Data and Solutions

Justification

The GIC option was the best solution for me because I prefer low risk and I was able to make enough money for a down payment. First, I deposited the $80,000 into a 3-year GIC. Second, I placed the $10,000 I made into a 1-year GIC, then I took the balance including interest earned and placed that in another 1-year GIC when the first term was finished. Some strengths with this option include a guaranteed interest return with no risk of losing money. Some weaknesses with this option include smaller interest rates and the money cannot be accessed before the 1 year and 3 years are up, depending on the option. Unlike the GIC option, there is a risk of losing money when using stocks and I didn’t make enough money to save for the down payment with stocks. 

Collaboration

Over the first two days, I worked with J, P, and J. I found working with these individuals very helpful because we all worked together as a team. We all contributed to the group by participating in group discussions and all being in charge of answering our own questions. I used another solution than the one me and my group talked about. My group and I talked about stocks. I didn’t use stocks because after doing the math, we lost too much money so we couldn’t afford the down payment. 

Core competency Reflection

• I can ask and respond to questions to be an active, supportive listener. I demonstrated this by communicating a lot with my group and asking them questions if I didn’t understand something. I also listened to what my group had to say so I could add on to their ideas. 

• I can work with others to achieve a goal. My group’s goal was to finish all the questions on the sheet we were given. Each person in our group would work on a different part of each question and then we would share our answers. 

• I can demonstrate respectful, inclusive behavior. I demonstrated respectful and inclusive behavior by not turning down my group’s ideas and encouraging my group to share what they were thinking.  

• I can form new ideas to create new things. If an idea of mine wasn’t working, I would communicate with my group and create new ideas that would work. I can also build on the ideas of others. I took some of my group’s ideas and added onto them or changed them up a little bit to experiment and try things out to see if they would work.