Money! Money! Money!! by Robert

Money! Money! Money!! by Robert - January 2023 Scholarship Essay

I want money!! Lots and lots of money!! All students dream of getting a job to make tons of money during their lifetime, but the bigger dream should be to manage that money successfully. I believe that high schools and colleges should require a course in Personal Finance in order to ensure a successful future. “Finance is not merely about making money. It's about achieving our deep goals and protecting the fruits of our labor. It's about stewardship and, therefore, about achieving the good society.” (Robert J. Shiller) The Personal Finance course could focus on building a career with financial stability, investments, and retirement. All of these topics can be very confusing and overwhelming without some type of professional expertise and guidance. Personally, I feel that my Business and Accounting classes have helped me be financially literate and I would want my fellow classmates to have the same information advantage.

It is important for young adults to find a career that they are passionate about and that will also support their financial needs in life. I have spent time analyzing and reflecting on my goals for the future. I have obtained my Bachelor’s Degree in Accounting and am currently working on a Master’s Degree in Accounting. My first financial goal is to graduate with minimal student debt. I am trying to achieve this goal through scholarships, grants, and working part-time. Upon graduation, I plan to secure financial stability for myself and my family with an auditing position at the company I have been able to intern with during the past two summers. A degree in Accounting can lead to a variety of career opportunities.

Secondly, young adults need to be able to budget and invest money wisely. As I earn money, I plan on investing it to purchase some of the usual large ticket items including a nice house with a big backyard and a vehicle. Budgeting would be a key factor in keeping track of income and expenses. It helps to analyze income, expenses, and spending habits to make sure that all monies are being used wisely. A variety of accounts are available for short and long-term savings. Loans with low interest would be ideal for large purchases. It is important to frequently review credit and make decisions on how to positively impact finances. One should also be a good steward of money and use a portion of it to better their community. With a successful career, young adults will be able to make positive contributions to their communities through donations and volunteer services. I believe that supporting local community organizations through business would have a positive impact on many people in the area. It is important to become educated in the business field and be empowered to become responsible citizens so that one can give back to those who have helped before.

Finally, young adults need to make sure they start to prepare for retirement, even though that time seems so far away. There are a variety of ways to save for retirement and it is important to have financial fitness for the future. A trusted bank and financial advisor can make goals much more attainable by providing the tools necessary for a successful financial future. Employers often offer retirement savings accounts such as the 401K. It is important to understand the accounts and take advantage of them early. After all, one thing you can’t make more of is time, and the one thing you can’t borrow for is retirement. Thus, it is highly important for young adults to get into the habit of saving money and making sound financial decisions at an early age. A solid financial foundation will follow you throughout your life and into your retirement.

To attain the goals of financial stability, investments, and retirement savings, one must be financially educated to make smart, responsible decisions with money. A required class in Personal Finance would definitely be worth its weight in gold! Having assistance from a trustworthy bank and financial advisor will allow citizens to reach and even exceed financial goals. Financial stability leads to peace of mind.