How I will change the field of Finance by Jordon

How I will change the field of Finance by Jordon - June 2020 Scholarship Essay

In a world of Wall Street bankers, hedge fund managers, CFO’s, countless analysts, and many more talented professionals, how could I stand out? Finance is a huge sector of the modern US economy, producing $1.5 trillion towards our GDP. It appears an extremely daunting task to envision how me, an individual, can bring change to such a profound industry. Despite the myriad of substantial challenges associated with leaving a lasting impact in the field of Finance, I will make a memorable change in an unorthodox way. I will bring an end to the payday loan industry.

The payday loan industry is the epitome of capitalism gone wrong. Lending agencies target low-income Americans, putting them in a debt-cycle in order to consistently cash in on fees. According to americanprogress.org, payday loans cost consumers a total of $4 billion in fees each year. Debt created through the issuance of payday loans hinder low-income Americans from saving and investing. The individual debt-cycle created by payday loans ultimately contributes to a generational low-income cycle due to lack of savings and investments. This is because children of debt-ridden parents are not afforded the opportunity of a higher education, thus maintaining the cycle of low income.

I have a two-factor plan on bringing an end to the payday loan industry. First, I plan on using my financial expertise in order to educate and advise the less fortunate. I will guide them to a wealthier lifestyle. I will teach them how to properly budget, save, invest, and live below their means. I will also work with school districts in order to have financial education taught in schools. This enlightenment will make people less dependent on payday loans, allowing them financial freedom. Second, I will make sure that this cycle is continued for generations to come. I will work with governments in order to subsidize higher education for low-income Americans. Those who are not as fortunate, but desire to earn a higher income potential, should be given the opportunity to do so.

I will change my intended career field by bringing an end to the payday loan industry. I will do this by making sure that people become well educated, both financially and academically, so that they can become financially independent. There will be a day where America has little consumer debt. There will be a time when the debt-cycles will be broken, and all Americans have the chance to build wealth. As a result, the payday loan industry will be rendered obsolete.