Personal Letter : Personal Banker

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.

Richard Fairbank and Nigel Morris, both diligent entrepreneurs, started laying the bricks for their eventual successful company, Capital One, in the late 1980’s. They both worked in the Virginia-based “Signet Bank”. Fairbank started noticing trends in the financial industry that he felt Signet was missing out on. These opportunities were in the credit card industry. He, as well as all of Signet Bank knew that the credit card industry was very risky, but Fairbank was ready to take a chance in this, what can be, highly profitable field.

I understand Capital One is seeking motivated interns with strong leadership, problem-solving, and communication skills. As a highly involved engineering student, I would be a perfect candidate. I am currently studying petroleum engineering with a minor in finance and have become very interested the use of quantitative analysis to make business decisions.

Not only for those seeking to retire, the business motivated economy has transfigured how one must live in order to live comfortably. Building credit through credit cards is often perceived to be the only way in order for a buyer to appear credible. Yet in the quest for the optimal credit score people enter into debt. Considering and evaluating the risks and benefits to credit cards may contribute to opinions towards those flimsy pieces of plastic.

Growing up, I was a child who encountered many hardships. As I came to an age to begin realizing an underprivileged childhood I lived, I learned overlook it and live on. I began to ask myself “What does it take to live a lifestyle of true comfort financially?” This is a question which I reflect on every day and is one which motivates me to flourish. Raised by a single mother within a lower economic class, we often ran into very tough times. At one point we had to completely pack up and relocate and live in my grandfather’s house. Discomfort cannot describe the reality or feeling, however we were blessed to have Family, family that we could rely on. At the age of 14, I set a goal that would require my best work to become a successful financial advisor. I will not let my childhood define my future; rather I will control my destiny through my experiences and my accomplishments as a result of work ethic.

The Federal Reserve statistics indicate that the average U.S. household has a credit card balance of $7,283 while the average indebted household has an outstanding balance of $15,611 (Bricker, et al., 2014). Only home mortgages and student loans exceed credit card balances. If consumers hope to create an appropriate level of wealth to support themselves in the latter years of life and avoid counting on government programs as their primary source of income, consumers will need to save more of their income. Servicing credit card debt required approximately 13.9% of consumer’s disposable income in the fourth quarter of 2008 (Wilcox, Block, & Eisenstein, 2011). If these dollars were available as contributions into a retirement account on behalf of the consumer, countless people would be confident about their ability to save for an appropriate lifestyle in retirement. The abuse of credit card usage may be caused by a lack of spending discipline, lack of information or a lack of financial literacy, or a combination of the three. These shortfalls are examined to determine if policy makers can intervene to motivate consumers to generate improved decisions regarding the use of credit cards. The first step in this process is having a basic understanding or knowledge of financial matters. The need for improving financial literacy in America continues to grow as financial products and services continue to become evolve in complexity. The Great Recession has recently proved that financial literacy in this country has room for improvement at all economic levels. The CARD Act required The Secretary of Education and the Director of the Office of Financial Education of the Department of the Treasury to coordinate with the President’s Advisory Council on Financial Literacy to develop a strategic plan to improve, expand and support financial

I am writing this letter to you to provide a character reference about Mr. Layton Williams, who I know as a friend for a period of 22 years. During this time he has consistently proven himself to be a reliable and dedicated friend and confidant. He is a family oriented man who has always been a strong support system for his family and friends, often putting their needs above his own. He took on the responsibility of providing for his siblings and mother at an early age and is still solely responsible for the care of his elderly mother.

This statement is rather shocking but proves why high school students should be taught financial literacy. Financial literacy is the ability of learning how to manage money. Financial literacy should be taught because, more people have been going bankrupt at a younger age, they have more debt options, and lastly are unable to manage money because they have never been taught. This is not just a problem for an individual, but potentially a huge problem in this country’s future.

I’m happy that I’ve decided to continue my education. Looking forward to exploring the world of finance. I’ve many dreams and goal in my life, one of them is working for Reserve Bank of India (India’s Central bank) but for that, there are so many other steps I need to take before achieving that goal. I need to work toward improving my portfolio and for that, I need to complete my education and find a perfect job. My expectation in next five years are that I will be learning about the corporate world and gain the more knowledge about financial products and services, I will get to know about the market environment.

In this case, the real problems that the customer is highlighting are the poor customer service and overcharging. The customer experienced the frustration that was brought by the bank services. The poor customer service of this bank affected the satisfaction of the customer.

When I got this assignment I figured it would be quite easy and it would take no time to complete. As I began to think about which family member I was going to choose for this interview, I ran into a problem. I realized that most of my immediate family members have terrible money management skills and their advice might not be the best. My parents never went to college and have terrible credit scores because of their lack of education in personal finance. Neither my mother’s parents, nor my father’s parents attended college and lack money management skills as well. Being that this assignment is based around financial advice for the future, I wanted to interview someone with a good understanding of personal finance.

I have been working at a bank for over 3 months and the knowledge I’ve gained is absolutely limitless. Since you came to my bank and wasn’t quite sure about applying for a credit card, and also because I value you as a customer, I decided to write this letter hoping to change the way you think about credit cards.

Building one’s credit is a lot easier said than done, and while credit cards can be a good solution to this problem, they can also be a burden if one is not careful when using them. Not only can it be detrimental to one’s financial budget but it can leave a huge impact on a College student who is already in debt from financing their college tuition and living expenses. Entering into College students are not incredibly aware of how credit cards actually work and don’t have the financial background to understand the repercussions that credit card debt can bring. Which in turn can result in high credit card balances that will take a sizeable amount of time to pay off. Not only does this affect the students financially but in other ways as well. For example, the dropout rate in students with higher debt is a great deal higher than students with low, or no credit card debt (Norvilitis 635). Research has also shown that it creates a lower self-esteem and a decreased feeling of financial wellbeing which can create higher stress levels which can result in the eventual drop out of a student due to the additional stress (Norvilitis 635). With this being said, we can see that there is a need for some type of reform and education around credit cards for College students. Hence, we can say that while credit cards are a great way to help build credit, they can also be very dangerous, leaving students with an enormous amount of debt if they are not careful, could education on the use of

My experience growing up with parents who didn’t know much about money will make me an excellent fit for the position. Growing up, I had to learn about checking, saving, credit cards, loans, and the concept of money at a very young age if I wanted to be financially successful later on in life. I research hours on end about checking, saving, credit cards, and loans and thus later on opened my own bank account and credit card at an age of 18, all without a cosigner. In today world it is

Describe your interest in participating in Bike and Build. What is it about this opportunity that most excites you? What qualities will you bring to your team? What do you hope to get out of this experience? How do you envision this experience affecting your future?