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Personal Finance

Good Essays

Ryan DuCharme
Stephanie Wilhelm
English 112
20 November 2014 Personal Finance for Young Adults Ask a random individual if they would like to have more money and the response would be a resounding “yes!” Who wouldn’t? As insatiable, materialistic creatures we always want more, and money is usually the means by which we acquire the objects we desire. In order to achieve financial security and independence it is imperative to begin as early as possible. As a kid I was incredibly averse to spending money, and for good reason. I wanted to save my “hard-earned” money. I didn’t know what I was saving it for, but I knew I would rather have the money available for future use than waste it on some toy. I don’t recall preparing for retirement or evaluating …show more content…

Many college students have to pay for their education and, partially due to skyrocketing tuition and incredibly overpriced textbooks, don’t have excess money to spare. However, there are other expenses that everyone can surely reduce. Students can rent used textbooks instead of buying new ones, eliminate impulse purchases, don’t shop for food when hungry, and looking for discounts. An infinite amount of money-saving tips exist that allow a person to get more bang for their buck. Little by little, dollar by dollar; it doesn’t happen overnight, you have to stack small increments at a time to build a pyramid of wealth. “How much money do I need to save?” one might ask. "As much as you can" is the standard advice. Many financial planners recommend that you save 10% to 15% of your income for retirement, starting in your 20s. But that's just a general guideline. For each individual it is different. My dream of winning the lottery has yet to pan out, but thankfully I have been taking my own advice about saving and consider myself in a better financial situation than most of my …show more content…

For those fortunate to have connections with experienced individuals in the world of finance, take advantage of every bit of advice that comes along. Regrettably, most high schools don’t provide courses that educate students about personal finance, but maybe that will change in the future. An understanding of personal finance among the youth is alarmingly below where it needs to be and I can’t stress enough how important it is to create healthy habits at a young age in order to set yourself up for success in the not-so-distant

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