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Money Explained

(1) The document reflects on topics discussed in the video "MONEY EXPLAINED" including get rich quick schemes, credit cards, student loans, gambling, and retirement. It provides advice such as being wary of schemes that seem too good to be true, paying credit card balances in full each month, choosing a major in college carefully, and saving regularly for retirement. (2) The reflection cautions against get rich quick scams and advises reporting them to authorities. It also suggests choosing credit cards carefully and paying balances off each month to avoid interest charges. (3) Student loans are discussed as a major problem in some countries, with defaults affecting many borrowers and impacting their credit and

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Angelo Aureus Delos Santos
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73 views

Money Explained

(1) The document reflects on topics discussed in the video "MONEY EXPLAINED" including get rich quick schemes, credit cards, student loans, gambling, and retirement. It provides advice such as being wary of schemes that seem too good to be true, paying credit card balances in full each month, choosing a major in college carefully, and saving regularly for retirement. (2) The reflection cautions against get rich quick scams and advises reporting them to authorities. It also suggests choosing credit cards carefully and paying balances off each month to avoid interest charges. (3) Student loans are discussed as a major problem in some countries, with defaults affecting many borrowers and impacting their credit and

Uploaded by

Angelo Aureus Delos Santos
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Name: Delos Santos, Angelo A. Instructor: Ar.

Jason Siochi

Section: BETCHT-NS-3A-T Date: April 22, 2023

Reflection on "MONEY EXPLAINED"

(1) GET RICH QUICK

Although this may seem like an extreme example, many people still fall in love
with something like this, even you and me, because we surely come across things
like this everyday through social media, the internet or advertisements. There are
many types of scams that I know so far: prepaid schemes that ask us to pay a
small amount now for a larger amount later, but the reward never comes. A class
is being marketed that says it will help us make more money from our exercise
program, but it doesn't work. Scammers make a lot of money by selling courses
instead of using the methods provided. In this episode, I got tips and advice that I
can apply in my life. "If it sounds too good to be true, it probably is," they said,
advising listeners to report scams as this would eventually lead to the scammers
being caught.

WORDS: 150

(2) CREDIT CARDS

Credit cards are so popular these days that almost everyone uses at least one, and
our credit history determines the types of offers we receive from financial
institutions. Some use our cards as a transaction, meaning we pay the full amount
each month. Other than the transaction fees they charge merchants, credit card
companies make no profit from these users. Others are revolvers with long-term
loans and high fees. Some people have credit cards. They spend a lot of time to
maximize the points and rewards they get from different cards. Experts on this
topic suggest that we choose our cards carefully and choose the lowest cards. We
should always try to pay our balance in full. If we are already in debt, find out
how much we need to pay each month or week to get out of debt fast.

WORDS: 142
(3) STUDENT LOANS

The importance of this section depends on how higher education works in every
country. The series is about how the US government is increasingly shifting the
cost of college to individuals, making it harder for graduates to afford a life that
most people can afford. Defaults are a major problem affecting around 10% of
borrowers and can cause the entire balance to be seen immediately. Those who
can't repay their student loans could lose their wages or assets and lower their
credit rating. Fortunately, there are programs that can help, so anyone who is
having trouble with student loans should contact a lender or an independent
counseling website. New policies may be issued in the future to ease the pressure
on the system. At the same time, students should choose their major and credits
carefully.

WORDS: 134

(4) GAMBLING

The average person loses hundreds of dollars a year trying to make money in the
gambling industry, and gambling can cost us everything, including our home
and life savings. Gambling is not only about the money but also about the
excitement we feel between placing the bet and getting the result. We also think
magically and create patterns where there is none that makes the campaign more
interesting. At the end of the episode, the commercial is called Robin Hood. In a
sense, they act like a casino and scam young investors or new investors who lose
a lot of money. Unfortunately, this episode doesn't provide any specific strategies
to help people overcome their gambling addiction or lose money.

WORDS: 124
(5) RETIREMENT

The series compares pensions to our three-legged stool: the first is our pension,
the second is our social security or state pension, and the third is our personal
savings. The fourth stage, our social network and family support was also
mentioned. Defined benefit plans, which pay employees a fixed amount, have
been replaced by defined contributions in many countries. With this plan, our
pension is based on the amount we paid while working and the performance of
our investments. For many people, the current system is so confusing that they
don't save enough. Experts recommend that we regularly accumulate savings and
put them into a retirement account. Some researchers are also trying to bridge
the mental gap between our present and future through animation. However,
this is not currently a popular strategy and retirement remains an issue.

WORDS: 145

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