DEBT Assignment

What do students need to learn about DEBT?

https://www.debt.org/credit/loans/

Auto Loans

What is it?-An auto loan helps you buy a car that costs more than you can afford with cash. Unless you have a substantial amount in savings, you’ll probably borrow and pay off your vehicle with flat monthly payments.

How much interest? Most car loans use simple interest, a type of interest of which the interest charge is calculated only on the principal (the amount owed on the loan). Simple interest does not compound on interest, which generally saves a borrower money. Borrowers have a choice of fixed or variable interest rates. A deposit can be used (either cash or trade in) which reduces the size of the loan needed. A tax deduction may be applicable if the vehicle is to be used for business purposes. Lower interest rates are available as the loan is secured against the car.Let’s say you take out a car loan for $12,000 to be paid back over five years (or 60 months) at an interest rate of 10%. Your monthly payments for this loan would be $254.96.

How  can you pay it off?- Pay half your monthly payment every two weeks. Round up.Make one large extra payment per year. Make at least one large payment over the term of the loan. Never skip payments.Refinance your loan.

Student Loans

What is it? Student loans are offered to college students or university students and their families so they can cover the cost of higher education. There are two main types of loans, federal and private. Federal loans are typically considered better because of their lower interest rates and better repayment terms.

 

Personal Loans

What is it?Personal loans can be used for any personal expenses and don’t have a designated purpose. This makes them an attractive option for people with outstanding debts, such as credit card debt, who want to reduce their interest rates by transferring balances. Like other loans, personal loan terms depend on your credit history. A personal loan is typically issued for a specific amount and can be used for various purposes at the discretion of the borrower. This kind of loan is used for everything from funding an education or financing a new business venture to purchasing luxury items or taking a lavish vacation.A personal loan can be a secured loan or an unsecured loan. A secured loan uses an asset — such as a house or car — as collateral (or support). If the borrower defaults on the loan, the creditor can take the asset. An unsecured loan does not require collateral, so it is considered high risk for the lender. As such, it has a higher interest rate.Personal loans have evolved over the years to meet the changing needs of the consumer. It used to be nearly impossible to get a personal loan with a limited or bad credit history, but today there are loan options for people with bad credit and nearly every other type of consumer.

Benefits Of Choosing a Personal Loan

The major benefit of a personal loan is the name: It’s personal. You can use it for any reason you like and you don’t need collateral to get one.

The choices range from something practical like consolidating credit card debt or remodeling the bathroom to something whimsical like buying a boat or taking a European vacation. The choice is yours.Personal loans, especially unsecured ones, usually don’t require much more than filling out an application form and supplying documents that verify your financial standing. The money doesn’t have to come from a traditional source like banks or credit unions.Family and friends can be the source of money, though it is advisable to have a formal loan agreement with them to make sure the relationship doesn’t go sour. There also are a number of peer-to-peer online lending sources like Prosper and Lending Club, as well as sites like Kickstarter and IndieGoGo that cater to entrepreneurs. The online sites normally charge a fee, but if you need money and need it fast, this is one of the options available.

Loans for Veterans

What is it? A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). The loan may be issued by qualified lenders. The VA loan was designed to offer long-term financing to eligible American veterans.

How much interest? The VA interest rate lowers your interest rate by refinancing your existing VA home loan. By having a lower interest rate, your monthly mortgage payment should decrease.

How  can you pay it off? –There’s no mortgage insurance with VA loans, but there is the VA Funding Fee. This fee (usually about 2 percent of the loan amount) helps the VA keep the program going and is required on both purchase and refinance loans. It can be rolled into the loan amount and waived entirely for those with service-connected disabilities.

Small Business Loans

What is it?Small business loans are granted to entrepreneurs and aspiring entrepreneurs to help them start or expand a business. The best source of small business loans is the U.S. Small Business Administration (SBA), which offers a variety of options depending on each business’s needs.

How much interest?

How  can you pay it off?- The first step when trying to get out of debt is to stop creating more debt. This is probably the hardest step as you have more than likely been spending money you don’t have for a while and it will take some time to determine what you can and cannot afford.

Payday Loans

What is it? Payday loans are short-term, high-interest loans designed to bridge the gap from one paycheck to the next, used predominantly by repeat borrowers living paycheck to paycheck. The government strongly discourages consumers from taking out payday loans because of their high costs and interest rates.

How much interest? 3,724% annually and $17 per $100 in B.C.

How can you pay it off

Home Equity Loans

What is it? If you have equity in your home – the house is worth more than you owe on it – you can use that equity to help pay for big projects. Home equity loans are good for renovating the house, consolidating credit card debt, paying off student loans and many other worthwhile projects.

