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Short essay on ways of increasing financial literacy
Short essay on ways of increasing financial literacy
Short essay on ways of increasing financial literacy
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By interviewing four of my friends about their knowledge about finances and what does finance mean to them and how to improve it. The people that I had interviewed student, workers, parents and store owner. I had asked my friend Nawal who is a science major at Brought of Manhattan community college and he said that:
I am a science major I want to become a pharmacist so I can open my own pharmacy. For that reason, I have a part time job at a privet pharmacy that I am using to gain experience and to make some money. I actually spend my money wisely because I am international student and it is hard to work and to make money like everyone. But, with even that little amount of money that I make it every month I am able to buy books, metro
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I am working 40 hours a week and it is not enough to cover everything. But by using EBT CARD plus my salary and my mother’s help it is going. I always have the fear about my daughter as I want to get everything she wants but sometimes I cannot. Being a mother in my early twenty is a disaster as I was not ready for all that pressure and the responsibilities. In fact, collage got to be delayed due to the lake of money and time. So the responsibilities pushed me to come up with a plane so I can save some money for me and my daughter. I know that finance is people’s ability to deal with their money. So I opened a saving bank account as I deposed hundred Dolores each month so by the end of the year I will have twelve thousand Dolores. By that, I will have some money for emergence or even vacation.
Kari Davis a friend of my friend said that:
I consider my financial skills to be weak because I do not use a budget to run my household. I learned about finance from an early age from my parents and later attend a high school and majored in economics. After high school I took a book keeping course at a local community college. However with know what to do right I still manage to make poor choices. My income is less than what it takes to sustain by family often causing me to end up in a negative. My skills are weak and it believe it is due to a lack of planning and budgeting.
The last one is Soleman the owner of the
I believe Life is a gift and a responsibility to gain from society and gives it back all the good things we learn from our surroundings and our community we live in. Finance Management in an effective way is required for self and for the society. I believe a successful management of finances is interlinked to oneself and the surrounding society which we live. To improve upon the effective management of my finances I discovered my monthly income than I checked upon my monthly expenses on f...
Finances play a part in everyone’s lives. According to critics, the generation of Millennials have not been the most accomplished in this area. However, new information is on the rise, and it shows that Millennials are becoming more financially stable. The generation of Millennials is a broad group. The group of Millennials associated in this discussion are from the beginning of the Millennial generation, which are those born between the 1980s and 1990s. The Millennials generation itself ranges from the 1980s to 2004. After the Great Recession, the older generation of Millennials had a massive setback with financial security. Since then, Millennials have always been known for having poor finances by critics. Millennials may not
Once high school ends, most students progress to college after a year or two from graduation. Due to all of the expenses for textbooks and etc., the student might realize that they don’t comprehend what to conserve or spend their money on to get through their years of college which will leave them clueless on what to do next. With situations like this that might occur, all high school students should take a financial literacy class as part of the mandatory course in order to get a diploma. With a numerous amount of students not having enough knowledge about how to manage their money carefully, presumably they’ll have trouble living their life as an adult. Taking a financial literacy class would help students stay out of debt, they’ll be prepared for their future, and they would recognize the discrepancies between wants and needs.
My financial situation has not been the most stable throughout my post-secondary education. At the moment I have a part time job while I am at school. Having a job while I am at school does effect my performance, however I am still able to do very well. Over the course of my post-secondary education, my financial situation had become so severe that I was not sure if I should even complete school. Gladly, I am still in school and am working towards my goal however, things are not yet that bright financially.
Making improvements on our financial literacy results in a wave of impacts on our economy and the financial health in our society because of responisble behiavior with our finances. These modifications to our behavior are neccesary because it let's us address primary cultural problems, for example over-credits on your purchases, mortgages possibly resulting in debt, dealing with expectations on inflation and also planning on your retirement.
