Discussion Topic

Post a total of 3 substantive responses over 2 separate days for full participation. This includes your initial post and 2 replies to classmates or your faculty member.

In this discussion, you will have an opportunity to make connections between your prior knowledge and the new content you are learning this week. Consider your personal financial goals, factors that affect our financial decisions, and the economic forces that can impact them as you respond to the following discussion prompt.

In a minimum of 175 words respond to question 1 and at least two additional questions from this list:

  1. How might this concepts from Chapters 1 and 2 be important to your personal finances? Why would you want to know more about this?
  2. Use this Compound Interest Calculator from Bankrate to gain a broader perspective on your goals in 10, 20, and 30 years. What does the calculator show you about the time value of money and compound interest?
  3. Provide an example of opportunity cost related to your financial goals.
  4. In the Wk 1 Learning Path, watch “How to Set Financial Goals- Young Guys Finance” in WileyPLUS. Then share a financial goal in the SMART format.
  5. In the Wk 1 Learning Path, enter some prices in the Personal Financial Planning Worksheet 1.2 Inflation Calculator in WileyPLUS to see how inflation affects cost of items and services. Watch “Time Value of Money: Cash vs. Annuity for Lottery Payout” in WileyPLUS, then answer this question: How do economic factors, including inflation, interest rates, and economic cycles impact your financial decisions and financial goals?