Home equity loans and home equity lines of credit (HELOCs) use the borrower’s home as a source of collateral so interest rates are considerably lower than credit cards. The major difference between the two is that a home equity loan has a fixed interest rate and regular monthly payments are expected, while a HELOC has variable rates and offers a flexible payment schedule. Home equity loans and HELOCs are used for things like home renovations, credit card debt consolidation, major medical bills, education expenses and retirement income supplements. They must be repaid in full if the home is sold.

Interest Rate:  In mid-January 2016, the national average interest rate for a $30,000 fixed-interest home equity loan was hovering a bit over 5%. The average interest rate for a $30,000 HELOC was about 5.2%.

How to pay? Talk to your lender about setting up automatic monthly payments that cover the interest and principal, so that you’ll have your line of credit paid down over a specified period of time. Set up automatic payments that cover more than just the interest with internet or online banking services yourself.

Mortgages

the charging of property by a debtor to a creditor as security for a debt (especially one incurred by the purchase of the property), on the condition that it shall be returned on payment of the debt within a certain period.

If you have a bad credit it is harder for your mortgage to pass. There is a certain interest that you have to pay when taking the loan.

Mortgages are loans distributed by banks to allow consumers to buy homes they can’t pay for upfront. A mortgage is tied to your home, meaning you risk foreclosure if you fall behind on payments. Mortgages have among the lowest interest rates of all loans.

Debt(definition)-Debt is an amount of money borrowed by one party from another. Debt is used by many corporations and individuals as a method of making large purchases that they could not afford under normal circumstances. A debt arrangement gives the borrowing party permission to borrow money under the condition that it is to be paid back at a later date, usually with interest.

Project Based Learning

      1. Defines and explains what project-based learning is.

    Project-based learning is a student-centered pedagogy in which students learn about a subject through the experience of creating a problem. Students learn both thinking strategies and domain knowledge.

  1. Research and summarize an example of a class that used project based learning from the internet.  Was this project successful? Would you find the project interesting?  Why? Why not?
    1. Project-based learning is a student-centered pedagogy in which students learn about a subject through the experience of creating a problem. Students learn both thinking strategies and domain knowledge.
    2. In Social Studies 10, Mr. Schilt told us that we could do anything we desired related to the PLOs and we did so and this was successful because it was directed by us and was interesting and it worked out because it hit a lot of PLOs and we could do anything we want.
    3. Media Saves the Beach
    4. When California cut its budget for water quality testing, these San Diego high school students were charged with figuring out how to test the water quality on their own, then educate the public about ways they could protect and improve water quality in their daily lives. This project engaged student learning in two content areas: science knowledge was required to study the problem and develop solutions, and English language arts skills were needed to effectively communicate their ideas to the public.
    5. Schenk Courtyard ProjectStudents at Schenk Elementary School were asked to redesign an underutilized courtyard space on the school campus. They drafted, revised, and presented their ideas in formal presentations to their classmates. They then met with architects, who shared their own plans and took student suggestions. I thought the project could be made more rigorous with the addition of budgeting, having students research the material and labor costs for their ideas and determine what would fit within the school’s budget, but even without that, the level of student engagement is pretty fantastic.Hydroponics and World HungerIn this TeachThought podcast, 4th-grade teacher Nan Arant describes how her students worked to develop a solution to world hunger by studying alternative ways to grow plants; specifically, hydroponics and aquaponics. She also talks about how discovering PBL has changed the way she feels about teaching.
    6. What can we do as a class for PBL?
    7. We could do a project based on Planning PLOs or finances or something, and we could do any project related to it and make a video or do anything we desired related to the topic. I believe we should just simply give them one main topic and then let them be creative with whatever they want to do.

Work Life Balance- Task Manager

All Tasks – https://docs.google.com/a/dasmeshschool.com/document/d/10U5tomcr-lwjynta8fLQQQz4WeO7PXSTq-9XHoMv6SA/edit?usp=sharing

Different questions assigned to people according to different sections of Work Life Balance.

Manvinder – How does your job impact your happiness?

Jovan- What certain amount of money is shown to maximize the amount of happiness and decrease stress ?

Herveen- Different jobs and the difference in money made– Scale?

Avneet- Should a person base their career choice on the money that they make or on what they enjoy?

Gurjiwan- Can money impact your career choice?

This will all go on a Facebook page and we will also communicate this on the Facebook page.

Herveen Padda: Different jobs and the difference in money made– Scale?

Lawyer- Tax lawyer-$62,961 to $118,269.

