Although money has played such a pivotal role throughout my life, it’s safe to say that financial literacy has not always been my strongest suit. Despite growing up in a family that has struggled with earning money, my financial literacy was never really put to the test until just recently. From a small job I had obtained during the summer of my Junior year, and helping my parents with their various tax and work forms as they are unable to speak English very well, I realized just how little I actually knew when it came to finances. The majority of my information had come from the business classes at my school, where I had learned tips such as saving 10% of what you earn in order to be financially stable. But, when it came to things such as retirement, credit cards, and taxes, I had no idea what I was doing.
Thankfully, I had many opportunities to learn more about the financial world, especially the NuVision Federal Credit Union financial workshop, which was able to provide me with some information that I can use to start saving for my future. The first thing that really resonated with me wasn’t actually not a financial topic at all, which was to plan ahead and envision a future of success. Success is something that we all work towards, but will never be easy. Things such as hard work and discipline are absolute necessities when it comes to success, as you will face many obstacles on your way. When thinking about success, it’s important to think about your future, and work towards reaching goals that you have set for yourself. I never really thought about applying this idea into the financial world until I had attended this workshop, and it has definitely made a difference in my outlook on acquiring wealth.
Another topic that was focused on in this workshop is saving early, which goes hand in hand with planning for your future. I never realized just how scary time can be when it comes to saving, as you may end up having to save more and more each month until requirement if you don’t start early. I now know that saving should be my number one priority when I ever receive money, no matter how much I want to spend it, as deciding to save later will only prepare my future for failure. The Warren Buffett quote given to us captured this idea perfectly, “Do not save what is left after spending, but spend what is left after saving,” and I have already begun to save any money I have obtained in order to continue my path towards success.
From this workshop, I definitely saw growth in my ability to save and prepare myself for the future. Through tips such as the Rule of 72 to see how much it would take for an investment to double, or general topics such as managing rate of return and how much I am spending on taxes, I was able to gain the knowledge I need to become successful through this workshop. While I still have much to learn about the financial world, I know that I will take all the information I have learned and apply it to all aspects of my life financially, hoping to one day live a life that is financially stable and free of many of the financial struggles people continue to face today.