Field Trip

I felt this field trip was extremely worthwhile as I learned plenty of what goes on in the Chicago Board of Trade along with what goes on in the Federal Reserve Bank. What I learned from the Chicago Board of Trade was that being in a job involved with money is incredibly risky, as making a simple mistake between communications with a broker can make or break a deal costing costly mistakes. Along with this, the CBOT has it's own unique language with hand gestures that seemed really interesting in which the tour guide explained it would have to be explained in a matter of 3 weeks. In the Federal Reserve Bank, I mostly learned about bitcoins about how internet currency can have an effect on the economy but apparently there have been no plans of yet to ban or adopt this form yet. This trip is really educational as the mandatory questions the students have to ask do a good job of actually teaching of what goes on in the world of economics.

Keeping a Budget

When I first obtained a job I wasn't able to keep a straight budget spending nearly over half my income to unecessary luxuries. I also had to pay several friends back which was also a damper also to pay my mother for gas for transit. It seems that the best way to budget is to form a 20/80 budget. Living on 20 percent and saving 80 percent for later on in life. College debt is also a major factor as not get attracted to credit cards but being responsible with money. But it is easier said then done, it just seems the temptations of having more never fully satisfies me. The idea of minimalism would do wonders for many who can't control themselves including me. Maybe when I get older I will be able to fully embrace minimalism.

Interest Rates

In class this week we mainly talked about interest rates about how it has been the lowest ever being around 3.5%. I found it kinda of disheartening that soon it will be raised as the economy gets progressively better this includes student loans. It seems that every year that college tuition gets even more expensive it seems that going to college for the full 4 year experience seems less likely to be the norm. It seems financially better to attend a community college for 2 years, and to attend a regular one for another 2 years. In the eyes of many including myself it just seems that the economy is getting worse, when in fact it isn't but the large looming student debt just seems to big to handle.