Taxes and Insurance

There are different types of taxes one of them are Capital gain tax where you are charged on the profits made on the sale of some thing  that was purchased at a lower price.Another one is called State income tax is when many state charge sales tax this mean when you pay for something  the tax is add in total.  These are two types of taxes that you will experience in life.


 

Renting vs Owning

Renting is when  you rent some thing say for example a car you will have to pay for it once a month .Another example is when you rent a apartment you also have to pay once a month but if you don't pay for it the owner my raise your rent  or kick you out.Owning is when you own a property or other things the owner can do what ever he want if the had a car and they might want to let someone rent it the person who is renting can't do any thing to the car but the owner can because he own the vehicle.



   

Higher Education

I learned that there are different types of way to pay for collage like Federal Student Loans. Private Student Loan is another way for you to pay but with a higher interest rates these loan help you pay for your education in collage  but you will have to repay the loan when you get out of grad school.If you can  try to get a Grant and a Scholarships these are given to people who do very well in sport and other subject if you where to get a Scholarship also help you pay for collage but you don't have to repay it.

                                        

Learning Reflections Credit Score

I learned that credit score is very important in life. It is important because if your credit score is low than it will be difficult. For you to get any thing that you may need like heat, electricity and you wont be able to get a credit card because your credit score is low. your credit score need to be 700 or higher to be a good credit score.

Understanding Credit Score

Interest Rates

Payment and Interest

The cost incurred by an entity for borrowed fund. interest expense is non operating expense shown on the income statement.It represents interest payable on any type of borrowings bonds loans convertible debt or lines of credit. It is basically calculated as the interest rate time the outstanding principal amount of the debt.