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Kathy Boyd |
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Extra Credit |
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College Success Seminar |
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Lecture by:� Richard Paradiso |
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October 26, 2005 |
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Money Matters |
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Everyone is concerned about their money, how to get it, how to keep it, and how to make it grow and work for the investor.� This seminar by Richard Paradiso was a great overview of just that. |
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He told us that credit is not money as many people think.� Money is a medium of exchange and it is basically our cash, and demand deposits.� Cash is the paper and coin currency we have in our possession and demand deposits are the balances in our checking and savings accounts.� A check is a negotiable instrument that we use to access the money in our checking account.� It is not money in itself, but a means to use the money in our account.� Checks have disadvantages such as not being accepted by everyone, especially in another state or country.� The account holder is also subject to overdrafts with a checking account which can hurt the account holder's credit rating. �Mr. Paradiso told us of ways to avoid an overdraft on our checking account such as overdraft protection through our bank. |
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Mr. Paradiso went on to discuss debit cards and how they are easier to obtain and to use than checks.� He mentioned that debit cards are advantageous when traveling to another country because often a better currency exchange rate is offered with them.� He cautioned us to be careful of the ATM fees a person may pay to access their own money! |
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Getting back to the credit issue; credit cards have their advantages.� If the card holder pays the balance in full each month, they avoid interest charges and gain the convenience of using a credit card for purchases.� However, he warned us not to pay only the minimum monthly balance.� Paying that way could make a $2,000 purchase actually cost $3,799. |
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Mr. Paradiso gave us wise advice on investing also.� He said if a person would save $10.00 a day for 25 years at the historical rate of interest, that person would have $250,000 at the end of those 25 years.� How does a person save $300.00 a month?� Mr. Paradiso suggested that a person budget, pay him/herself first, and start NOW!� Some tips he offered on how to save that $10.00 a day were:� save pocket change, use coupons, ask for discounts, eat out at lunch instead of the higher dinner prices, buy store brands, and buy in volume.� |
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I always enjoy listening to Mr. Paradiso. I have known him now since January 2002 when I took his Business Math class at Thomas Nelson Community College. I have learned a great deal from him and his lecture was informative and helpful to me. Thanks again Mr. P! |
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Back to English Composition page. |
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