In financial literacy class, we took an assessment that determines what Habitudes about finance we fall in line with. When I finished the assessment I found that I focus on security, heavily lean towed planning and am not very spontaneous or carefree. I can definitely see how different parts of my life has driven me to be this way.
I can definitely see how the way my family has raised being extremely influential on the way I spend my money. My grandparents have always encouraged me to be frugal with my money and to always have a plan. I can vividly recall how my grandparent gave me a book all about finance when I went into high school. This is a key reason why I tend to plan out how to spend my money. My family has always had enough money; however, this is because my parents always try to be smart with it. They make sure not to buy things they can
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This cousin enjoys spending money as soon as he gets it. This has not always gone well for him. On the other hand, my parents have a good approach to finance. They do not hoard money or waste money, rather they use it wisely. I definitely try to follow my parent approach since I have seen the mistakes my cousin has made and their harmful implications. I try to what money I receive and spend what I have left on items that I really like.
When I see friends spending money it does not affect me that greatly. I try to avoid spending money to try and fit in. That would simply be a waste in my opinion. If I want to buy something I will have weighed to const and benefits and determined it worthwhile. However, if I have a friend who is not spending a lot of money I will avoid spending large sums in front of them. I have found this to be a reasonable position because it avoids looking as though you are flaunting what you have. I think this is part of the reason why I focus on planning and am not very
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.
Personally, I look and strive for money because what else is a teenager supposed to do without money. So learning about what others believe about money is something that strikes me and challenges me to think differently. With many having this perspective on money, Morrie and my interviewees remind me that there is more to life than just money. My father said that money was his motivation at a young age, but believed that money should be something that we should work for (Personal Interview). My grandfather on the other hand believed that money was an evil. He also believes that money should be put towards things that matter and not things that you want (Personal Interview). This leads me into what Morrie believed about money. “You don’t need the latest sports car, you don’t need the biggest house. The truth is, you don’t get satisfaction from those things” (36). Morrie’s outlook expresses that we don’t need these things in life, and he also mentions that these things don’t supply any satisfaction. The true satisfaction is the satisfaction of family and friends, and the relationships that we develop through
Education is tool that benefits anyone, regardless of social standing, race, or religion. A government’s denial of an education that would encourage prosperity and security among its people is the rejection of a conscious society, and the promotion of an ignorant, incapable populace. The argument over teaching financial literacy classes in school is no exception to this problem. Financial literacy is knowledge, and a tool that nearly every American will use to succeed in everyday life. The lack of literacy in any subject is wrong, but not educating Americans about the power of money and debt will only hurt our country in the long run. In a world where money is power, why should we not give all Americans every advantage we can? Financial literacy
In Finance is Personal, Kim Stephenson and Ann B. Hutchins, explain concepts that support decision making around money. The authors base their concepts on personal values, attitudes, beliefs, and goals. Stephenson and Hutchins also teach the reader how to cope with thinking, feelings, and behaviors. In doing this, the author`s help the reader learn how they can handle their money to get what they want—not what someone else thinks they must have to be happy.
One might say there is a strong argument for the requirement of financial literacy for students in America. Americans continue to have increased balances on their credit cards as well as show a continued increase in bankruptcy filings according to statistics. Even the “baby boomer” generation is no longer exempt from financial hardships, as their generation has recently taken the title of “Fastest Growing Bankruptcy Demographic” from the 25 – 34 year olds (Linfield, 2011). Would it not make sense to say that Americans need to learn how to budget and borrow more wisely? Would not the best place to start be in schools? Well, the answer to that question is not a simple one.
It was only fourth grade, when I purchased my first flat screen TV. Impressive, right? Saving money is one of the smartest decisions I established as a kid; now that I have a job, the subsequent rewards are continuously multiplying. At only sixteen with my current hours and no direct bills, the money accumulated. Although, at this age there are many materialistic things I desire. Could you imagine a young teenager with spending power? Proudly, that is not me. From that first TV as a reward for saving, an exponential income did not affect my notion. Just recently I purchased a car all by myself, simply because I avail the power in saving money. This aspect is now part of my personality, and its reward will only progressively
When my dad impregnated my mom, he had to run away with no help from either sides of their families. They had no help at all. They had to struggled through most of their life together. Even before they were together neither of them were rich and lived in Guyana in slumed out areas. Then again thats how the majority of Guyana looked. They use to feed my brother sugar and water when they had no milk. My parents were never given anything and my dad grew up never wanting anything from any one. Even though as a parent its your instinct to give your child whatever they wanted that was not the case here. When I got a little older I remembered that at times we would have no groceries or anything to eat. We would have to scrape up money from anywhere in our house and use it. It must have been so embarrassing to pay with old coins with mold on it. My parents and my brother learned to be thankful and grateful for what they had. Even though I wasn't there to experience it my mother told me everything and I was raised to respect and appreciate everything that was given to me. I thank my parents for teaching me this. For showing me that I shouldn't be spoiled and get everything I ask for because their are others that don't have. Growing up like that has made me realize the value of money and its not to be wasted. Even though my dad struggled he didn't want my mom to work he saw it as her needing ...
How is financial literacy taught to have an effect on people in America? Introduction Financial Literacy is “the ability to use knowledge and skills to manage financial resources effectively for a lifetime of financial well-being” (Mandelle). Many people in America today, old and young, lack financial skills such as, paying taxes or money management. The main significance of taking a financial literacy course is to inform people that there are ways to manage money and save for investments.
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.
Name: Jeruhan Rivera. Professors Conboy ENG 1010 Date 2/7/24 Should financial literacy be a required class? A whopping 95% of Americans wish financial literacy were tough in schools, as they struggle with money.
City Colleges of Chicago has been offering Federal Direct loans at all seven colleges since 2010. The program has rapidly grown from 763 students in repayment for cohort 2010 to more than 4,200 students in repayment for cohort 2014.
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 order to be able to teach financial literacy one needs to know the basics of financing. Financial literacy is the ability to balance ones financial life. Instead of letting the money take control of one's life, one takes control of the money. Many times humans let their lusts and wants take control of their financial life instead of realizing it is not a need. Many will say they need a big house, but in reality one does not need a big house, just a place to live; one wants a big house.
Credit companies and banks make it very easy for families to spend money they do not have. For instance, credit cards are commonly accepted in stores, restaurants, and many other establishments. Parents sometimes feel that they need to buy their children everything they want, regardless if the money is not in their wallets. They also live such busy lives, making it hard to cook a meal at home. Parents find it more convenient to go through a drive-thru or to dine out instead because it saves time. On the other hand, they are spending extra money they do not have. Families also like to go on vacations that they cannot afford. Charge vacation trips it all on credit cards. Meanwhile, only able to make the minimum payments on them. They probably do not consider the interest rates that these credit cards have. Another situation is when one of the parents decide to buy a car without having a down payment. Financing cars paying loans with massive interest rates. Sometimes this occurs when they see someone they know buy a brand new car, so they think that they need one too. This is known as competing with the Joneses. Many parents and children want what everyone else around them has. However, the parents may believe they can afford it, but in reality all the overspending adds up an...
Financial Literacy Essay I support the topic of no having financial literacy class. The class is not a required class to have and they don’t help the students who take it. Financial literacy classes don’t work some of the students say that took the class. They also state that the class doesn’t meet the expectation the students is looking for. The students who took the class say the class also doesn’t work because of the hard complexity of our modern day economy.