BUSN380 Week 1Threaded Discussion - Time Value of Money & Opportunity Costs

BUSN380 Week 1Threaded Discussion - Time Value of Money & Opportunity Costs

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Incorporating time-value-of-money concepts and information from well-developed personal financial statements, identify your long-term financial goals and discuss the pertinent aspects for realizing these long-term financial goals. You know, I read all this and I feel like I am a million light years behind everyone. I must be real dear colleagues; I have never had a financial goal in my life! Not by any of the standards displayed here at least. Growing up in Trinidad I saw both my parents work to pay bills, buy a house (after renting for decades), borrow money for a new car every two or three years, and scrape together the rest for what was necessary to send four kids to school. Conversations around the dinner table did not consist of such uplifting topics as savings or investment, and certainly not short-term and long-term financial planning. Some month-end weekends were cause for panic when the landlord came knocking, and as the eldest, I learned to lie about the whereabouts of my folks, as we bought more time to come up with rent money. But come Christmas time, the larder was impressive, booze and food and toys and bought on credit. Every three years a new car … never mind dear old Dad kept each one in mint condition….we lived by the maxim: “be mindful of the resale value.” Therefore, it is no wonder that I find myself entering middle age not even trying to pretend that I am saving for retirement, or to pay off a mortgage, or send some kid to college. Robert Kiyosaki was right! Money without financial intelligence is money soon gone! I imagine my folks were working with what they knew, what their own parents did or didn’t teach them. After all, if personal financial planning is the process of managing your money to achieve personal economic satisfaction, then my folks were financial planners….they just didn’t manage to keep any of it. The debt-addiction and consumerism of my forebearers continue to reside in my DNA, and college tuition in only the latest of the sums of dough yet another creditor will be ringing my phone off the hook about in the near future. But guess what? Every year I take an expensive vacation overseas, I eat and drink the best of everything, and I must have my creature comforts. Financial plan that! Ultimately I’m thinking my plan should be to figure out how to keep from imploding under the weight of my mismanaged finances and avoid ending up under a bridge somewhere. I figure by week three I should have some idea, do you?
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These are some excellent thoughts regarding opportunity cost, class! Understanding the opportunity cost of different decisions to make with our money (spend vs.
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BUSN380 Week 1Threaded Discussion - Time Value of Money & Opportunity Costs

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