-Personal Injury and Wrongful Death Lawyer- $41,583 – $124,247.

-Criminal lawyer – $39,596 to $127,425

Lawyers and Their Salaries

Doctors-Anesthesiologists-US$105,402 to US$395,672.

-Cardiologists-US$69,043 and US$412,406

-Neurosurgeons-US$102,297 and US$729,121.

-Pediatricians-US$87,100 to US$203,391.

Doctors and Their Salaries

Navleen Grewal

Jovan Gill: What certain amount of money is shown to maximize the amount of happiness and decrease stress ?

There is only so much happiness that money can buy…. According to researchers behind the original Princeton study, the rough average amount of money per year to keep someone emotionally well is $75,000. This covers basic expenses and adds a little free room when spending for certain pleasure.

Manvinder Jawanda: How does your job impact your happiness?

How Does Your Job Affect Your Happiness – It’s intrinsically human to want to feel you’re adding value, whether you work at a fast food restaurant or are a brain surgeon, and knowing that your job is important boosts your self-worth.

Avneet Maan: Should a person base their career choice on the money that they make or on what they enjoy?-

A person should not base their career choice on how much money the job gives because if you do a job you enjoy, you can get a raise or promotion and earn more money anyways, but if you choose a career a based on how much money it gives you will have a lot of stress and it will be very hard to get that kind of job. Even if you do get that job you won’t be happy and will be struggling to go to work everyday. Most people agree that you should choose your career based on what you enjoy but they couldn’t do it because they were scared on how they would pay their bills and because people always measure a person’s worth and intelligence on how much they were able to learn. All these people regret not following their dreams and choosing a job based on the money because now they are unhappy and wish they could go back.

Gurjiwan Takhar: Can money impact your career choice?

Income is something that everyone looks into before they get a job because people want a job that pays good money. Instead you are supposed to take consideration in other things like interest and ability, work environment, stress level, job security, time for other things like family and leisure, and location. This is what you are supposed to look at

Project Based Learning

How much money you need to be happy

Green Zones Research

Green Zones

A green zone is a type of community or area that is changed or transformed from a highly polluted or economically depressed area to a healthier environment which has a stronger economic future.

There can be different meanings for green zone for every community but the concept is same everywhere. It is that a Green Zone provides a local framework to protect the environmental and economic health of a community heavily affected by local pollution. Green Zones are trying to make communities more “green” which means trying to reduce pollution and developing a  more healthy economy.

All the following would be something you would find or characteristics in a healthy green zone:

  • Stepped up regulation and enforcement to hold polluting industries accountable;

This would help control pollution and global warming in a community or any area. Companies would have to pay fines if they cause pollution and the government could use that money to help.

  • A community voice in making land-use decisions

This would help in deciding what specific pieces of land should be used for. Everyone in a community should have a right to share their thoughts and maybe they could have a vote when wanting to build a factory or park and etc…

  • Land use policies that prevent new pollution projects from locating in these communities

This would regulate how much pollution is being caused. Policies could prevent a big company to build factories causing pollution. Instead of these factories, maybe a park other businesses could be developed to keep people happier, keep the environment safe and have an overall healthy community.

  • Focused private and public investment in local economic development

This would just help development in small businesses and create more jobs for people who aren’t happy with their wage or are living in poverty. Creating more jobs would help decrease depression in a community and benefit the economy.

  • Support for businesses in the Green Zone that want to “green up” operations

This is a pretty big part because if a business wants to “green up” it would need the support of the community and without the needed support, it could end up not working out and leading to a failure which would ultimately affect the government or community.

  • Greening these communities by creating more parks, community gardens and urban farms, and developing green businesses and jobs.

Again, this is a big step because adding these to the community would make the people happier. It would lead to less depression as people would be making money to keep themselves happy and enjoy free time in parks and other recreational facilities.

Individual Progress Report

Individual Progress Report

 

We as a group are doing a project about work life balance. Basically how your work affects your life and what you can do to keep your work life and life beyond that, balanced. We all had different types of questions which we answered. My question was “What certain amount of money is shown to maximize the amount of happiness and decrease stress ?” I answered this question in a very detailed and concise way. I kept it a good length so it would be easier to understand for someone who may not know anything about the topic. After finishing the question we thought together as a group of what we should do next. We decided to create an instagram page called “Work Life Balance” Me and Manvinder created the page and started spreading the word. We thought it would be a good idea to get others involved and answer any questions they might have. Me and Manvinder were also assigned to create a Facebook page which we did, but it didn’t work out. We didn’t really have any difficulties at all so far, other than the facebook page getting messed up and not working out. When I was going through the answer of my question and the answer of the questions other members of my group were answering, I learned a lot about how your financial state can affect your life, happiness and career choices.

