Money Does Not Have to be the Root Of All Evil by Kenley

Money Does Not Have to be the Root Of All Evil by Kenley - January 2023 Scholarship Essay

Money doesn't buy happiness but it does pay the bills and can provide a life of security. Unfortunately, money is essential to survival but it can also be destructive. One elective all students should be required to take before graduation is Personal Finance. Everything requires money. As a young adult, the more I learn about money, the more overwhelmed I become. Graduating in the Top 1% of my graduating class and taking the rigorous courses required to graduate with honors did not prepare me for the skills needed to make wise financial decisions. Thankfully, I have financially literate parents who guide me but many young adults do not.

The lack of financial literacy can be detrimental to our future and our economy. Students need to be taught to control their money instead of allowing their money to control them. Student loan and credit card debt are at its highest and is a topic that is discussed and appears on national news headlines daily. Our nation is experiencing a financial crisis and something needs to be done soon. It all starts with education. Teaching students about money while they are still in school will lead to a better future.

Knowing about money leads to financial security and overall success. Money impacts most areas of our lives and financial literacy will make you a better person. As a young adult, I am faced with money management decisions that are new and unfamiliar. Many companies have begun to aggressively seek me out to make financial decisions that could lead me down a destructive path. I receive a minimum of two different credit card offers a week in the mail. The credit card offers come with high interest rates that I did not know much about until my parents told me how terrible they were. As enticing as these offers may appear, they can lead to massive amounts of debt.

School loans are another reason why many young adults can’t pursue personal dreams such as owning a house or achieving decent credit. Educating myself on school loans has opened my eyes to information and facts that are life-changing. The financial decisions that I make today can negatively or positively impact my future. Students need to be taught the skills to avoid debt which is ruining our economy. We need to know about interest rates, saving, credit scores, budgeting, checking accounts, how income taxes work, and how to stay out of debt.

Money management skills impact life events and will determine whether one will have a free or restricted life. Finances impact many areas of our lives. It can lead to depression, elevate anxiety and stress levels and can destroy families and relationships. Being taught how to handle money prior to adulthood can improve one’s future quality of life. Instead of being required to take Art Appreciation or a third year of foreign language, students should be required to take Personal Finance 101. This class will lay a strong foundation for young adults so they can someday be productive, educated contributors to society. With proper financial awareness and education, money does not have to be the root of all evil.