Question

Read and think about the choices being made, Do you agree or not? Discuss the choices being made. No Budget, No Plan: Sean Bought a Boat! Sean is 28 and has a good job as a sales rep. He's always found budgeting boring and has been intending to start a financial plan for years. Recently Sean went out with some friends on a rented boat to fish. He had a great time and saw a boat sale on his way home. Before he knew it, the salesman convinced Sean that the deal was just too good to pass up. So Sean bought a $10,000 boat and financed 80 percent of the cost for the next 5 years. Sean now finds himself relying more on his credit card to get by each month What if Sean had kept track of his money, used a budget, and had a set of financial goals? Knowing where his money went and having a financial plan would have increased the chance that Sean would make more deliberate, informed financial decisions Discussion Requirements Your posts in the discussion area should extiit careful thought and logical reasonin should be at least one well-developed paragraph (approximately 3-5 sentences or more) g and provide evidence for your position. Each post You are also required to read and reply to other students (at least one). Your replies should offer new substantiated ideas or thoughtful questions. I encourage friendly debate and disagreement but ask that it be courteous and respectful. Do not be afraid to speak your mind but remember that yours is only one opinion Replying to Other Students' Posts

Answer 1

• If Sean has kept track of his money, it would be more helpful to him at the time of buying the boat. He could have budgeted the money properly and could have invested the amount.
• If he has kept track of money and set the financials goals, he could have avoided the interest amount that is required to pay now, as invested through credit card.
• The avoidance of interest can increase the profit, as a result the cash flows will increase for him.
• Therefore, it would be more advantageous for Sean if he could properly budget and invested the amount.