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Personal Finance 2019: Day 4




Today in the personal finance J-Term Clark and Blake and I started by giving a presentation to the rest of the class about taxes and tax structures as well as the differences in deductibles you can get in different places. After this we had a discussion with the class where we shared different blogs and podcasts that we have listened to over the week such as Mr Money Mustache and NPR’s Planet Money. For me it was interesting to see the different types of blogs and podcasts and how they varied from short easy to understand ones to more specific and complex. After this we had our daily seminar on our readings where, among other things, we expanded our discussions on the value of tracking money when making a budget. This lets you figure out not only that you spent $200 a month on food, but $110 of it was specifically at CVS as opposed to what you thought was a small percent of your food budget. We were then given time to work on our life games, filling out as much as we could on expected income, housing costs, various other expenses and investments over the years from the start of college to a standard age 65 retirement.
      After lunch we watched a movie called The Big Short which is a true story about the housing bubble in 2008 and people who bet against the US economy by buying shorts which are basically bets against the bank that the market will decline. In the beginning of the movie there was a lot of backlash as people were confused why anyone would bet against the housing market which had never failed previously and the main characters investors tried to pull out. However, over the next year his bet became the reality and the recession of 2008 had begun. This movie was very funny in addition to doing an excellent job of describing how bad the recession of ‘08 was and how most people didn't see it coming because the banks tried to cover it up. This move was I think a perfect end to our week as it outlined markets and investments which we will start to cover in depth next week.

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