A portion of the students were placed in the class and a portion of students were not given any formal classroom financial literacy training. All students participated in the Junior Achievement Finance Park simulation in which they were placed in real-life situations and had to make financial decisions. Their decisions affected their personal income and lifestyle within the simulation. The educated group “showed profoundly greater understanding of the financial issues they faced. Their completion rates were higher, they saved more, and they spent less on immediate gratification items such as clothing. These items were consistent with the lessons offered in the curriculum they received” (Carlin & Robinson, 2012). Also, the classroom students were more likely to use available resources, known as decision supports, to help them better understand their potential decisions. An example of a decision support includes additional information provided by a business to further explain their product or its features (i.e. explaining premium options on a health insurance plan). The study believes that “timely decision support and financial literacy training are complements, not substitutes” (Carlin & Robinson,
High school seniors takes deep breaths and parade onto the stage. The beginning of a new chapter awaits as they make the journey from one point of the stage to the end. They reflect on what they have been taught in those many years of high school. The most terrifying fact while graduating high school is the next step: making it on their own. Because they have taken part in the appropriate classes, the students are certain that they have gained the correct knowledge to begin making their mark on the world. In high school, it is crucial to achieve the appropriate classes in order to feel ready to take on the world ahead as an adult. However, many students lack proper education. One key example is financial literacy. Financial literacy is the
In conclusion, the best way to manage your money is to keep a budget and record all your transaction to see where your money is going. Living with a budget isn’t the easiest thing in the world, but it can be a great alternative to worrying about how you are going to pay for your expenses. Budgeting allows you to create a spending plan for your money; it ensures that you will always have money for the things that are important to you. Following a budget will also keep you out of debt. If you don’t balance your budget and spend more than you make, you will have financial problems. Many people don’t realize that they spend more than they earn and slowly sink deeper into debt every year.
Personal Finance is a class I’ve wanted to take for a while now. My major is Finance not because I want a career in finance but more to learn about finance for my own personal situation. This class taught me so much! During this class I was able to evaluate my financial situation and set financial goals for myself. The four topics that helped me the most were emergency savings, buying a car, purchasing a home, retirement, and estate planning. After completing this class I have a better understanding of these topics and how to achieve my financial goals.
We do live in a bigger home than usual for people with my parent’s income together, but it was something they could afford at the time they bought it. My parents are great people and I love them so much, my mother just has bad credit so all of my loans right now are in my name. I see that I am incurring a debt and interest everyday because of school loans. But I do not have a credit card and that is something I know if I had, I would get in trouble with. I took personal finance in high school and that is when I learned the difference between a debit card and a credit card. That opened my eyes so much more in what financial maturity looks like. I was able to figure out how to write a check and keep up with a checkbook, I learned about how babies are expensive, and about debt. I have learned that like my mother if I have a credit card I am going to get in trouble. This why I only have a debit card and both of them are closed cards (I believe there might be another term for this). It is when I run out of money; I cannot overdraft my account and occur an extra debt over the amount owed. That is so my card will automatically decline when I run out of money. This is good so I don’t get myself into trouble, and so it shows me that I need watch my
In conclusion always think about how to spend your money rather than how to earn. Be cautions of products and think of how much you want to spend on a specific product always asses what you need and this of how to refrain from impulse buying. Don’t deprive yourself from buying what you love, instead budget yourself and think according. Separate you necessities from other luxuries. If you balance out your spending and savings saving money would definitely get easier. Saving money is being able to control and know how to spend your money wisely.
Saving money brings security for any future expenses. The earlier in life an individual begins to save, the better they will be set financially in the years to come. There are several reasons why it is important to save money. A few of these reasons are for emergencies, retirement, and simply for luxury spending. Having money will benefit each of these examples.
Business finance has taught me how to manage risk and return as well as making capital investment decisions throughout the semester. Professor Schott has gone through each chapter carefully well making sure that each student grasps each concept before moving on. He has used many tools such as LearnSmart, lectures and homework assignments to make sure that us students have a good idea of the concept before giving us exams.
A few sources of finance are short term and ought to be paid back within a year. Other sources of finance are long term and can be paid back over several years.