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Career planning
Financial literacy chapter 1
Financial literacy chapter 1
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Malcolm MJ Harris is a financial services CEO, motivational speaker success teacher and the speaker for our third colloquium. He discussed to students about financial literacy, and how to become financially successful. Malcolm MJ Harris was kind enough to talk about his background with us students and told us he didn’t start off with a golden spoon. In fact, he was raised poor, debt after debt until he was swimming in his own. By the age 25, he was in $100,000 of debt. That is when he decided to fix his life, and starting with a $500 business after a couple of years of hard work and determination he is the successfully rich person he is now. Malcolm MJ Harris told students that the steps to becoming successfully at a young age he wished someone where to tell him was to avoid using co-signed cards, secured cards, and cards of any type. This is because, with cards you can’t really see how much you are spending and tend to spend more then usual. With co-signed cards, they aren’t particularly your money and because of this, you spend money that …show more content…
This way, you are more aware of how much you are spending. I think it is important for students to learn about this topic because when students are new on campus, they tend to loose more money due to poor choices. College students need to learn how to use their money wisely since they have to pay for tuition, books, clothes and should avoid using their money to impress others because it’s not worth it and you’ll find another time in your life to impress them. If you want to start a business after college however, it is best you have multiple streams of money. Jobs aren’t secured for life, and you can loose it anytime. This way if you lose one stream of money, you’ll have others till you gain another. These extra streams of money give you a “cushion to avoid
Author, columnist, motivational speaker, television host, the personal finance guru of our time, Suze Orman worked her way from the bottom to the top with her financial knowledge to acquire her notable reputation today. “Orman started out as a financial adviser at Merrill Lynch, founding the successful Suze Orman Financial Group in 1987” (Orman 2014). Opening her own restaurant, Orman decided to invest her money with a broker at Merrill Lynch. Having zero knowledge about investing or any financial knowledge for that matter, she signed over her money to the broker which she trust that he would take the best route for her; Orman went broke within three months. “After losing all her money, Orman decided to become a broker and applied to the same Merrill Lynch office where she had lost her earlier investment” (Orman 2014). Trying to learn all she could, she eventually learned that her broker did not follow all the required policies; suing Merrill Lynch for inadequacy, Orman won the case. Ever since then she began studying and working hard for all her clients, doing all she could for them. Feeling that she could only reach out to so many people sitting in an office, Orman decided to start writing and publishing all her financial information and tips into books; such as The Courage to Be Rich, and The Laws of Money, The Lessons of Life. Once her books started flying off the shelves, Orman took her career a little further and became the host of her own television show, The Suze Orman Show. After receiving many awards and nominations, Orman still continues her weekly show to this day. Today she is now also of the columnists for Oprah’s magazine, O, and also a columnist for Yahoo Finance where she published the article, How to Take Control...
D. Thesis and Preview: It is important to know how to use credit cards to your
The book I chose to review for this course is titled, “The Millionaire Next Door”, by Thomas J. Stanley, Ph.D., and William D. Danko, Ph.D. After learning that it was published in 1996, prior to the widespread availability of the internet, and subsequent ebusiness boom, I was slightly sceptical that the information held within might not be relevant for someone like myself trying to thrive in today’s chaotic economy. Fortunately, I was wrong. The Millionaire Next Door is full of concepts and principles that put into perspective how we view money and status in our society, and also debunks the myth that America’s wealthy are the ones doing most of the spending while living elaborate and carefree lives. There are several ‘takeaway’ principles that are presented to the reader. I will be focusing on the five concepts and ideas that impacted me the most.
I think that making students go to personal finance classes during high school is a good thing. It educates younger people on how to manage their money and how to make purchases and that’s just a start. It will teach you how to build wealth and set a good foundation for the future.
Students do not have the education needed to use credit cards responsibly. Nellie Mae (August 2007) states that 93% percent of students would have liked more information on financial management topics before they started school and want financial management education made available to them now. This is proof that students crave the education before getting into debt. Allowing credit companies to market their product on campus is too much of a temptation ...
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.
