NFTN - Financing a Large Purchase - Sept 29

Spotlight on Learning:  How to Finance a Large Purchase

Presented by:  K. Bowater

 TEACHER DESCRIPTION:  During this Deeper Learning time, math 9 students took a field trip as part of their Finance unit. They had an opportunity to sticker shop in the lot at Magnuson Ford before heading into the sales floor where Celia, the Financial Service Manager, and John, a Sales and Lease Representative, walked them through the math of buying a car. Students learned what they need to qualify for financing or leasing of a vehicle. Credit scores and the debt-to-income ratio were clearly explained and perhaps had a few students rethinking their choice of the $95,000 Mustang Mach-E that initially caught their attention.  At Canadian Tire, students had to source a minimum of 5 products that require regular maintenance and replacement on a vehicle (air filters, tires, batteries, windshield wipers, oil, etc.). They needed to price these products and consider how often they would need to make this purchase. If students were not capable of maintaining their own vehicles, they had to check the hourly cost of the Canadian Tire mechanic. Car insurance, gas prices and debunking the "too good to be true" promises from Money Mart rounded out the excursion. While our grade nines may be a few years from making these types of big financial commitments and decisions, they can make small choices and decisions, even now, that will equip them for success in the future.

STUDENT REFLECTION (s):  By learning about these things, they could benefit me very well. I will have better financial knowledge and if I have a very strong and good understanding of these things, I’ll be able to make a big purchase. I plan on exploring ways to make money and starting a side hustle, for example a good side hustle for me could be couch flipping (Buying used couches, cleaning them, and reselling at a higher price). This way I could already begin making some money and slowly begin my financial roadmap / plan. I would maybe do a summer job but not work during the school year, as it could distract me from my studies and education.

Of course, I understand that what I am planning to do is very hard and even close to impossible. I understand that in this world there are many other people like me, my age, that are my competitors. I will be at competition with the entire world, and I will need to put in a lot of time, effort, and work to achieve these goals of mine. If it was that easy to do it everyone would be rich and successful. However, I will stay determined and focused on my goals and work towards achieving them. Everyone says that it is hard to achieve these kinds of goals and I know they are, they say that I should go for something more “Realistic” like getting a normal job, saving money into retirement plans, etc. But I plan on doing my financial roadmap differently and becoming a successful high valued man.

Truth and Reconciliation Week

Thank you to the teachers and students who came to the LLC to check out our display for TRC week. The LLC collaborated with Thrive and Ms. Fillion to create a display to raise awareness about residential schools and show the resilience of survivors. The students were also encouraged to check out the amazing collection of Indigenous art in and around the LLC.