Sunday, January 25, 2015
Betsy Elliott, chapter 1, question # 7
I have learned that what you do now in life can and will effect you later in life. On page 9 Wheelan says, "Indeed, every decision that we make involves some kind of trade-off. We may trade off utility now against utility in the future. For example, you may derive some satisfaction from whacking your boss on the head with a canoe paddle at the company picnic. But that momentary burst of utility would presumably be more than offset by the dis utility of spending many years in a federal prison." This passage remained me of the talk Mrs. Julie Johnson gave us about credit cards. A women in college had a credit card and spent money she didn't have. She is now paying off more than $7,000 of credit card debt and her everyday expenses. I know this doesn't mean I have to live off of ramen noodles and Mac-n- cheese my whole college life but it just reminds me that when I buy something I will have to give up something later I life. This has broadened my perspective on buying and spending. This idea has made me think of putting away 5 or 10% of every pay check I will get in college so I will have money to spend in case of a emergency.
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I completely agree that the talk Mrs. Julie Johnson gave us has a lot to do with economics
ReplyDeleteThis idea certainly has made me start to think more about the future and present benefits to my choices, and will be most beneficial to me as I go off into college.
ReplyDeleteThis a a very important concept in life. Cool.
ReplyDeleteThis idea is an important idea to keep in mind as we grew up and enter adulthood. We need to remember that economics is important in many aspects of our lives and if we keep this in mind as we grow up we can try to avoid the trap of debt after college.
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