Question

hi can someone help me come up with situations for some scenarios?
(posted in the replies)

Answer 1

what type of scenarios??

Answer 2

1. You just graduated from high school and your family gave you $5000 to start your new journey. What are you going to do with the money? Are you going to open bank accounts? Which accounts will you open? How much are you going to put into each account?

You may use some of the money to help you in the scenarios that follow. However, you must document and show how you used it all.




2. You realize you need a vehicle to get around. You need to get a car loan. Choose a scenario from these listed and create a slide explaining your plan to deal with it. Add pictures to your slides to illustrate your plan.

Scenario 1.

You decided you are not ready to get a job, you asked your parents to loan you money and they said, “No”. They won’t loan you the money or co-sign for you because you don’t have a job to pay back the loan. They told you to use the money you were given upon graduation to get a car. The car you want costs $15,000. To get this car, you will have to pay a down payment to get a car loan. Describe how you obtain credit with no credit history and no job to establish credit on the slide. Once you get the car, how will you pay for it? Or do you find a car with the money you have?

Scenario 2.

You decided to go to college, the school’s policy doesn’t allow freshmen to park cars on campus. You will need to walk, get a bike/scooter, get a bus pass or use rideshare to get around the town. Find out the price for your mode of transportation, describe it and the costs of it on the slide.You realize you need a vehicle to get around. You need to get a car loan. Choose a scenario from these listed and create a slide explaining your plan to deal with it. Add pictures to your slides to illustrate your plan.
You did not get a certification while in high school. Research jobs that are available for you with only a high school diploma. Describe the job you found and the salary. Calculate your salary for 25 hours per week. Explain the price for getting to work by walking, buying a bike/scooter, getting a bus pass or using rideshare.

Scenario 4.

You received certification in high school. Describe what certification you received, what industry you work in, what company you work for and your salary. As a first-time buyer, you will have to pay a large down payment and get a co-signer to go on a car loan with you. With a cosigner the finance company wants $3000 down. Who will you choose to help you? What kind of car will you get? How much money will you have after you spend the money for the down payment.

Answer 3

personaly i would use chatgpt

Answer 4

Im not exactly sure what the objective is, what am I helping with?

Answer 5

’m going to go with Scenario 1 and plan how I’d approach it, based on the situation where I want to buy a car for $15,000, but I have no job and no credit history.

Step 1: What to Do with the $5000 Graduation Gift
I have $5000 from my family, and since I'm not ready to get a job yet, I’ll use the money to help me get the car and build my credit. Here’s how I’m thinking of splitting it:

Start a Savings Account:

$1000 will go into a high-yield savings account. This will help me save for future needs, and I'll earn a little interest while it sits there.

Purpose: Emergency fund, savings for future expenses like insurance, maintenance, etc.

Open a Credit Builder Account:

$500 will be used to open a secured credit card. A secured card will help me start building my credit since I have no credit history. I'll deposit this money as collateral, and the bank will give me a line of credit for the same amount.

Purpose: Building credit for future loans, such as for the car.

Car Down Payment:

$3500 will go toward the down payment for the car. Since I need a down payment to get a loan, I’ll save as much of the $5000 as possible for this purpose.

Step 2: Researching the Car Loan
I want to buy a car for $15,000, but I don't have a job or credit history. Here's how I’d navigate this:

Step 2.1: Finding a Lender

I would apply for a car loan with a bank or credit union, preferably one that has a program for first-time car buyers or those with no credit.

Since I have no credit history, I’ll need a down payment (which I've saved $3500 for) and possibly a cosigner to increase my chances of getting approved.

Step 2.2: Building Credit

To establish some credit before the loan application, I would use my secured credit card and make sure to pay it off on time each month. This should improve my credit score, even if it’s just a little.

Step 3: Car Loan Terms
Once the loan is approved, I would have to pay monthly payments on top of the down payment. Here’s a breakdown:

Loan Amount: $11,500 (after the $3500 down payment)

Interest Rate: 6% (this is reasonable for someone with no credit, though it could be higher)

Term: 5 years (60 months)

Monthly Payment:
Using a loan calculator, the monthly payment for a $11,500 loan with 6% interest over 5 years would be approximately $222 per month.

How I’ll Pay the Loan:
Since I don't have a job yet, I plan to either:

Use any part-time job I might pick up in the future (e.g., working at a retail store or delivering food).

Ask for help from family if necessary, but only temporarily.

I’d also have to budget for:

Car Insurance: Typically, this is $100–$200 a month for a young driver.

Gas and Maintenance: Around $100 per month depending on how much I drive.

Step 4: Finding the Car
Let’s say I go for a used car to lower the cost and avoid excessive loan amounts:

Car Type: A 2017 Honda Civic with around 60,000 miles.

Price: $15,000

Since I’m only putting down $3500, I’d likely choose a car that’s reliable but within my budget range, with a reasonable interest rate and monthly payment.

Step 5: Monthly Budget and Managing Expenses
Once I’ve bought the car, I will need to manage my monthly expenses carefully:

Car Loan Payment: $222 per month.

Car Insurance: $150 per month (estimate).

Fuel and Maintenance: $100 per month.

So my total car-related expenses will be around $472 per month.

I’d need to adjust my budget to make sure I can cover these costs, especially once I get a job. And as a backup, I’ll continue using my secured credit card to ensure I maintain a good credit score for future needs.

Step 6: Making the Decision
In the scenario where I have $5000 but no job or credit, I would use the money wisely to:

Establish credit with a secured card.

Put a substantial down payment on the car.

Apply for a car loan with a cosigner if necessary.

This approach balances using the $5000 to start building a financial foundation, while also getting the car I need to get around.

Slide Plan
Here’s how I would design the slide to explain my plan:

Title: Building My Credit and Buying a Car with No Job

Slide Content:

Step 1: $5000 Budget Breakdown (Savings, Credit Builder, Car Down Payment)

Step 2: Researching Car Loans (Lender, Interest Rate, Cosigner)

Step 3: Car Loan Terms and Monthly Payments

Step 4: Car Selection and Choosing a Reliable Vehicle

Step 5: Monthly Budget (Car Loan, Insurance, Gas, Maintenance)

Step 6: Backup Plan (Part-Time Job, Family Help, Secured Credit Card)

Images:

Picture of a Honda Civic (or the car I plan to buy).

Graph of loan payment breakdown.

Picture of a secured credit card.

This slide would present my plan clearly, showing how I would manage my graduation gift money and secure the car while building my credit.

Answer 6

I would put all my money into savings... idek wut else I would do... I would stop existing ig

Answer 7

I have 0 creative energy right now this sucks ://
I'll get back to it thanks for y'all's help

Answer 8

this is all hypothetical right?

Answer 9

k cuz heck... if that was real, I'd be screwed lol