What Is Money Actually For? The 3 Jobs of Money, Needs vs Wants & Opportunity Cost | Lesson 1

Your first paycheque: $212 on Friday, $0 by Sunday. Where did it go? Lesson 1 of Future Wallet — personal finance for high school students, from zero. Sam and Riley break down what money is actually for: the three jobs every dollar has to do, how to tell a need from a want (including the want wearing a need's costume), a five-step process for any money decision, and opportunity cost — the idea that makes the real price of everything visible. Every formal term comes with its plain meaning. That's the deal. Chapters: 0:00 The vanishing paycheque 0:48 The three jobs of money 1:19 Why not just barter? 3:25 The paycheque that only did one job 3:55 Needs vs. wants 4:19 The line moves: wants in costumes 5:31 The $212 paycheque autopsy 6:35 The five-step decision process 7:25 Opportunity cost: the $140 concert 8:54 Recap — and next time: goals Next lesson: Goals — a real number, a real deadline, and a paycheque with orders. Future Wallet is a Blue Label Learning production. New lessons twice a week. Follow along on Instagram: @futurewallet82