Personal Financial Literacy

Grendel’s mother’s lair is a creepy, dark, mysterious, and dangerous place to go to. Hrothgar described the lair as a place where if you enter you will never come back. In the poem, Hrothgar said, “...their lake are all covered with frozen spray and wind down snakeline.. At night that lake burn like a torch” Hrothgar is saying, inside the lair it’s not only cold with ice but there’s also fire. The language being used is paradox.

In this society, some of the most important things in your life have to deal with money. In Chad Foster’s book, Financial Literacy for Teens, he taught his readers how to save, spend, invest and give away your money. Reading this book has taught me to start saving when I’m young, know the differences of what I need to buy rather than what I want, to make money while I sleep and giving away some of your money will not only help yourself, but help many others as well.

I learned, from personal experience, how important it is to budget money properly. I gained this knowledge out of necessity to improve my personal financial situation. First, I began reading several books, articles, and websites on the subject. Next, I began to implement what I learned in my research in small but manageable steps. For example, I used a great software application called mint.com to track my income and expenses. I discovered that tracking my money is an important first step in budgeting my money. I found books like Bottom Line’s Very Shrewd Money Book and Rich Dad Poor Dad very influential in helping me improve my budgeting skills. These books showed me how to budget money properly and also how to use the money to increase my personal wealth.

Throughout unit three of the Financial Literacy lesson, payment types, I learned many things. To begin, I learned about credit. Credit is an agreement where a borrower receives something of value now and agrees to repay the lender at a later time. This is very useful, because it not only allows you to make large purchases, but it allows you to make purchases with ease. When considering getting a credit card, it’s important to research some information about them. This includes the interest rate charged by your credit card company, special fees, rewards, and the maximum amount you can charge to your card. While credit cards can be fun to use, it’s important to use them responsibly. You should make your payments on time (this will help you stay

In the article “Why American Teen’s Financial Literacy isn't Improving,” Annamaria Lusardi, writer of the Wall Street Journal, argues that young adults financial literacy levels are low and the differences in the teens levels is alarming. She develops this claim first by showing the Programme for International Student Assessment (PISA) scores and tells us the low scores and the gap between students scores. The financial literacy rate in the U.S hasn't moved in the past three years in the recent findings in May. As those teenagers turn into adults and go to college they have to make many financial decisions and if they are not educated to make well thought out decisions that will improve their financial future then they could end up with

Investing was not the only vehicle used to accumulate wealth. Saving your money effectively is one of the strongest vehicle for wealth. It is not how much money you make it is how you manage it that counts. The best rule of thumb to use the 5% percent rule. This is where you save 5% of your check before you even spend it on bills. So if your check is $100 you save $5, then you will pay your bills. The reasoning behind is that percentage you are saving is going towards you and not anything else for your personal gain. From 5% you will work your way up to as high as you want as long as you can also pay your bills. Financial literacy is a problem in this country which is affecting the nation negatively. If we knew how to use our money properly

Despite the natural, physical growth of mankind, the expected mental development from adolescence to adulthood requires much more nutrition than a well-balanced diet. Unfortunately, it is apparent that some children are not provided with proper parental guidance during the most crucial years of adult development, and due to this tragedy, the neglected youth relies solely on the state’s public educational system to further develop necessary qualities of a successful adult. Throughout grade school, children are only required to learn the core subjects of English, History, Math, Science, and as well as health related classes such as Physical Education, and although each of these subjects are necessary for basic education, there are far more important

How to properly manage money is something that should be taught to young people because it is a very important asset in everyday life. “Total consumer debt in the United States stands at nearly $2.6 trillion dollars. That works out to be nearly $8,500 in debt for every man” (Anderson). Many times teenagers are known for “throwing away” their money by spending it on unnecessary things. This is something that could easily be avoided if students were taught the proper techniques on saving and spending money. There are many different skills that students could learn if personal finance was taught in the school system. Managing money is one of those very important skills and would help to lessen the number of young people spending irresponsibly instead of

By the time of Ashton’s graduation, he knew how to find the value of x in a quadratic equation more easily than to balance a checkbook. His inability to know about financial literacy landed him into bankruptcy at the age of 25. Nowadays, young Americans who graduate will be asked to make financial decisions for themselves and high schools are failing to prepare them for the mathematics of the real world. Many students who leave high school face a similar handicap while dealing with simple deeds such as managing their loans, money and debt.Therefore, Schools in America should allow financial literacy in their curriculum since it gives a better understanding of financial management for the future.

There should be a financial literacy test once you get in the 9th grade. Most students when they get out of highschool have a hard time with all the loans they have to deal with. Yet, not all students are ignorant to financial literacy. If the students prove to the government they are prepared for the tribulations of adult financing, they shouldn’t have to take an irrelevant class for them. Although, if they should definatly try to educate themselves. If the students don’t make above the basic financial knowledge requirements then they should have to take the class.

Financial literacy has been one of the many courses that are not being recognized enough in schools today. Only about 13 states require their high school students to take a finance or economics course before they graduate. Although some people think that financial literacy courses are not efficient and should not be incorporated in schools due to ideas that it will harm the individuals instead of helping them. Financial literacy should be required because it helps the new generations understand the importance of money management in the real world, increasing awareness overall, and students are able to receive the necessary help from their teachers while learning about loans, budgets, and expenses.

Personal finance is the principles implementation of finance to an individual’s or personal’s monetary decisions. It involved the way of an individual or personal to gain, keep, spend and budget monetary resources over time, and taking into account of different kind of financial risk and future life events. Personal’s wealth picture will determined by combining the personal finance knowledge, education, financial decision, financial plan, goals and financial desire. The appropriate financial management and improvement will help personal financer to see its positive impact in the next several of decades.

The most important part of having any success in your financial security is to have a sound financial plan. This is the process of managing your money to achieve personal economic satisfaction (pg. 5). Throughout this course I have learned many strategies that I will be able to use to gain financial security. Reading these chapters has helped me to realize that I do not have a good grip on my finances. I hope to take what I have learned and be in a more secure financial state that will be beneficial to me as well as my family.

The current high school financial literacy system is broken to say the least. This is a class that shoulds strive to be a more hands-on environment. The curriculum is one the only strong part of the class. Learning about credit cards/debit cards, balancing checkbooks, savings and checking accounts, basic money management skills are all crucial to know. These provide a great backbone to the class, but more must be brought in.

Whew, where to start? The personal finance class, through Dame Ramsey’s Foundations in Personal Finance textbook and video series really had a lot of useful information, and it is hard to pick out the most impactful chapters and topics. However, I think the most important stuff for me was his five foundations for financial success, which were reinforced throughout the course. I am not downplaying the other important stuff in the course, including learning about the history of credit, budgeting, consumer awareness, investing, insurance, and taxes, but I think that mastering the fundamentals is important, which is why I am choosing to highlight them in this paper.