Chimdindu – Long Beach Polytechnic High School

Vote for Chimdindu

In today’s world, humanity experiences immense hardship amongst disharmony in task completion and goal-setting, obtaining security, and financial instability. However, the world seems to have improved on combating secured as the Great United Nations are working together to combat terrorism as well as corruption that has eaten deep into the hearts of many nations of the world. In addition to terrorism, corruption and other sources of disharmony among others tend to negatively affect the world’s finances.  Nevertheless, it is very important for us youths to understand that tomorrow’s world lies in our hands. Hence, if charity begins at home, we must first secure our own personal finances before we may even start thinking about the world’s financial stability.  Therefore as a young adult, I plan to be very diligent in all aspect of my school work with great focus that will lead me towards my aspired future professions, with a major in Psychology or Sociology and minor in Earth or Environmental Science.

In addition to that, I plan to continue to explore with great interest in every financial training and seminars as much as I can afford. I also plan on participating by opening up a savings and checking account and in the near future set up an investment account with the bank and as I learn more, I will get involve with the security investment. Hopefully, all the above will help me achieve the financial security I need and my family and more so the world may benefit from my endeavors.

Speaking of financial security, I learned that with income and budgeting, we need to prioritize our understanding and care for our needs over our wants. In the next five years, I want to practice frugality. Frugality is not necessarily being cheap but finding value in certain things. In my perspective, this can help me improve decision-making in not only in finances but also in life. I would also get a job so I can afford to open a credit card account. As a young adult, the earlier I open a credit line (and if I always pay on time monthly), I will have a strong credit history. Whenever I may need to purchase a car and can’t find a cosigner, I can depend on myself for my then-established credit history and savings account. A comfortable retirement requires social security, employee retirement plan benefit / 401k, personal savings and investments. I will really want to take steps towards a better and more secure future.

My priority when searching for a job is finding a steady one with a 401k. Having a steady job not only secures my intended 401k plan, but if I Many 401k plans have tax-deferment, meaning taxes will be taken out once the money is withdrawn. Also I want to create a 60 Percent Budget Plan, where about 60% goes towards necessities like rent and utilities and 40% goes towards my emergency funds (like saving anywhere from $20-100 a month in an online high-interest savings account for example or even at a nearby bank), retirement plans, and money I can spend for my pleasure. In addition to that, I want to also open a Roth IRA account, which is a tax-free retirement account that mostly benefits those who make under $117,000 a year so far and a low cost target-date retirement account. Having this type of account automatically diversifies my money, in other words, investments for me based on my age. When I turn 65, I have the option to obtain my funds and spend it however I like. I think this is a great strategy because I do not have to spend too much time and stress worrying about how and what strategies I need to get my foot in stocks and bonds at this moment.

When (or before) I go to college, I want to obtain as many scholarships and grants as I can so I can graduate with little-to-no debts. Our family has experienced homelessness a few times with no one to turn to. I want to prevent myself from going through that again with much more financial knowledge and ambition to succeed. If I ever want to provide for my family and dedicate service to my community, I need to help myself first by becoming a better saver and establishing financial security now.