Blog Entry 2.1.1
Money Management Tips
- Money can help us with pursuing our dreams but it's not the only goal in life
- As you grow up you'll have to stop relying on your parents
- Money doesn't grow on trees, you need to get a job
- You need to have a clear budget and purchase wisely
- When you start saving money, you have to open a bank account to keep your money safe
- Investing in your money in stock markets is a great idea too
- Mortgage is when you take a big loan from the bank to buy a house
- You have to return it by a certain period of time or else you'll be forced to pay interest
What are your goals? How does your budget support your goals? Is it difficult to live and save for big items? What is an alternative to saving?
My goal is to become a doctor when I grow up and in order to do that I would have to enter university which will cost a lot of money. Until I become 18, my parents will be the ones paying for my education and I'll take that as an advantage to save as much money as possible for the future. Things such as a house and a car are one of the most expensive essentials that will take up most of most of my savings, so I'll need to spend my money wisely. Unfortunately, if I decide to study in Qatar, getting a part time job will not be as easy as Canada, therefore I'll have to wait until graduating. One of the simple things I do to invest my money is by buying gold and then selling it after a couple of years after the prices have inflated. This is a great and easy way to get extra money without really doing anything.
OUTCOME 2 SECTION 1 ASSIGNMENT
What are the steps in buying a car?
- Know Your Shopping Style.
- Narrow Down your Shopping List.
- Calculate a Price You Can Afford.
- Do Your Research.
- Know When the Price is Right.
- Leasing vs. Buying.
- Find Financing, Warranties, and Insurance.
- Sell or Trade Your Current Vehicle.
- Consider Your Buying Options.
- Get the Most Out of Your Test Drive.
How do you know you are getting a good vehicle? (Especially if it's a used vehicle.)
- Determine how much to spend.
- Choose the features you need.
- Research reliability and ownership costs.
- Find good used cars.
- Price the cars.
- Pull the vehicle history report.
- Contact the seller.
- Test/drive the car.
Where can you buy a vehicle? (dealerships, used car dealerships, privately, Kijiji) What are the pros and cons for each?
Pros:- Over three million listings nationwide
- Search filters for nearly any option or feature
- Car research, financing, and insurance tools
- Best Basic Option: CarsDirect
Pros
Find deals from local dealers
Apply directly for no-credit or low-credit loans
Fast and flexible customer service
- Best for Cheap Cars: CarGurus
What are some pitfalls to buying a vehicle?
Some of the mistakes people make and regret doing while buying a vehicle is, buying under peer pressure, in a rush for personal reason or mixing your emotions and money. While it may seem more expensive in the short term, you should always look for high quality cars that will last longer, your future self will thank you.
In your experience, which vehicles should you buy? (best bang for your buck)
I honestly never really looked at cars before, however I think my mom has the best car, so I might buy a similar one. She has the Chery Tiggo 7 pro which suits my style, has very advanced technology and works pretty well.
Starting Price: 57, 000 riyal
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