Esther E. – Lakewood High School

Key to Happiness

Adult life is not a time where I could be stuck with imagination, it is the time to be introduced to the real world. I can finally not dream of all the millions of dollars I will make, but have those millions of dollars all to myself. The change I will make with money that others create an error are the following: savings, spending and emergencies to start and accumulate good financial credit. I will put these into action in high school, college and my future.

Being influenced by lessons of experienced adults and instructors with finance has shown me the path in being able to succeed in these categories. I have learned how saving is the number one action one must do, but many fail in doing so. I plan to “spend what is left after savings” helping to keep the order with my money. Keeping this motto at my side and putting the words into play starting now in high school will create my adulthood into making smart choices in dealing with money. It pushes me to create a bank account as soon as possible for the allowance I receive from my parents, more importantly for savings and aside for spending. The money I receive from my parents now and job in college, initially 10% go to my savings and the rest to spending for my needs and wants paying for my expenses in college. Collaborating in using the tools instructors have given me for example the “wretch formula” is the increase of savings to keep up with the increase of future cost of living and “The rule of 72” where one could use this formula to know the number of years it will take money to double. Being resourceful in my life

for being able to calculate now how much time it will take to know my money has doubled for my future. The point is to keep my money life on track in spending and savings starting in high school and as my income increases through my college years, so will how much I put into savings and spending creating stability for my future.

Emergencies is the where my wants will be put aside for 6 months preferably starting in my college years having a separate account for this and increasing in interest rate. In college, my task is to avoid the wants of eating fast foods, purchasing clothes that is only for fashion pleasure, and items that are not needed for my daily routine of life will not be bought, having a control over my guilty pleasures. I will be defeating that 63% of Americans that lack the emergency fund and drown themselves in debt and demonstrating a poor reputation. I as well will stand apart from this crowd not as an American, but as a college student who does not want to be in debt in loans. Instead with this plan and order will stabilize my style of living as an adult. It impacts me in a positive way for having strength in not wanting to be in debt, but to live my life with no worries even in an emergency either being a college student or buying my own home in the future.

Money has the key to happiness if used correctly producing the establishment and maintaining a good financial credit from the moment in high school all throughout the rest of my life. Having l0% of my income in savings, the rest into spending and the wants of spending for emergencies keeps a routine of how my adult life will take responsibility with my money. It will count most for my college years where I could fall into loans, but if I do what I planned. Paying college through spending, never touch savings and when needing a loan use emergencies and build my emergencies account right after. To build my credit score is not only through paying for college but also in purchasing items with a separate savings taken from another six months of not spending in wants and paying my dues on time. I want to care for my money now as young as a senior in high school not when I want to retire and it’s too late, it is the key to happiness.