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Questions and Answers
You have 5 dollars and want to buy a toy. Which option is the best choice?
You have 5 dollars and want to buy a toy. Which option is the best choice?
- A toy car that costs 6 dollars
- A 9 dollar ball that you really want
- A 4 dollar ball that is better for playing indoors (correct)
- A sticker that costs 10 dollars
You really want a drone, but you live in an apartment. What should you do?
You really want a drone, but you live in an apartment. What should you do?
- Ask your parents to take you to a park to fly the drone
- Buy the drone and try to fly it indoors
- Save your money for a different toy that's more suitable for indoor play (correct)
- Buy a toy helicopter instead
You want to buy a toy that costs 8 dollars. What should you do?
You want to buy a toy that costs 8 dollars. What should you do?
- Look for a cheaper alternative (correct)
- Ask your parents for extra money to buy the toy
- Save your money for a few weeks to buy the toy
- Buy a smaller toy that costs 5 dollars
Why does your dad want to help you make smart choices with your money?
Why does your dad want to help you make smart choices with your money?
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What is a good rule to follow when spending your money?
What is a good rule to follow when spending your money?
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Study Notes
Money Management
- A 9-year-old boy receives a $5 weekly allowance, but often wants to buy expensive things.
- His parents don't think a $9 ball is a good use of his money, and suggest a $4 ball instead, better suited for indoor play.
- The boy also wants a drone, but his parents are against it due to their apartment living situation, with no outdoor play opportunities.
- His parents want him to make smart spending choices, but he wants the freedom to spend his money as he wishes.
- His dad has to give consent before buying anything, as he views his son as irresponsible with money.
Financial Goals
- The boy needs to learn to prioritize wants and needs with his limited allowance.
- He must consider the value and suitability of items before making a purchase decision.
Parental Concerns
- The parents are worried about their son's spending habits and want to teach him responsible money management.
- They want him to understand that expensive doesn't always mean better.
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