Finance Is Something I Never Put Much Thought Into Essay

742 Words Dec 13th, 2016 3 Pages
Finance is something I never put much thought into. Last summer I had great income, it felt great to receive a check every Friday. I did the usual, like tithe and spend the extra on my personal expenses. I never thought about the future, and if one day I would have a similar experience as Adam. For that reason our professor gave us a scenario. Our case was that we had a $29,500 yearly income. We had $10,000 in school loans and $10,000 car loans along with a $2,000 credit card debt. Our goal was to pay off all our debt and have ate last $1,000 in an emergency fund and eventually reach $10,000 in the fund by the end of 3 years.

Car: I originally had a Mazda 3 2014. Seeing I could not afford the monthly payments along with the insurance I sold that car and downsized to a 1995 Honda Accord that I found on crags list In Indianapolis IN. I bough 4 new tiers and added new insurance.
Tithing: Always my 10 percent of my monthly income. Missions and building fund also got a piece of my check.
Loans: Paying of all of my loans was the first thing on my check list. I stared of with first selling my car as I explained on the above points. I used my income that I gained from that to pay of my credit card first since that was the one with the lowest amount total $2,000 payed of in the first month. I then later moved to paying my car loan since that was the one with the highest interest rate. I finished paying it of in August of the first year. The last loan was my school loan
Taxes:…

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