A Proposal For Personal Finance

So often we hear about teaching the whole child. Today, more than ever, personal finance knowledge and awareness are a critical part of what it means to teach the whole child.

Personal finance addresses the ways in which individuals or families obtain, budget, save and spend monetary resources over time, taking into account various financial risks and future life events. Personal finance might include checking and savings accounts, credit cards and consumer loans, investments in the stock market, retirement plans, social security benefits, insurance policies, and income tax management. Personal finance planning has five key components: Assessment, Setting Goals, Creating a Plan, Execution, and Monitoring & Reassessment. No one component to a financial plan is any more or less important than another.

I have learned self control with my spending and even how to save money to put towards bigger purchases. I enjoy working with numbers and intelligently putting earnings into different ‘categories’, Savings, bills, and luxury spending. I expect to learn about the typical day I would see, and the responsibilities I would have as a Financial Advisor. After I am done with this research, I hope to determine if this career path is right for me.

This statement is rather shocking but proves why high school students should be taught financial literacy. Financial literacy is the ability of learning how to manage money. Financial literacy should be taught because, more people have been going bankrupt at a younger age, they have more debt options, and lastly are unable to manage money because they have never been taught. This is not just a problem for an individual, but potentially a huge problem in this country’s future.

As the impact of financial stress and the importance of strong financial management skills becomes more recognized and considered as an area of possible intervention, there is becoming a more widespread application of financial management public education opportunities as well as courses integrated into various high school and college

The goal of this research was to identify a way to best deliver a national level personal finance curriculum with delivery by local finance educators. The goal is to create and deliver a more comprehensive, efficient, effective, and flexible education platform. The eventual aim is to improve the understanding of credit, savings, management and collection of personal financial planning knowledge.

As a continuation, I have a real passion for personal finance and find it deeply disturbing that financial literacy is all but ignored at most levels of education, so I want this class to be a valuable addition to your curriculum. Some personal finance axioms have been repeated so often that they almost can't be considered advice anymore. Some people amazingly enough have made a career out of saying "you need to save money, put money into an individual retirement account, take advantage of your 401(k) through your employer, cut up your credit cards, pay your bills on time, don't spend more money than you make." DUH

He believes that making tougher requirements for teaching personal finance would be a waste of time and money. The Programme for International Student Assessment measured students around the world. In science, U.S. students now rank behind those of Vietnam, Slovenia, Portugal, South Korea and 19 other nations. In reading skills, American students rank 24th, behind Ireland, Estonia, Macao, and France. America’s report card in math is awful. It ranks 39th, behind Russia, Spain, Poland and Macao. Therefore he believes that making personal finance instruction a top concern would weaken our basic learning skills even

It is vitally important for the individual to set up a personal financial plan in order not to experience hardships and financial difficulties in the future. Financial plan assure financial stability and financial freedom that one wants to possess till the end of his/her life. The following essay will speak about the role of the financial planning for the retirement years and will state that people without financial plans face substantial pain/suffering/unhappiness in their retirement years.

Mandell, L. & Klein, L. (2009). The impact of financial literacy education on subsequent financial behavior. Journal of Financial Counseling and Planning 20(1): 15-24.

As a college student, I understand that financial literacy should be very important because it holds one of the keys to success. Reminiscing to the first time that I tried to apply for college, I realize that I had to pay a college application fee. I thought to myself where am I going to get the money. So I started to look for free college application, but then, I realized that the college tuition was going to be a factor. Henceforward, my mind started thinking about my high school Economics’ class, and how important it is for me to learn about financing. Therefore, I started to get in order and prepare for a college financial budget, organize my current finances and lay out a future money budget plan.

Merriam-Webster Dictionary defined Philosophy as a set of ideas about how to do something or how to live. Therefore, each person’s philosophy is a major factor in how their personal finance works out since the knowledge of facts, concepts, and principles will determine how people spend, save, and invest their financial resources. Dr. E Thomas Garman is a renowned advisor and academic. Garman is the author of 30 books and 200 research articles in personal finance and consumer economics. Raymond E. Forgue professor at the University of Kentucky, they stated, “You have to do only a few things right in personal finance during your lifetime, as long as you do not do too many things wrong.”(Garman and Forgue 5) Clearly, many people are in the dark when it comes to personal finance, their financial IQ is very limited. If only a few money principles done right is all people need to succeed financially; evidently, they are missing some fundamental information. Sadly, some people do not recognize this reality which is the

Business Interests: Ever since joining Future Business Leaders of America in my sophomore year of high school, I have been exposed to the world of business through various workshops and competitions learning about the role they play in societies, which in turn, fueled my passion and ambition for this field. More specifically, I would like to study finance because I enjoy following the market and because I to see how my decisions have a direct impact on a company, and even on industry.

Although the dream of a being an astronaut, star athlete, or the next president of the United States has essentially fell through the roof at this point in my life I still strive for success every day. Growing up with a mother in sales, and a father that is a CPA accountant it was basically inevitable that I would fall along a similar path of them both. The career path that I have ultimately chose to dedicate my time to is lying somewhere along the lines of Finance. Iowa State has given me the opportunity to observe all potential outcomes that are a part of the College of Business. Personally, coming into Iowa State I had no idea what I wanted to do. Everything was new to me once I graduated high school, I had a lot of growing up to do and so far I can honestly say that I am proud of myself with what I have accomplished so far. Making the Dean’s List, entering the professional program, and meeting an abundance of excellent people involved in comparing business departments have all helped me gain an even greater interest in the financial business field. As a 19 year old the most common question I receive from just about everyone I have ever talked to relating to my career path is, “Why Finance?” If you chose to sit down and have a conversation with me, you’d understand why I collect the, “Why Finance” question so much. I do not fall under the stereotype of the typical financial business men. I am an outgoing sales driven heart-filled human being that absolutely HATES

The definition of personal finance is often defined as being the application of financial principles within an individual or family unit. Such application includes: budgeting, saving, spending, and assessing risks. Evidently, such financial management is of great importance. Therefore, in this paper, I will provide an overview of an individual’s personal finances by referencing their investment style and briefly stating their financial objective. In addition, I will provide some recommendations said individual should consider with the purpose of aligning their investment choices with their overall financial goal.