Question of the Day: Which U.S. state has the highest real value of $100?
Think $100 buys the same amount of stuff from state to state? Get real!
Answer: Arkansas ($113.40)
Questions:
- What does it mean when we say that $100 has a different "real value" in different states?
- How might the cost of living affect people's lifestyle choices in states where the real value of $100 is higher versus lower?
- Discuss how the real value of money might influence where you would choose to live after graduation.
Behind the Numbers (Go Banking Rates):
"While $100 may seem like it spends the same anywhere you go, that’s not the case. That same amount of money goes much further in some states than others. Most people know you’ll get a lot more for your money in Arkansas than in California, but you might not realize just how much of a divide there can be between different states.
To determine how far $100 will go in every state, GOBankingRates compiled data from the U.S. Bureau of Economic Affairs and also analyzed supplemental factors such as median household income, typical home values and annual cost-of-living expenditures to provide deeper insights into why $100 is worth more in some states than others."
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NGPF's Budgeting unit will get your students thinking about the best ways to manage their spending.
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About the Author
Dave Martin
Dave joins NGPF with 15 years of teaching experience in math and computer science. After joining the New York City Teaching Fellows program and earning a Master's degree in Education from Pace University, his teaching career has taken him to New York, New Jersey and a summer in the north of Ghana. Dave firmly believes that financial literacy is vital to creating well-rounded students that are prepared for a complex and highly competitive world. During what free time two young daughters will allow, Dave enjoys video games, Dungeons & Dragons, cooking, gardening, and taking naps.
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