I am growing up need help learning more stuff about adult hood

Discussion in 'General Discussion' started by TygaTim, Dec 28, 2012.

  1. TygaTim

    TygaTim Well-Known Member

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    I have been worried about growing up lately, so i wanted some elaboration. I am 19 year olds just graduated high school 6 months ago I am starting tog et my life i going I am going to be a certified Nursing Assistant soon once i pass my state exam and I am using This certified Nursing assistant deal to help me decide if i want to continue and do actual nursing like LPN or RN and do not tell me what i should go for this is not what this thread is about. But like i said now that I am now entering the real world it is time for me to learn more about adult stuff. I am sorry is if I am going to make this description kind of long but i need to express what is on my mind and what i need to know. For one and the most biggest thing i have to worry about is Money. The budget of the house hold how much the utilities cost such as electricity,gas,water,telephone,cable internet and making ends meet this month. Then you have to worry about food and when you have kids then you have to worry and pay for their education and schooling on top of that medical bills and taxes on top of that i am not 100% sure what all these are so i got some questions

    1.) What does making ends meet this month exactly mean
    2.) What are mortgages
    3.) Not a 100% sure what this is your 401K. Isnt that a retirement fund where you can put money in for when ever you retire.
    4.) Not exactly sure what insurance is but correct me if i am wrong about this one. Insurance-is something that will pay for and fix up a problem if an accident occurs even though it is probably not that simple
    5.) How do you get insurance and how do you pay them each month.
    6.) I tried looking this up on the internet and i still have trouble understand this. What is interest rate. Lets take an example from here Savings account i believe it is an account that you can save money for the future like schooling for example and checking account its an account designed for your daily transactions like your bills, your rent or mortgage, or your spending money. When someone says a savings account has an interest rate i dont understand what it means.

    This is just some of many questions i have going through my head i know i could always ask my parents or relatives too but i thought of asking for advice on here as well i mean it is the general discussion area so i thought i could bring it up and please no rude comments.
     
  2. ILoveDinobot

    ILoveDinobot What does God need with a starship?

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    :google  most this stuff. The answers are also different depending on what country you are from. Where are you from?

    EDIT: Just realized you said "state" exam. So I am guessing USA?
     
  3. Mutt12

    Mutt12 Starroid Raider

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    Basically making sure you get all your bills and stuff paid with enough left over for necessities like groceries and whatnot.

    It is a loan you take out to buy a house and pay off with monthly payments plus interest.

    That is correct, Sir! Basically you can opt in with most jobs to have a small part of your paycheck put away into you 401k every pay period.

    Yeah. You pay an insurance company a monthly payment and if something happens, depending on what you have covered, will pay for, or help pay for said accident.

    For stuff like car, homeowners, or renters insurance, you can just ring up an insurance agent and get set up with a policy. There are various ways to pay every month. Check, credit card, direct debit, ect.

    As for stuff like health insurance, you get it through an agent, though that might not be necessary if you have a job with health and dental benefits. Basically they'd take out a small bit of your paycheck to pay for medical/dental/vision coverage.

    If you take out a loan for, say, a car or a home or whatnot, interest is an extra percentage of money on top of the loan amount that you pay the financial institution that provided you the loan. It can vary in amount due to various things such as your credit score.
     
  4. Aernaroth

    Aernaroth <b><font color=blue>I voted for Super_Megatron and Veteran

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    A lot of these questions are area-specific, and will depend on what state/country you live in.

    Re: your questions

    1) "Making ends meet" is a phrase that means putting pieces together in such a way that they fit. Ends that meet cleanly and fit together well make a whole. The phrase is used as a metaphor for being able to meet your financial needs. If you are struggling to make ends meet, it means you do not have enough money to pay for your expenses.
    2) Mortgages are essentially a loan used to pay for a house purchase. Mortgages are issued by the bank at a predetermined interest rate and require set payments at given intervals over a long period of time, often decades, until the loan (and the interest) is repaid. The house itself is usually used as collateral for the mortgage.
    3) A 401K is a term for a type of retirement savings plan. They usually have special tax privleges, but Im not american so I don't know the specifics of how they differ from things in my area. Sometimes your job will contribute to your 401K, other times you will be on your own.
    4) Insurance is a plan you get from an insurance broker. You pay for coverage, and if something bad happens, they reimburse you for the covered assets. There's lots of different kinds of insurance and they all have specific aspects.
    5) Depends on the type of insurance and the specific plan.
    6) Interest rate is rate at which money is repaid for an investment over time. Interest is a very general concept, and will differ wildly between interest on a savings account or for a bond or for a mortgage, but in general it's what is paid in return for someone giving up their money for a certain period of time.

    Out of curiosity, is english your first language? These are really, REALLY basic financial questions. I reccommend you go talk to a financial planner at your bank, who will be able to tell you what you need to know for your specific situation.

