Costs of College: An Interview

Personal Finance Lesson 115 Assignment

Today I will be asking my dad a few questions about his college experience.

How much did you spend each semester on books?

“At least 300-500 dollars. It was very expensive.”

What was the biggest unexpected financial burden you faced in college?

“The debt that I had to repay later, and all the time that I lost.”

If you could start college all over again, how could you have saved money by doing things differently?

“I would live with my grandma, so that I wouldn’t have to pay for room and board. My cousin did this when he went to college. Also I would take college courses in high school, so I could get a head start on my college credits. I would also cook my own food.”

Do you have any advice for young people who are looking to go to college?

“Try to find people who are doing the jobs you are interested in, and then apprentice with them or help them. Go to college if it is necessary to get the job you want.”

Is College Worth It

Personal Finance Lesson 110 Assignment

In today’s assignment, I will look at the benefits and disadvantages of going to college, and decide if it is worth it. Then I’ll explore college alternatives.

What college provides:

  • Education: This is what most people think of when they hear the word college. It is (usually) the main function of a college.
  • Social activities: Some colleges also provide activities, events, clubs, and other entertainment options.
  • Temporary Housing: If you are paying the fee for living on-campus, you have access to a dorm.
  • Degree: This sits under the education category. Part of what you pay for going to college is the Masters or Graduates degree that you will receive if you stick with it.

Disadvantages of college:

  • Price: Colleges are notoriously expensive, even the smaller-town community colleges! You will be paying for the education of course, but also your room (if you decide to get a room on-campus), your textbooks which can be surprisingly costly, and perhaps your food. Also your TIME!! College takes A TON of time. There are some ways to avoid these high prices and the cost of your time. I’ll be discussing them later.
  • Loans: This fits under the price category. You will probably have to take out loans to go to college, and you may be paying them back for a long time!
  • Stress: College is a very stressful time, and it can take a toll on health
  • Travel: If you are in an out of state college, you must account for travel costs.

Whether you choose to go to college or not is a big decision, but there is no one-size-fits-all answer. It all depends on your circumstances. If you are thinking about going to college, think about the alternatives. You could take dual-enrollment classes while in high school. You can also take an apprenticeship, which is basically what it sounds like. You are apprenticed to someone in a particular field and learn about their job.

Overall, college offers a wide variety of benefits, and can be very fun! But it can also be expensive and stressful. Make sure to weigh your options and make your decision carefully. Personally, I think I would consider an apprenticeship or dual enrollment classes.

Thanks for reading!

25
Mar, 2025

Old Cars vs New Cars

Personal Finance Lesson 105 Assignment

In this assignment, I’ll be comparing old cars against new cars in a pro and con style essay, to decide which is better.

First, we have to define what an old car is. I’d say that any car 20 years or older is a old car. Anything newer is a new(ish) car.

Old Cars

Pros:

Cheaper: Older cars are much cheaper than newer cars, because of the price depreciation.

Simplicity: Old cars usually have a more simplistic design, which may make them easier to repair. Some people say that this makes them more reliable, as there are less complicated parts in the car.

Lower insurance cost: Generally, the older the car, the cheaper they are to insure.

Fun to drive: Most old car owners claim that they are fun to drive, and that they respond better than new cars.

Cons:

Repairs: Yes, even though I said old cars can be easier to repair, sometimes they can also be harder. Old cars may need specialized parts that may be harder to find or more expensive. They may also require specialized knowledge.

Less safety technology: Cars from older generations aren’t up to date to the safety standards today, and they may not have as much safety features as newer cars.

Less gas efficient: Old cars are not very gas-efficient, and there aren’t many hybrid or electric old cars.

New Cars

Pros:

Reliability: New cars are more reliable then older cars, and they usually have less miles.

Safety and technology: These cars have a lot more safety and technological features, making them more convenient.

Customization: (This only applies to brand new cars.) If you buy a car straight from the factory, you have tons of control over trim, paint color, style, and extras.

Gas efficiency: A lot of new cars are hybrids, which get very high mpg. Even the non-hybrids are better on gas.

Cons:

Higher Cost: Obviously, new cars have a much higher purchase price, but they are also more expensive to insure, and sometimes to repair.

Complexity: Newer cars are generally more complex than older cars.

Mass-produced: Many people would say that new cars are mass-produced, which makes them less reliable and have less character than older cars.

Conclusion:

In my personal opinion, I prefer cars that are not too old, but not very new either, around the 2005-2015 model year range. But honestly, there is no right or wrong answer. It just depends on your preference and circumstances.

Thanks for reading! Feel free to comment your opinion on old vs new cars.

18
Mar, 2025
raindrops on black toyota corolla

The Right Car for Me

Personal Finance Week 20 Assignment

This week’s assignment was a little different than the normal writing assignment. I was to find a particular car make and model that would be the most practical for me. I will cover the total cost of the car, the monthly payment I would have to make, and create an estimate of the gas, insurance, repair, and maintenance costs assuming I would drive 12,000 miles a year.

The car I chose: The Toyota Corolla. Here’s why:

The Toyota Corolla is one of the best-selling cars in the world, and for good reason! Corollas are known for reliability, cheap maintenance, and low price.

Here is the total cost for a used 2006 Toyota Corolla S with 90,000 miles. (All prices are approximate!)

List Price: $7,995

Tax: $480

Registration and documentation fees: $200

Insurance: $5,000 per year

Gas: $500 per year

Annual maintenance cost: $500

Total cost for the first year: $14,675

Cost for 2nd year and later: $6,000

Phew, glad that’s over! I had no idea how expensive insurance is!

Loan rate:

For a 4 year loan with a 25% down payment, and a good credit score, the loan will cost $144 per month.

Even though I won’t be driving for another 2 or 3 years, this assignment was still very helpful. I realized how expensive owning a car can be!

My Priorities on Buying a Car

Personal Finance Week 19 Assignment

This week, I was to write 200 words on my priories when buying a car. I won’t be able to drive for another 2 years, but it is still important to think ahead.

Here are some of the things I value most in a car:

Price: This is one of the biggest considerations for me. I don’t really want to blow a bunch of unnessesary money on a new car, when a used one would be almost as good, for a lot less cash. Some used cars may even be more reliable than cheap new cars, because cars are becoming very cheaply made.

Reliability: This is also a very important one to consider. If the car initially costs 4 thousand, it may not seem like much. But you have to realize that it may not be very durable, and you may end up paying another 4 thousand (or more!) in repairs!

Gas efficiency: Another consideration that is not to be overlooked! In my situation, it would not make sense at all to buy a gas-guzzling SUV. I’m thinking about a hybrid, as they are much more gas-efficient.

Price Depreciation: A small but still important thing to consider. Price depreciation is when the price of a car goes down over time. Now, I’m not thinking I’m going to get some supercar that keeps its value well. All cars go down in value dramatically, but some more than others. SUVs and electric cars often have higher depreciation than other ones.

Conclusion

My priority is to find a gas-efficient used car that is reliable yet low in price. All I really need in a car is something that can drive me around without costing too much or needing lots of repairs. In next week’s assignment, I will find out what car make and model would be best for me.