Financial Literacy Reflection

1. What are the costs and benefits of credit, such as loans and credit cards?

A: The benefits of credit include improving chances of landing a house/apartment, car

insurance rates, qualifying for credit cards, and more negotiating power. The costs depend
on the individual.

2. How can you use credit responsibly to achieve your financial goals?

A: By being on time with your payments and not being reckless with your credit card.

3. What taxes do citizens pay and how are they calculated?

A: Everyone pays taxes and state income taxes, vehicle taxes, estate taxes. They are
calculated through salary.

4. How can insurance help protect your financial future?

A: By protecting you from financial loss and any collateral damages.

5. How does setting goals and budgeting help you achieve financial success?

A: By keeping a realistic timeline to help manage your spending and budgeting can help with
your funds and savings.

6. How do maintaining healthy finances affect your overall physical and emotional health?

A: By keeping you in check and financially stable.

7. What is your plan to develop healthy financial practices? Discuss three ways that you plan to
make healthy financial decisions to protect your future.

A: My plan is to develop and stick to healthy financial practices. To save, collect, and budget.