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: Mississippi ($115.34)
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):
"It’s no secret that a $100 bill can be stretched much further in some states than others. Most people know you’ll get a lot more for your money in Mississippi than inHawaii, 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
Ryan Wood
Ryan is the Partnerships and Adoption Manager for Next Gen Personal Finance’s midwest region. He brings his experience as a former teacher, curriculum designer, and sales and marketing professional to state organizations and school districts in supporting the implementation of their personal financial education efforts. He graduated from the University of Wisconsin-Green Bay and earned his teaching credential from Saint Mary’s University in Winona, Minnesota. He proudly taught at two rural high schools in Wisconsin before transitioning to curriculum design at NGPF, and is now excited to be on the front lines in delivering the best possible financial education in the midwest. He and his wife have three beautiful daughters, each of which inspire him to share the impact of being sound financial stewards both at home and as lifelong learners.
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