Scenarios
1)You are considering replacing your current car. How would you decide to lease a new vehicle or to purchasea new vehicle?
2)Assume the interest rate set by the Federal Reserve has dropped significantly. How can you decide if you should refinance your house, or continue with your current mortgage?
3)You want to build a closet in your bedroom. How do you decide if you should do it yourself, or hire a contractor?
4)You are currently using oil to heat your house. How do you decide if you should switch to gas?
5)You are considering purchasing a house. How should you decide to purchase a brand-new house, or an older house?
6)You are considering membership in a wholesale club such as Costco. How should you decide if you should join the wholesale club, or continue using your local grocery store?
7)How can you plan for your upcoming vacation?8)You want to learn a new sport, such as ski. What are your options, and how can you choose the best one?9)Assume you live in an area with a lot of snow (such as New England). How can you determine if you need a snow blower and how much you should invest on it?
10)Assume you need some basic equipment for your houseto take care of your backyardsuch aslawn mower,snow blower, chain saw, leaves blower, hedge trimmer,andedger. These equipment come in different types with respect to the source of power. What are your options, and how should you decide between them?
11)You have a wood stove in your home and are considering using it as the mainsource of heat. How can you decide if you should do that, or continue using your current source of heat (e.g.,electricity, gas, or oil)?
12)You currently live in an old house that requires many renovations. How much do you think you should spend on the renovation versus saving that money to increase your down payment to purchase a new house?
13)Do you think you should save money for your kids’ college, or you think you should invest that money in another way?
14)Assuming you want high-quality education for your kids, should you purchase a house in a city with top schooling system, or purchase a house in an average city and send your kids to a private school?
15)Should you always look for the best of anything (which are typically more expensive), or buy a cheaper lower quality alternative?
16)What is a delicious, healthy, and affordable diet for you in a week (the meals for each day of the week) that will satisfy your body minimum requirements of different minerals?
17)You are considering installing solar panels on your roof. Should you do that? What are your options if you decide to install the panels, and which one you should choose?
18)You want to replace your kitchen appliances (refrigerator, stove, dishwasher, over-the-range microwave). Should you purchase all four appliances from the same brand? If yes, which brand and models should you choose with your limited budget?
19)You are renovating your house and are considering different options for flooring (e.g., hard-wood, carpet, and laminate). Which one should you choose?
20)You are considering purchasing internet/cable/phone service for your home. Should you get all three, or a subset of them (e.g., internet and cable only)? What companies provide these services in your area? Which one should you choose
