Personal Finance Essay

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Assignment 4: Saving and Investing (32.0 points) 1. Describe a real or made up but realistic situation that could cause you or someone you know to have to use money from a financial reserve. (3-6 sentences. 2.0 points) A situation that would cause me to use money from a financial reserve would be an emergency, such as unexpected medical costs. For example, if I got into a car wreck and was injured badly, I might have to use some of the money in my reserve to help pay the costs of my medical bills. 2. How many months' worth of expenses do you think your financial reserve should include? Describe at least two reasons for this decision. (3-6 sentences. 2.0 points) I believe that at least three months worth of my expenses should go towards my financial reserve. I think this is a good idea because this will leave enough money for me to afford major financial loss. If there is an emergency that is costly, three months worth of expenses should be able to pay for the damages. 3. Would you rather have a savings account that offered simple interest, or an account that offered compound interest? Why? (3-6 sentences. 2.0 points) I would rather have a savings account that offered compound interest. I would choose compound interest because it speeds up the process of building up interest. Simple interest slowly grows, while compound interest is fast. 4. If you were opening a savings account with compound interest, would you prefer an account that offers annual compounding, quarterly compounding, or daily compounding? Why? (3-6 sentences. 2.0 points) I would want an account that offers quarterly compounding so I can continue putting money in my bank so that interest will grow on it. Although I am not sure what I will choose when I am older, I think this one sounds the best and most intriguing. I just want to have a lot of interest on my savings account as I grow

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