Reflection on Financial Health
Many people find managing their money a difficult task. Their use of credit cards and loans early in their adult years can prevent them from acquiring financial health in their lifetime. It is tempting to spend money you have not yet acquired once you are no longer a student trying to make ends meet.
Be sure to complete the learning content for the Unit 7 topic “Financial Health” and the two referenced activities before attempting to engage in this discussion.
Note: To view the content for an already completed topic, double click on the topic’s circle in the learning map. A new page will appear. Under the Actions area select review from the drop-down options; this will open the topic with content. The practice and quick practice options only offer questions.
Instructions:
• Complete the two financial health activities (The True Cost of a New Car and The True Cost of Credit Card Use) presented in Unit 7 Topic “Financial Health” related to spending money you do not have.
• Share your experience with “The True Cost of a New Car” activity with your peers
o Change the size of the loan, years to pay it back, and the interest rate three (3) to four (4) times.
 Start with the lowest loan amount you might need for your new care and increase by $5000 to $10000 each turn.
 Start with a 3% loan (entered as .03) and increase by one (1) or two (2) percent each turn.
 In each case choose between 5 and 7 years to pay it back.
o Describe one of the monthly payments you would have to make based on your selections.
 Loan amount?
 Interest rate?
 Years to pay it back?
 Monthly payment?
 Total car cost?
o Discuss the potential impact a car payment of that size might have on your monthly budget.
 Describe the other monthly expenses you would have to remove or reduce to make your payments.
 Why Is or isn’t the car worth the sacrifices you might have to make given the size of the monthly payments?
o What other options do you have to avoid taking out a car loan?
• Share your experience with ” The True Cost of Credit Card Use” activity with your peers
o Consider the following scenario:
 You spend an extra $50 a month using a credit card for the first year after graduation to make ends meet.
 The interest rate charged by the credit card company is 18%.
 The minimum payment you are required to send each month is $20.
o Now consider the real cost of that $50 dollars a month by the end of that first year provided to you in the exercise.
 How might the continued use of a credit card to fund an extra $50 of spending per month affect your long-term financial health?
 Describe two ways you could avoid the long-term consequences of spending more than you have on a regular basis.

ourse Discussion Unit 7
Course Discussion Unit 7
Criteria Ratings Pts
This criterion is linked to a Learning OutcomeContent
PD202-CO3 10 pts
Level 5
Post addresses all of the required prompt elements in the discussion. 9 pts
Level 4
Post addresses all of the required prompt elements in the discussion – does not demonstrate a full understanding of course content and unit topic. 8 pts
Level 3
Post is missing important elements, demonstrates a limited understanding of the topic and/or course concepts, offers limited validation of personal position. There is evidence of some supporting evidence; there is a reference to the research literature, text, course materials, or related examples. 7 pts
Level 2
Post and responses are missing important elements related to the discussion and demonstrate a lack of understanding of the topic and lacks validation of position, and/or there is no use of supporting items of evidence. 6 pts
Level 1
Post does not address discussion questions, and/or does not demonstrate an understanding of the topic and/or lacks validation of position with no use of supporting items of evidence. 0 pts
Level 0
Post was not submitted, or there is no relationship between the post and the discussion prompt.
10 pts
This criterion is linked to a Learning OutcomeAnalysis 10 pts
Level 5
The analysis of the topic includes breadth and depth, is aligned to the unit topic, relates to the course content and personal analysis is supported by well-aligned references and examples. 9 pts
Level 4
The analysis of the topic is justified, and aligned to the unit topic, and personal analysis is supported by well-aligned references and/or examples. 8 pts
Level 3
There is a basic analysis of the topic, and personal analysis is supported by well-aligned examples. 7 pts
Level 2
There is minimal evidence of analysis of the topic and/or personal analysis is not supported by well-aligned examples or references. 6 pts
Level 1
There is no evidence of analysis. 0 pts
Level 0
Post was not submitted or the analysis had no relationship to the topic and the discussion prompt.
10 pts
This criterion is linked to a Learning OutcomeCollaboration
PRICE-E 8 pts
Level 5
Collaborates with fellow learners at the required level relating the discussion to relevant course concepts and extending the conversation by asking open-ended questions to move the conversation forward, and answers questions asked on the post by instructor and peers. 7 pts
Level 4
Collaborates with fellow learners at a comprehensive level and relates the content to relevant course concepts but does not extend the conversation by asking open-ended questions. There are responses evident to questions asked by instructor or peers. 6 pts
Level 3
Collaborates with fellow learners but does not respond at a comprehensive level, and/or does not extend the conversation by asking or answering questions, and/or makes little connection to course content. 5 pts
Level 2
Does not collaborate with fellow learners regarding the peers’ posts and/or makes no connection to course content and/or does not respond to peer and instructor responses, or the number of responses did not meet the requirement. 4 pts
Level 1
Does not collaborate with fellow learners and instructor. 0 pts
Level 0
Post was not submitted.
8 pts
This criterion is linked to a Learning OutcomeWriting 8 pts
Level 5
Posts in this discussion are well written and well organized demonstrating excellence in scholarly writing. Mechanics (spelling and punctuation) and grammar are excellent. 7 pts
Level 4
Posts in this discussion are well written and well organized scholarly material but have 1-2 different minor errors in mechanics and/or grammar. 6 pts
Level 3
Posts in this discussion are basic examples of scholarly material but have 3 different errors in mechanics and/or grammar. 5 pts
Level 2
Posts in this discussion are not clear and/or lack organization and/or have 4 or more different errors in mechanics and/or grammar. 4 pts
Level 1
Posts in this discussion lack evidence of clear, organized scholarly writing. 0 pts
Level 0
Post was not submitted.
8 pts
This criterion is linked to a Learning OutcomeAPA
PRICE-I 4 pts
Level 5
Posts in this discussion demonstrate appropriate in-text citations of sources and references in proper APA style. 3 pts
Level 4
Posts in this discussion demonstrate appropriate in-text citations of sources and references but have 1-2 minor APA errors. 2.5 pts
Level 3
Posts in this discussion demonstrate appropriate in-text citations of sources and references but have 3-4 minor APA errors. 2 pts
Level 2
Posts in this discussion demonstrate appropriate in-text citations of sources and references but have more than 4 APA errors. 1 pts
Level 1
Posts in this discussion do not provide either in-text citations or reference sources and/or have 4 or more APA errors. 0 pts
Level 0
Post was not submitted.
4 pts
Total Points: 40