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Math Project

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Math Project
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  • Finance Friends
  • by: Tirfe Horvick
  • Yo John, do you want to play a fun game?
  • Sure, what do I have to do in this game?
  • First, you need to guess how much this car is worth.
  • Sam, this game sounds boring and easy, but I will play.
  • You get 5 guesses.
  • Ok. Does this car cost $25,000?
  • No, it is higher.
  • Ummm. Does this car cost $30,000?
  • No, it is a little higher.
  • What!? Does this car cost $35,000?
  • No, it is higher.
  • Ummm. Does this car cost $32,000?
  • Yes, you got it! But there is more.
  • What?!
  • I got this car with a 5-year loan.
  • What does that mean?
  • This means that the bank gave me money...
  • WAIT WHAT! I want money from the bank!
  • Bro, I am not finished.
  • Oh, continue.
  • As I was saying... the bank gave me money to buy the car. Now, I need to pay the bank back slowly over 5 years.
  • Wait, so how do banks make money then?
  • My car would have cost me $32,000 if I did not get a loan. But my loan has a 4% interest rate, so when I am done paying back the bank, the total amount I will pay for my car will be about $35,000.
  • Oh, wow! That is a big difference. Why would people want loans then?
  • Some people get loans because they don't have the money on hand to pay for the item in one payment, so they will have to pay for the item in monthly increments.
  • Oh, that makes sense.
  • I see I am at my house. I will see you later.
  • Ok, sounds good, talk to you later.
  • Hey Sam! I have a question about investing. Can you help me?
  • Sure thing. We should talk about it in my office.
  • Ok, I heard that almost all our friends have been investing money. A lot of them have retirement accounts. Why invest for retirement now when we are so young?
  • Are you telling me that you have not started investing your money yet?!
  • No, I haven't yet...have you been?
  • OF COURSE!!!
  • I had no idea! How do I get started? What are you doing to invest?
  • Every month I put aside 10% of my income for investments.
  • I put some of my money into savings, but what's the big deal with investing?
  • With investing, you can make additional money if your investment in goes up in value. For example, I make about 7% on my investments.
  • Oh wow! That's better than my savings. But why are you starting investments so young? Don't you want to spend that money on some cool things?
  • If I start investing now, by my calculations, I should be a multimillionaire before I retire.
  • Oh wow! That's crazy. I want to be a millionaire.
  • Then you should start investing now. You should also consider investing to save for items you want and can then avoid taking out loans.
  • But there has to be some downsides to investing, right?
  • Investing requires patience and self-discipline. You have to be patient and wait for your money to grow. You also need to be good about putting your money in investments rather than spending it on other things.
  • This talk has been awesome! I'm going to start investing.
  • That's great! Let's grab lunch and talk about it some more.
  • 40 years later...
  • I am so happy that I started to invest 40 years ago. Thank you for telling me about it. I finally made my first million dollars.
  • OMG that is crazy!
  • To celebrate, I think we should go on a vacation together.
  • Yes, let's go. That sounds awesome!
  • Thank You for reading.
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