Financial Literacy Reflection

1. What are the costs and benefits of credit, such as loans and credit cards?
There are benefits and costs to credit. One benefit of credit is that it helps improve your
finances. Another benefit is getting access to better financial products.However, credit
can also have costs. For example,expenses charged . Another cost of credit is repay the
amount of loan
2. How can you use credit responsibly to achieve your financial goals?
There are many ways to use credit responsibly so that it helps you achieve your financial
goals. One important way is to don't miss payments on loans.Another way is to pay your
bills on time.
3. What taxes do citizens pay and how are they calculated?
Citizens must pay taxes at different levels. First, there are federal income taxes, which
are calculated by people who make the least pay at a lower tax rate. Then, there are
federal payroll taxes, which are calculated by social security and medicare Lastly, there
are state and local income taxes, which are calculated by progressive tax,flat tax
education,corrections, and infrastructure
4. How can insurance help protect your financial future?
Insurance can protect my financial future by eliminating and reducing costs. Another
way insurance can help is can cover personal loans and mortgage
5. How does setting goals and budgeting help you achieve financial success?
Setting goals and budgeting are very important to achieve financial success. Without
having financial goals, less financial security . Without budgeting, you would have a lack
of savings. Having goals and budgeting helps you build your savings,paying down
debt.This is important to achieve financial success because it helps you understand what
you can afford.
6. How do maintaining healthy finances affect your overall physical and emotional health?
Physical and emotional health can be directly impacted by your finances. When you are
not doing well financially, your health suffers from stressing and being
anxious.Therefore, keeping healthy finances keeps you from stress and makes you feel
great.
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.
There are several steps I will take to develop healthy financial practices. First, I plan to
stick to a budget. Secondly, I plan to have a savings plan. Lastly, I will invest