 

A part which i Found interesting was

“It’s intrinsically human to want to feel you’re adding value, whether you work at a fast food restaurant or are a brain surgeon, and knowing that your job is important boosts your self-worth. When you leave university, the chances are you’re probably not too sure what to do with your life.”

 

Going forward We are going to try and spread the word around the school and get our page going and try to share the information we have learned with others. Our goal is to get at least five hundred people to follow the account and try to get it going around the school.

The answer to my question:

There is only so much happiness that money can buy…. According to researchers behind the original Princeton study, the rough average amount of money per year to keep someone emotionally well is $75,000. This covers basic expenses and adds a little free room when spending for certain pleasure. About 50,000 would most likely be the point where everything is running alright and u have money for basic needs and not a lot to spend for other recreational purposes. Anything lower than that might lead to depression or stress.

Pursuit of Happyness

Pursuit of Happyness

“You want something. You go get it. Period.” (Chris Gardner)

Background

The film is based on the true story of Chris Gardner, who went through extreme poverty before ending up as a multi-millionaire. Some of the details were altered for the film: Linda, for example, is a mixture of the two women in Chris’s life, and solving the Rubik’s cube is fiction added to the plot.

Will Smith saw the real Chris Gardner interviewed on 20/20, an American human-interest program. Watching Chris walk into the bathroom in which he and his son had slept captured Smith’s attention and at that point he decided that he wanted to tell this story. When Smith met Gardner he felt an instant connection, particularly with the idea that a person has command over their future, whatever their situation.

 

Questions for Discussion

  1.  Did you like this film? Why/why not?

Yes, I liked this film because it showed many values in an entertaining way. It also showed what types of problems you could face in life if you spend your money in wrong places. You can end up broke and ruin many relationships. It also narrowed down and showed a father-son relationship between Chris and his son.

  1.  What is happiness?

Happiness is a type of mental or emotional state which is defined by positive or pleasant emotions.

  1.  Chris wants a better life for him and his son. What do you think he sees as happiness for his son? Do you think he makes the right decisions to achieve this?

Chris thinks his son should be able to go to a good school and learn properly and play basketball. He wants his son to be whatever he wants to be. He tells his son that “don’t let anyone stop you from achieving your dreams.” He wants his son to be able to live a life which isn’t filled with a negative environment. At first he didn’t make right decisions, but he slowly started realizing that he had to work hard to keep his and his son’s life going.

  1.  Do you think that people have an unalienable right (i.e. a right that should not be taken away from them) to happiness? Why/why not?

Yes, I think people have an unalienable right to happiness because it is something that one can not live without. Living without happiness is like walking around with a dead body. It is important for everyone to feel happy. Nobody should be allowed to take it away from anyone.

  1.  “And it was at that time that I thought about Thomas Jefferson writing that Declaration of Independence. Him saying that we have the right to life, liberty, and the pursuit of happiness. And I thought about how he knew to put the ‘pursuit’ in there, like no one can actually have happiness. We can only pursue it.”(Chris)

Do you think anyone can achieve happiness? Why/why not? Is pursuing happiness better than achieving happiness or not? Why?

Yes, I think anyone can achieve happiness if they work hard and want it. If they are successful in pursuing, they can be successful in achieving. I think achieving happiness is better than pursuing it because the feeling you get when you are successful in something is like no other feeling in the world.

  1.  Do you believe that you can always get what you want if you try hard enough?

Yes, You can get whatever you want if you try hard enough. If you believe in yourself and truly want something, you will be able to get it. You have the capability of doing anything.

  1.  How do you feel about Chris’s goals in life? To what extent do you identify with them in your own life?

Chris’s goals in life weren’t good in the beginning. He wasn’t prepared to meet them at the beginning, but he slowly understood what he wanted. After that, he worked hard to fulfil his goals and be successful. They are nothing like what my goals are.

  1.  What things do you think we should pursue in life? Is happiness one of those things? Why/why not?

I think we should pursue a good education, having healthy relationships, and happiness. Happiness is definitely one of those things because I think it is necessary to be able to live in a good way. It helps make your body feel great mentally and physically.

  1. Do you think Chris should have tried to seek regular steady employment to provide for his family and prevent some of the hardships his family and son had to face?

Yes, I think Chris made a big mistake in investing all his fortune on a product which he THOUGHT would sell. I think that was a huge risk. He didn’t know it would sell. He hoped it would. He failed to sell many and left his family in a poor condition. He could have had a more reliable job and stayed steady and could keep his family in a healthy shape.