EHPANDED
TIPS
Inthe game, acollegedegreecosts $20,000 butcan morethanpayfor
itselfthrough increasedeamings. Plus, you eamaone-timebonusof2,000
LlFEpoints, whichcorrespondstoanywherefrom $160,000 to$240,000,
dependingontheformulausedduringthegame. Inreal life, expertssay
someonewithabachelor's degreewilllikelyearnabout$1millionmore
over alifetimethansomeonewithonly ahighschooldiploma.
Inthegame, aPh.D. costsanadditional$10,000, butsomejob promotions
requireanadvanceddegree. Checkyour Careercardpromotionrequirements
beforedecidingwhich degreeyouwant. Inreal life, expertssay that
someonewithaPh.D. or professionaldegree (likealawyeror doctor) will
likelyearn
$2
millionto
$3
millionmorethanahighschoolgradover a
lifetimeofwork.
Sometimesinthegameyou'll havean opportunitytochooseanewcareer
or startover onanewLlFEPath. Doingso may requireadditionaleducation
or reduceyour salaryinitially, but
it
maybeworth
it
toyou inthelongrun.
Inreallife, theaveragepersonholds10or morejobs duringalifetime, so
alwayskeepyourresumeuptodate, just incase you wantto changejobs
or careers.
On theMLeamIt"track, youcanearnLIFE Pointsfor leamingcreativepursuits
outsideacollegedegree program, suchas potteryclasses, joininganature
cluborleamingsignlanguage. However, you can also lose pointsformissed
leamingopportunities, likefailingautorepairclass. Inyour own
life,
you'll
needtodeveloppracticallifeskills, suchas managingyour personalfinances,
tohandlewhatever lifethrowsyourway.
-The LlFE Pointsyouearnsometimesfar outweighsalaryadvances, reflecting
theimportanceofgaininglifeexperience outsideajob. Forexample, oneof
theLifeCardsawards
800
pointsfor volunteeringwithyourfavoritecharity.
Keepinmindthat inreal
life,
expectedandunexpectedevents
-
suchas
marriage, startingafamily, healthissuesandaccidents
-
cansignificantly
impactyourfinanaalstability.
Inthegame, thereareseveralfactorstoweighwhendecidingwhatkind
ofcar tobuj, andwhen:
If
youhavedebt, you'll havetopay 10%intereston
it
each timeyou
takeaturn. So carefullyconsider how muchmoneyyou might be
losingbybuyingacarwhile indebt; you mightwanttowaitand
buy oneafteryou've loweredyourdebt
At theendofthegame, cars aresoldfor theircurrentvalue, which
variesdependingontheirageandmake: Economy cars lose $1,000
ayear invalueandluxurycars lose
$5,000
ayear. Add uphowmany
yearsyouexpecttoownthecar andsee if
it
makessenseto buy.
Luxurycars costfivetimesas muchas economycanbutprovidetwice
as many LlFEPointsperturn. Also, luxurycars becomenclassics"after
15years andincreaseinvalue $5,000 ayear afterthatHowever, don't
forgetthatbothluxuryandeconomycars reduceyour salaryby 10%
each turn.
Don't buy morecarthanyou can afford.You wanttomakesure you earn
enoughmoneytosupportyour lifestylewhilestayingoutofdebt. At 10%
interestchargedeach turn, outstandingdebtis prettyexpensive.
Inreallife, newcars lose 20%oftheirvaluetheminuteyou driveoffthelot
andtheyfurtherdepreciateevery year. Cars may beanecessity, butthey're
rarelyaprofitableinvestment.
Inreallife, when buyingacar you'll alsoneedtofactor inthecosts of
insurance, gas, repairsandregular maintenancetoknowwhetheror not
youcanafford
it
And rememberthat larger, moreexpensivecarsoften
havehigherinsuranceratesandprovidelowergas mileage, making
themmoreexpensivetodrive.
Inreallife, ifyoucan? affordtobuy anewcar andpayfor all theother
relatedexpenses, considerbuyingausedvehicle, or betteryet, usingpublic
transportationuntilyourfinancesare insounder shape. Bottomline: Don't
buy morecar thanyou canafford, otherwiseyou'll loseout on other
thingsinlife.
a
Inthegame, thereareseveralfactprstoweighwhenconsideringwhatkind
ofhousetobuyandwhen:
8
Housesincrease6%invalue eachyear, buttheyrepresentasubstantial
expensewhenfirstpurchased-from $200,000 to$1million.
i
You pay 10%per year onany outstandingdebtyou carry, so becareful
whenbuyingamoreexpensivehousetomakesure you knowyoucan
afford
it.
For example, buyinga$1milliondollarhousewouldadd
$100,000 ayear toyour debt ininterestunlessyou havesufficient
money savedtopayfor
it.
Becausehouses increaseinvalueby6%ayear, higher-pricedhomes
earnmoreover timethanlower-pricedhomes. Just be suretooffset
theseeamingsbyany debtyoucarry.
Ifyou buyanexpensivehouse butlatergo intodebt, considerselling
it
and buyingacheaperhousethenexttimeyou landonaHouse Space.
Inreallife, keep inmindthatwhenyoubuyahouseyou'll needtofactorin
thecostsofmonthlymortgagepayments, propertytaxes, maintenanceand
repairs, utilities, furnishingsandotherexpensestoknowwhetheror not
youcanafford
it.
Also,
if
youshould loseyourjob, increaseyour familysize
or haveanadjustableratemortgagewhose interestrateclimbs, you could
haveahardtimekeepingupyour paymentsandmightjeopardize being
abletokeepthehouse.