Class: Introduction to Adulthood. by James

Jamesof Riverside's entry into Varsity Tutor's August 2017 scholarship contest

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James of Riverside, CA
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Class: Introduction to Adulthood. by James - August 2017 Scholarship Essay

I would teach a class that explained all of the important things that students need to learn, but are not usually taught in school. The class would be called "Introduction to Adulthood" and it would consist of important factors that effect all of us. It would start with a thorough explanation of all taxes, tax forms, and how each of them effect you differently. It would show exactly where your taxes go on your paycheck, and why the money is being taken out in the first place. Once we had a strong understanding of taxes created we would move on to credit. It would begin by explaining exactly what credit is, and how not all credit cards are created equal. This would lead us into credit scores and how one can raise or lower their credit score based on their financial actions. I would explain the importance of a credit score when regarding large purchases such as houses or cars, and how a better credit score can allow you to have better interest rates. This information on interest rates would flow into our next topic of how interest rates work, and how to calculate how much money things actually cost in the long run. It would also lead into the use of loans when buying a house, and the dangers of fixed vs not fixed interest rates. If people are not ready for their mortgages to rise they will often lose their home. This subject of taking out a loan to purchase your own house would lead into other costs of buying a home that are not always described. These would include additional costs such as home repairs, HOA fees, and all closing costs that come with buying a home. I would stress the importance of having all of the information available in terms of costs when buying a home, because for most people, a home is going to be the single largest financial investment in their entire lives.

The next topic of study would be for overall budgeting of one's income. It is important to always have an emergency fund to ensure when things go wrong, you are not caught in a bad spot. Unfortunately most people do not think about the worst case scenario until the worst case scenario is upon them. I would center my entire coursework on the idea of preparing my students for all of the issues that they will encounter in life, which are not regularly discussed in a traditional educational setting.

Thank you so much for your consideration.

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