Money Know How by Jennifer

Money Know How by Jennifer - June 2018 Scholarship Essay

It has been a while since I have taken any classes. I graduated high school in 2003 and received an associate’s degree in 2006 from Colorado Mesa University. I’ve experienced the adult world with my family for 15 years now. Knowing what I know now, one class I wish would have been mandatory to graduate high school and college is personal finance.
Lucky for me my mom taught me some basics about money. I knew how to write a check and balance my checkbook. I mostly stayed away from credit cards, but that’s about as far as it went. It wasn’t until about 3 years ago, I learned how and why I should write a budget every month, have an emergency fund in place and pay off all of my debt. I am happy to say, I am now debt free except for my mortgage, have an emergency fund and am saving to buy a quality used car with cash!
USA Today reports that “According to their Project on student debt, 68% of 2015 bachelor’s degree recipients graduated with student loan debt. The average was $30,100 per borrower.” That’s not including credit cards and auto loans. I heard a conversation on the radio that some recent grads would be willing to give up their right to vote indefinitely in exchange for their student loans to be forgiven. USA Today also reports in 2017 “The average American household carries $137,063 in debt, according to the federal reserves latest numbers.” We’ve all heard that money problems are a major factor in couples divorcing.
America is drowning in debt and lack of knowledge on how to effectively handle money.
What a difference it could make if our schools offered a mandatory personal finance class in high school and in college. We graduate high school into the adult world without a clue. Then go to freshman orientation where you can apply for a credit card when you walk in the door. How about instead we sign them up for personal finance 101.