Personal Financial Literacy

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.

Financial literacy is the key to financial stability. So, why do so many Americans, who have stable environments, struggle with this important skill. Here is the answer, this life standard is not properly taught in today’s time. Now as a high school student in the state of Tennessee, personal finance is a credit you must take in order to graduate. With that being stated, many of the students did not care about the subject, they just had to pass to graduate. I have learned more from my parents’ teaching me early than that one semster of just watching videos. Financial literacy courses should be taught at a higher level of maturity and with a more effective outcome.

Learning about money management started at home with my mother. We save throughout the year for Christmas by depositing loose change into a jar. Our savings determine what new electronics are within grasp Christmas. This taught me to become actively involved in determining how I would like to spend my money. I always research the best bargains so that this money can buy the various items I desire at an acceptable price.

Americas debt has doubled over the past several years, and most Americans do not know how to manage their finances. One of the only solutions that come to mind when thinking of how to make the economy better is financial literacy courses. [Thesis] Students should be required to take financial literacy class before graduating high school because [Reason 1] people need to learn how to logically make financial decisions, [Reason 2] and also to prepare people to make important economic decisions in an ever changing economy.

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

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

It is despondent to see the majority of college students make poor financial choices when it comes to repaying the student loan debt. Understanding the basic financial literacy fundamentals have helped me to budget my money spending, planning and strategizing myself before graduation when it comes to how much money do I need to borrow; how to repay my loans earlier and faster, and having an emergency fund for difficult situations. It is important for the students to take advantage of the debt management counseling sessions at their college institution to ease the gap in financial literacy and be debt-free.

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

Financial literacy should, without a doubt, be a requirement to graduate in every high school. Every year, thousands of high school students graduate and are forced into the real world with no knowledge of financial literacy. How could they be expected to succeed? High schools prepare students to find the perimeter of a garden, write in MLA format, and always keep their shirts tucked in, but fail to prepare students for loans,car notes, or taxes.

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.

In school, students are taught about Math, Language, Social Studies, History. We get taught things that do not apply to the real world. We do not get taught how to save money for our futures and we also do not get informed on how there are not many jobs open for our generation in the future which is a problem. As you can see, if we do not learn about this topic at an early age, and it can act as a potential liability to our future endeavours which results in an overall negative impact on our lives.

As a college student, I understand that financial literacy should be very important because it holds one of the keys to success. Reminiscing to the first time that I tried to apply for college, I realize that I had to pay a college application fee. I thought to myself where am I going to get the money. So I started to look for free college application, but then, I realized that the college tuition was going to be a factor. Henceforward, my mind started thinking about my high school Economics’ class, and how important it is for me to learn about financing. Therefore, I started to get in order and prepare for a college financial budget, organize my current finances and lay out a future money budget plan.

Prior to taking this course, I knew very little about financial planning. I had seen many people create a budget, use credit, or even talk about investing for retirement, but I only had the slightest idea of how to do so I read once that eight out of every ten Americans is indebted (“Eight out of Ten Americans in Debt: Study,” 2015). After reading that article I thought that money management was going to be a tedious and strenuous activity since so many people have failed to manage their finances successfully. However, once I began this course and began using the same methods on my own finances, I realized that with a little planning, financial management is simple and can secure a better financial future for yourself.

Firstly, if we want to save money, we have to develop a habit or interest of saving money and need to practice self-control as well, make a promise to yourself and attempt to