    Also, you never took that exam? Have you received any professional education regarding the material on that test? It's been about a semester, how much closer are you to being able to pass the exam?
     
    Last edited: Dec 28, 2012
  5. KnightSaberAmi

    KnightSaberAmi Nyan Nyan

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    Basically, when you have money in savings, the bank draws upon that money, although it is still yours, to make loans, for this you will receive that interest via a dividend.
     
    Last edited: Dec 28, 2012
  6. Macross7

    Macross7 Well-Known Member

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    How did you go 19 years without knowing some of this stuff?
     
  7. jorod74

    jorod74 Psycholagnist (Ret.)

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    1.) What does making ends meet this month exactly mean?
    A.- if you can pay your bills without going into debt, you are making ends meet.

    2.) What are mortgages
    A.- Buy a house. that's what you get to pay for 10 to 30 years.

    3.) Not a 100% sure what this is your 401K. Isnt that a retirement fund where you can put money in for when ever you retire.
    A.- Yes. It's a retirement investment plan that is set up by either yourself or your employer.


    4.) Not exactly sure what insurance is but correct me if i am wrong about this one. Insurance-is something that will pay for and fix up a problem if an accident occurs even though it is probably not that simple
    A.- Really? you coudn't google "insurance"? it is that simple. it "ensures" that you are okay if bad things happen. hence CAR insurance, House insurance, etc.

    5.) How do you get insurance and how do you pay them each month.
    A.- Look in a phone book for "Insurance." and pay with money.


    6.) I tried looking this up on the internet and i still have trouble understand this. What is interest rate. Lets take an example from here Savings account i believe it is an account that you can save money for the future like schooling for example and checking account its an account designed for your daily transactions like your bills, your rent or mortgage, or your spending money. When someone says a savings account has an interest rate i dont understand what it means.

    A.- When you put money in the bank, the bank pays you "interest" to use that money for other things. *it doesn't vanish, so relax.* 2%, 3%, etc on what you have. so if you have 300 bucks in the bank, after 3 months, at 2%, you'd get....
    300 x .02= ____ amount. Interest is also what you pay for borrowing money yourself, as well.

    I will not apologize for this, but your high school fucked you over and royally.
    If you didn't know this stuff with a diploma, you were not educated in the least.
    I knew this stuff before i entered Junior high. I had a checking account and did accounting in high school.

    not angry at you, i am angry at the system for not doing a better job with "our future."
     
  8. Valkysas

    Valkysas Attack Buffalo

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    How are you 19, and have no idea what "making ends meet" means? Or what insurance is?

    Jorod74 is right. Your schools failed you.
     
  9. Smashs

    Smashs Internet: Pure Truth Moderator

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    Not sure if serious, really.
     
  10. SurlyJ

    SurlyJ Well-Known Member

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    My advice, be Peter Pan.
     
  11. MegaMoonMan

    MegaMoonMan OFFICIAL MMM REP

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    I cannot believe someone 19 would have to ask ANY of these questions. This is stuff an 8-year-old should know.

    There's no way you're serious.
     
    Last edited: Dec 28, 2012
  12. siccoyote

    siccoyote Worst side of the fandom

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    I don't want to go off topic but I'm 32 and have a question,

    What's this stuff inside my dog?
     
  13. Aernaroth

    Aernaroth <b><font color=blue>I voted for Super_Megatron and Veteran

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    A mixture of food, poop, and assorted dog parts.
     
  14. siccoyote

    siccoyote Worst side of the fandom

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    Should I take it out?
     
  15. Hot Shot.

    Hot Shot. Well-Known Member

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    Immediately.
     
  16. TygaTim

    TygaTim Well-Known Member

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    Just to let everyone know i live in the USA and I live in Pennsylvania
     
  17. TygaTim

    TygaTim Well-Known Member

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    ok i knew what some of these things were just not a 100% sure so that is why i asked and yes i am seriously 19 year old trying to learn stuff about adult hood.
     
  18. TygaTim

    TygaTim Well-Known Member

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    and i really doubt an 8 year old would want to ask what a 401k plan is or insurance or mortgages.
     
  19. ErechOveraker

    ErechOveraker I'm with Plowking.

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    To be fair to the "system", if he thinks the best place to find the answers to life are on the robit board, then maybe he might I dunno has a teensy weensy bit of just a little of the blame for not being proactive about getting that info himself from school banks parents pastors teachers strangers in malls that lady who rings the bell in front of albertsons at christmas his doctor or even a crazy uncle who thinks cell phones are making the planet dumbier? Maybe it's just me though.
     
  20. Mutt12

    Mutt12 Starroid Raider

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    I wouldn't give this guy shit for asking legit questions. He's on the verge of becoming an independant adult, and that can be a very scary thing.