Financial Knowledge by Addison

Financial Knowledge by Addison - November 2021 Scholarship Essay

I feel there are two related classes that I wish received more emphasis, Math of Finance and Financial Literacy. At my school, Math of Finance is an elective. I feel this course should be mandatory. It taught me all about loans, interest, savings accounts, buying a car, and so many more very important topics. Financial Literacy is a required course to graduate; however, I feel it is just as important as Math, English, Science, and History. This course was taught through banking software and taught concepts such as compound interest, the importance of credit scores, loans, and so much more.
Both of these courses were only a trimester long however, I feel they should have been a year long. These courses taught such valuable information for life that quite possibly will not be taught anywhere else. I now know how to be a smart buyer and could buy a car with the knowledge I gained from these courses. I know what to say and what not to say when dealing with a car salesperson. I can apply for a loan now, knowing how the interest accrues and how much I truly can afford, based on my income. I know how much savings I should bank to have a nice cushion should an unexpected life event arise. These are just a few examples of topics I have knowledge of that without these courses I would not.
Without these types of courses, I feel many students could possibly go down a path of self destruction as far as personal finance goes. Many college students are easy targets on college campuses for credit card marketers to open accounts. Without some financial knowledge students may accept these cards, charge large amounts, and be unable to pay their bill on a college student’s budget. Thankfully, for me, I have the knowledge about the long term effects such an action may have on my future. With this knowledge I feel like I am a better consumer and will continue to make smart financial decisions when I am budgeting my own income in the future.