Education/Tools
Cash Resources:
Credit Utilization Calculator to calculate the percentage of the total credit you are using.
Annual Credit Report to determine your credit score.
Debt Repayment Calculator to analyze payment plans.
Buying Resources:
Financial Aid Calculators to discuss financial aid options.
Cost of Living Calculator to compare the price level of your income in different areas.
Rent Affordability Calculator to evaluate how much rent you can afford.
Stocks Resources:
Investopedia Stock Simulator is a free stock simulator that allows you to experiment with new investment strategies, try out different companies, prepare for the stock market, and start with $100,000 in simulated cash.
Investment Calculator to make financial investment goals and see what you can make based on your starting amount and return rate.
Currency Converter to compare country and digital prices.
Finance and Economics
What is scarcity?
Scarcity is a limited amount of resources.
In economics, everyone has unlimited wants and needs but there is a limited amount of resources.
When people notice that what they need is scarce, they see the glass as half empty when it is also half full. Thinking too much about needing something can make it harder to save money.
Supply and Demand:
This chart explains how supply and demand affect each other.
Let's say 100 people want the same thing, but not everyone can have it. Since the product is now scarce, do you think the price will be more or less?
The answer is more!
If the supply is too small, the price will be more because there is a very high demand. Not everyone can get one.
If the supply is too big, the price will be less because there is a very low demand. Everyone can get more than they want.
And if the supply just right, the price will be in equilibrium because everyone can get the perfect amount.
Costs and Benefits:
What are the costs and benefits of buying something you want? Is it worth it?
Next time you want to buy something, if it has more costs than benefits, then you should not buy it!
Incentives:
An incentive is something that motivates people to do a certain thing.
People who study economics know that people respond to incentives.
When people know that something will benefit them, they are likely to act on it.
Positive Incentives: Buy one get one free! You get a good grade when you work hard at school.
Negative incentives: Something is too expensive! You get a bad grade when you do not do your homework.