In order for a 90’s millennium to keep up with their modern and fast lifestyle they would need 2 million dollars to retire. If you want to keep living the great life you are living now, start by saving. To become better savers young adults can limit themselves to buying unnecessary things or going out too much. In the Financial Workshop I learned many new things and what I learned I am going to use it when I star to handle my own money so that I can have a successful financial future. I will be portraying how I viewed credit, saving and investing before I attended the workshop. What stood out to me the most during the workshop will also be discussed along with how it impacted the way how I see money now and what will I do in the next 5 years to secure the future of my retirement.
Before attending the Financial Workshop I really had no idea what was credit but that changed after the workshop. I had familiarity with savings because that is what I have been taught by my parents but honestly I am not really good at it. I used to have the tendency to spend every dollar I would receive. I know that it is very important to save money because you just never know when you are going to end up using it. The word investing was present to me but I did not really put any importance to until now that I have more understanding thanks to the workshop.
In the Financial Workshop many things stood out to me but what stood out to me the most was the topic of the unexpected expenses. It made me realize that anything could happen and one must always be prepared for the worst because you just never know when you are going to need extra money. Having a savings account or maybe just a “piggy bank” is really important and helpful because it can be very beneficial towards your unexpected expenses such as needing a car repair, home repair, appliance repair, emergency funds and for education. A savings account can be considered like your back up plan. I learned that saving at least 10 percent of your money is the best option out there; worst case scenario would be just saving 5 percent of your money. The earlier you start saving the better because by the time you need that money it will not be much of a loss, you will already have good or enough money for what you need. Millenniums start saving at the age of 22, honestly that is not the best decision because by the age 22 you will probably be needing to pay all types things like rent, bills, insurance, etc. and you will probably not have enough money left to save. The workshop really impacted the way how I view money because it made me realize that money is a very helpful tool and that it needs to be used wisely.
With the excellent and helpful information I received at the Financial Workshop I am going to have a successful financial future. To better my credit score I am going to make sure to pay all my bills on time because it makes your credit score go higher. Keeping a credit score of 750 or higher is better and goal worthy. In order to make wealth one must be patient, minimize inflation and taxes, I will be implementing these strategies so that I can have a brighter future. Acquiring a savings account is also something that can lead me to a brighter future; it can back me up from any unexpected expenses. Anything could happen so it is better to always be prepared. To secure the future of my retirement it is best to start creating a budget and always go for what is most economical, by doing that there will be money left to put in a savings account. Through the Financial Workshop I learned how to become a better saver and how to make a good use of money. I am thankful for having the opportunity to attend workshops like this one because they fill you up with such great and helpful information that can lead you to a successful path.