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Finances 101 Reflection

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Before playing the Finances 101 game, I thought that I had a decent understanding of my finances. After playing, I realized that there were many issues and choices that I was simply unaware of prior to playing. Some of the things I was unaware of stem from the fact that my parents, up to this point, have handled most of the financial issues in our family. Although I have had multiple part-time or neighborhood jobs, most of the money earned went directly into my savings account. I have never given serious thought to budgeting, and financial decisions. I realized that with college beginning in the fall, and then my future career, playing this game was a much needed experience.
The first lesson that I learned from this simulation was about a profession. …show more content…

Currently, my financial planning is limited to managing my savings account. This was an important decision because it taught me the importance of long term savings. During the game I chose to put ten percent of my earnings into savings, as a result, I plan to continue this practice as an adult. After playing the game I also realized that in the future, I will need to set up a household budget. Again, I was vaguely aware of some of the expenses that my parents discussed. However, it was a bit overwhelming to see everything listed out in this game. I never considered the cost of utilities, insurance premiums, or even groceries. I realize how I took simple things for granted. For example, while I was sometimes disappointed when my family did not eat out, I now understand how expensive it can be and the benefit of preparing meals at home. I also had a chance to reflect on the different issues my parents have to take into consideration when balancing the financial needs of a six-person household.
There are some decisions that I have made from playing this simulation. One is buying versus renting a home. It is a much wiser investment to find a small home to purchase and live in, instead of paying to rent an apartment or home. When it comes to purchasing a car, I will also be looking for a used car rather than spending

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