Money is the main concern for some people. It is a crucial necessity for anyone who is trying to succeed in life. Many believe that the only way to succeed is to have a lot of money. For this type of person, achieving success starts with going to a good college.
Credit card debt, can be easy to get into, but yet can take years to get out of. Credit card usage has become an increasing occurence in the 21st century for any person above the age of seventeen. Carrying cash has become uncommon for the average man or woman and unlike cash where someone is limited to only what they have in their wallet, credit cards can have upwards to thousands of dollars on them. Granted, there are great things about owning a credit card. For example, in case of an emergency and there is not enough cash to cover the expense, a credit card can be a great back up plan. However, with all the positives there are negatives, the biggest one being, a person can wind up in debt. Thus, credit debt is an individual’s fault, derived
managing money. Financial literacy is very important for every students future and can lead to
Prosperity in America can and will increase exponentially with the introduction of financial education. Now, in order to integrate financial education into school curriculums, one must know what is meant by the term. Financial education is education about basic financial responsibilities such as balancing a checkbook, creating a budget to allocate monthly income, and learning to determine what is considered an unwise financial decision such as “buying” (more like renting) a new car over a term of ten years with a fifteen percent interest rate. In other words, financial education is knowledge of basic monetary usage. Believe it or not, an alarming number of the teenagers of today would accept the aforementioned car offer just to boast about
The lack of knowledge plays a big part in the debt young people are getting themselves into. Credit cards are often offered to young adults as soon as they get out of high school. Many take advantage of having a credit card without even thinking about the responsibilities that come with it, instead they think about the things they will be able to buy. In “Generation Debt” the author Tamara Draut says that young people are getting into debt younger than ever before. Two of the reasons that are more costly on young students that hit hard on the budget are car repairs, and travel for students who have families and friends in other states (231). From my experience I know first-hand what it was like to be offered credit cards right out of high school, and I didn’t hesitate to get any of them. I st...
Students should have for their own financial security some ways such as: looking for a part-time job, establishing a detailed plan for daily expenses and setting goals, or expenditure savings. Having a part-time job not only gives one necessary workplace experiences, but also provides a new source of income. For example if a student looks for a part time job they will gain research and interpersonal skills. Students would cherish money if they could make it by their own hand instead of excessive spending. In addition, students should make a detailed plan for daily expenses to make sure they will be fine at the end of month. For example, one will know how much they can spend in the next few days as well as how much they have left to spend if they are using a detailed plan for daily spending. From there, they will have the facility to tighten their own spending. Students also need to spend their money logically by smart spending or expenditure savings. It means money will be properly used which will reduce unnecessary waste or avoid wasting. For example, if one wants to go from A to B and they have 2 choices that are the bus or the train, but the train is more expensive than the bus because its faster, they can use the
These are the principles. And these are really scientific topics.” she is trying to get across that financial literacy is more important than any other high school class because it teaches life lessons and how to use your money and how to financially support yourself and others. This shows how the economical change in the U.S. is always changing and how to protect yourself from these global events. Overall this article really pushes for financial literacy to become a
With spending power of $172 billion a year, youth attract the interest of retailers and credit card companies, but have little knowledge about how to make a wise consumption decisions. Many accumulate significant debt that may lead to poor credit scores and possible bankruptcy." Most people nowadays tend to depend on credit cards because they can easily purchase their product or other things that they want without knowing that in the end, you'll have to pay in high rates or you'll be highly indebted by the bank because of irresposible financial behavior of a certain person. (Johnson and Sherraden, 2007)
, financial education is the training (both formal and otherwise) that teaches the set of skills and knowledge that allows an individual to make informed and effective decisions about financial resources and future. Financial education is becoming increasingly important not only for breadwinners or parents but also for students; our future leaders. This comes in the wake of a society that requires not only intelligent but also streetwise students who can financially plan for and secure their tomorrow from today. Now more than ever, the onus of making sound financial decisions is increasingly resting on the shoulders of students as there is a higher prevalence of retrenchment, failed pensions, unpaid salaries, rising interest