What is a Ballpark Figure?
A ballpark figure is an estimate.
How Does a Ballpark Figure Work?
Let's say John Doe is at a cocktail party and meets Jane Smith, who runs a contracting company. John mentions that he wants to have his driveway repaved but doesn't know whether that sort of work costs $100 or $10,000. He asks Jane Smith for a ballpark figure, knowing that she hasn't seen the driveway and isn't under pressure to commit to the price. She tells John that driveways generally cost $5,000 or $6,000.
A ballpark figure is not the same as a written estimate or a good faith estimate, which provides detailed costs and is meant to provide reliable disclosure to a customer.
Why Does a Ballpark Figure Matter?
Ballpark figures help people get a sense of what things cost. In turn, they allow people to shop around, avoid surprises and get a sense for what is appropriate.
Personalized Financial Plans for an Uncertain Market
In today’s uncertain market, investors are looking for answers to help them grow and protect their savings. So we partnered with Vanguard Advisers -- one of the most trusted names in finance -- to offer you a financial plan built to withstand a variety of market and economic conditions. A Vanguard advisor will craft your customized plan and then manage your savings, giving you more confidence to help you meet your goals. Click here to get started.
