Reference no: EM133180619

Question - Tyler, 28, has a good job as a sales representative. He's always found budgeting boring and has been intending to start a financial plan for years.

Recently, Tyler went fishing with some friends on a rented boat and had a great time. He sopped at a boat sale on his way home. Before he knew it, a salesman had convinced Tyler that the sale was just too good to pass up. So, Tyler bought a $10,000 boat and financed 80% of the cost for the next 5 years. He now finds himself relying on his credit card to get by each month.

What if Tyler 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 Tyler would have made a more deliberate, informed financial decision.

The above scenario is from "Impact of Personal Choices" in our textbook. What do you think of Tyler's decision? How could he have made a more informed decision? What does your textbook suggest that Tyler do now? Find another source that can help Tyler. Cite your source, this should be more than your opinion.