Yap 1 Justin Yap English 91x 08/24/07 Essay on Martha Johnson Martha Johnson is her name who lives in a medium-size city. Her family is an average working class family and none of them went to college. She wants to go to state university and major in business in her local town. Near the end of high school, Martha’s aunt passed away and she inherited quite a bit of money. The problem is that she doesn’t know what to use the money on. She has a few options but is not quite sure what to do. She is probably thinking to go on a vacation by her-self since her family rarely goes out, besides the trips to Texas to visit her grandparents. She could use it for a vacation to Hawaii when she has been dreaming to go there for a very long time. She could also use it for an apartment, vacation, school but no work, or save the money. Martha’s parents hopes that she will use the money wisely, but will not tell her unless if Martha herself asks for advice. There are pros and cons about each and every option she makes. Each option she makes may affect her later on as time goes by. It can affect her by being broke in the future or by having a great deal amount of money in the end. Having that said, she needs to be aware of what choices she chooses. Martha’s best choice would be the school but no work because she can get a better job later and make better money than what she can get from inheriting.
Martha’s worst possible option would be the vacation. She would be using more money and the moment of having a vacation at Hawaii would only last for a certain time period depending on how long of a stay in Hawaii. Few advantages of going to Hawaii
Yap 2 would be that she would be free of family responsibilities depending on how long of a stay, away from homework and school stress. Being away from family responsibilities is what everyone needs when they have a family or is in a family. Being affiliated with a family is stressing and if you take a break from it, it can be rewarding. Staying away from school and homework stress is also rewarding as well, but only in a certain time period. When you get back to school, you’ll be all refreshed and ready to learn again. Though, there are many disadvantages of going to Hawaii. Trying to find cheap fares is a struggle as it is being taken away from many other travelers willing to go to Hawaii. She is more likely to spend money at Hawaii and being away from school for a certain amount of time can bring you behind. Being behind from school is such a struggle because you missed out on all of the valuable lectures and homework. Though, having a place to live to where she can study alone would also be nice. Her second option would be having an apartment. Having an apartment would cost a good chunk of money as you would have to pay rent each month. Advantages of having an apartment would be that you wouldn’t have huge mortgages to pay each month, apartment fixes own utilities which saves money, no more family responsibilities, and more privacy which means easier to concentrate on school work. Not paying huge mortgages is a good thing because it wouldn’t cost much as if you had your own house. Having no more family responsibilities and more privacy is also a good thing because you would have less distraction and less things to worry about when you have your own place in an apartment. Disadvantages of having an apartment would be that you would have to pay rent each month and that would cost you even more than paying for a house as time goes on. Her family would most likely visit her on days or times that she doesn’t
Yap 3 want her family to come. It would be hard for her if she was trying to pay for school and having an apartment at the same time. Even worse, if she had a car for transportation. She could also use that money that she inherited on a used car, but that would also cost money for car maintenance and gas. Advantages of having a use car would be that it is financially more affordable, less insurance, cost less than a new car, faster commute between events & errands, and possibility of increasing grades due to more time of studying. It is financially more affordable than a new car so it saves a lot of money and it also has less insurance than a new car. Once she has a car, it’ll be a faster commute time between places on where she needs to go. Instead of taking the bus which you have to wait for a certain amount of time depending where it is coming from and what happens, that time can be cut in half or even more once she has a used car. The disadvantages of having a used car is that it is more likely to break down, family members are more prone to use you to drive them to places, possibility of struggling to find a parking space which causes you to lose valuable time for whatever you need to do. Since she has a used car, it only has a certain life time span before it starts having major problems. Then she would have to pay even more money to fix the problem depending on the problem – how critical it is and/or what it is. Family members are more likely to use her to drive her to places. That is also another major problem because it can take up valuable time and gas. Gas can be a critical problem depending on the gas prices and/or how much money she has left to use for gas. Now since she has a used car, there is also the possibility of struggling to find a parking place and again, can take valuable time just looking for one. Like what most people say, time equals money. Her second best choice for on what to do with the money is to save the money.
Yap 4 This will make her interest rate go higher and will accumulate over time. The advantages of saving her money is to collect interest, pays off later in the future, less temptation to use, can help your family in a emergency, she’ll be able to use it in time when she is in need for school books, and it pays off before retiring. When she saves money, that money will collect interest and in over time, that money can be useful when it comes to an emergency and into retirement. She’ll also be able to help her family when in need for money. Since she saves money, she will be able to use it for school books which can cost a lot depending on what book and how many. Another good reason for saving money is that there is a less temptation of using the money when it is in the bank. The disadvantages of saving money is that she will not be able to use it when she wants, and her family will be asking her to lend the money to them when in need. Since she is saving the money, she’ll be very limited on how much money she uses for expenses. Also, if her family is one of the common types of people to use money constantly, she will be asked many times by her family members to lend them some money. Being asked to lend money to your family members can be annoying and frustrating at times. She can also hide that money from her parents – somehow; and use it for schooling. Martha’s best option to use her inheritance money is on school, but no work. It is the best and wise decision. However, there are disadvantages of using the money for school. It would cost her more money now to pay for school, she wouldn’t be able to gain any money because she is not employed, she would be too busy with homework and studying which would result in not enough family time, and also, there is a possibility of dropping out due to fear of failure in school. It would cost her more money now because she would have to pay for books and tuition fees. She wouldn’t be able to gain money
Yap 5 during school to keep up with the payments due to unemployment. She wouldn’t have as much family responsibilities due to homework and studying. Then again, like most people who drop out of school is the fear of failing. The advantages of having school but no work is that she is may be qualified for scholarships & financial aid depending on her family status of income, she’ll be able to learn more money with a good education, she would be a role model towards her siblings, more family time in the future, a better education, more time for studying & doing homework since she is unemployed, her job options would expand, more likely to get a job, and last but not least, possibility of being a school teacher. Since she has an education, she’ll be able to earn more money because she would graduate with a college degree instead of having a high school diploma. This will also expand on her job options and she would most likely to get a job compared to people finding a job with a high school diploma. She may also have a possibility of being a school teacher. She could have probably be inspired by a current school teacher, and wants to be a school teacher her-self and teach her favorite subject(s). Since she is going to school and getting a college degree, the money that she uses now for school will pay off later. She could earn a lot more money and use that money for even bigger and greater use. Instead of going to her dream vacation spot in Hawaii, she could go somewhere else too. She can also buy a brand new car with better and enhanced features instead of using it on a used car. Martha’s choice of deciding which option to pick affects her in life because she can regret it for not choosing the best and wise decision. She has to think more of what she can do later with the money rather then what she can do now with the money. If she really thinks what will pleasure her more now, she can be a deep trouble later in life. Like
Yap 6 most people, they want to be successful in life and make a good and decent amount of money to live on and save with. If she makes a bad decision now, later in life she may be ending up on the streets or in big time debt which is not good. It is hard to get out of debt but yet, easy to get into one. To conclude this, she is better off on using her inheritance money on school.