting that while credit can be expensive if misused, it is necessary for large purchases and builds a strong credit history. 2) How to use credit responsibly by making on-time payments, paying more than the minimum due, and not missing payments. 3) The types of taxes citizens pay, including income, sales, and property taxes which support government services and are calculated based on income, purchases, and property value. 4) How insurance can help by sharing costs of unexpected medical expenses, property damage, or accidents to protect one's financial future.

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    Jessalynn Goulette

    Pathways

    Lesson #14

    Financial Literacy Reflection


    1. What are the costs and benefits of credit, such as loans and credit cards?
    Using credit can cost you more money if used irresponsibly, but it is crucial if you count on buying
    property or taking out loans. Building a strong credit history will benefit you your whole life.

    2. How can you use credit responsibly to achieve your financial goals?
    To use credit responsibly, be sure to not miss payments, pay bills on time, and pay more than the
    minimum payment.

    3. What taxes do citizens pay and how are they calculated?


    Some taxes that citizens pay include: income, sales, and property taxes. Income taxes can come from
    federal, state, and local governments to pay for medicare, social security, infrastructure, and schools.
    Income taxes are determined by how much you make and your dependents. Sales taxes are
    determined by local and state governments and are a percentage of what you buy, while property
    taxes are from local governments and are determined by a percentage of the property you own.

    4. How can insurance help protect your financial future?


    Insurance can help with lessening the impact of sudden financial burdens such as: medical expenses,
    property damage, or auto accidents. Sharing the financial liability will help protect your future.

    5. How does setting goals and budgeting help you achieve financial success?
    When you budget and set attainable goals you will be more prepared for any financial hardships and
    will be better able to provide for yourself and family your whole life.

    6. How do maintaining healthy finances affect your overall physical and emotional health?

    When money is managed properly and responsibly the stress that comes with it fades away. Stress is a
    gigantic burden that can affect one’s physical health by higher blood pressure and heart attacks, while
    also affecting one’s mental health.

    7. What is your plan to develop healthy financial practices? Discuss three ways that you plan
    to make healthy financial decisions to protect your future.
    I plan to save as much money as I can while I am young while putting it in a yearly money market to
    mature and raise in interest, Finding suitable insurance that will protect me from any burdens and
    using credit wisely are also some of my plans to develop healthy financial practices

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