Kevin – Lakewood High School

Vote for Kevin

The NuVision Federal Credit Union workshop changed my views on credit, saving, and investing. Before attending the workshop I had a general understanding about these aspects of money. After attending this workshop I was given important information that gave me a deeper understanding about money management. I will use this newfound understanding in order to make sound financial decisions.

I viewed credit, saving, and investing before I attended the NuVision Federal Credit Union workshop differently. In the past I thought of credit as borrowed money. When I was younger I would ask my parents to buy something for me and I would pay them back, but without interest. I had a general understanding of credit and paying back debt before I attended this workshop. From a very young age my parents educated me about saving for my future. At the age of ten I started getting an allowance, and part of my allowance, as well as money from Christmas/ birthdays, would go into my savings account when I had accumulated a large amount. I have always been able to access it if I needed or wanted to, but I have not touched it because I plan on using that money for college. I have always understood the importance of saving, but I was given a deeper understanding of saving money at this workshop. Before attending this workshop I had a general understanding of investing. When I started getting my allowance my parents opened a mutual fund for me and put half of my allowance into it each month and it has grown. I also was interested in stocks and investing when I was younger and I would ask questions about it. On top of all of this, I also completed an Advanced Placement Macroeconomics course with an A before this workshop, which that also played a role in my understanding of money. I had a general understanding of credit, saving, and investing from a very young age, however my understanding of these topics was expanded at the workshop.

After attending the NuVision Federal Credit Union workshop I now have a deeper understanding of credit, saving, and investing. Something that stood out during the workshop for me was the concept of a credit score. Before this workshop I had little to no understanding about a credit score and I now understand that it is important to have a high credit score. In order to purchase a house or any other type of expensive item on credit, you must have a credit score of 750 or more. In order to get a high credit score you must pay your bills and pay back your debt on time. From this workshop I learned that I should ideally be saving 10% of my income. I learned that it is important to save for unexpected expenses as well. I also learned that I will need about $2.5 million dollars or more in order to retire. This gave me specifics for saving that I did not have before. After attending this workshop I learned more about investing. I learned that I should put some money aside for investments. If I were to save $10 a day and invested it into something that gave an 8% return, in thirty years I would have half a million dollars. Investing money is important because it can grow and benefit you later in life. There were a lot of facts from the workshop that stood out to me and developed my views on credit, saving, and investing.

Thanks to the education I received from the NuVision Federal Credit Union workshop I will be able to apply this knowledge of credit, saving, and investing to benefit me in my future. Once I get a credit card I will pay back my debts and pay my bills on time in order to achieve a high credit score. For savings, I now know that I need to save my money in order to fund my retirement, pay for large future purchases, and cover unexpected expenses. I learned that I should save before I spend instead of saving what I have left after I spend, which is something I need to get in the habit of doing. I learned that it is important to invest and the earlier I begin investing the more my money I will have for my future.

My understanding of credit, saving, and investing started developing from a young age. After attending the NuVision Federal Credit Union workshop I gained new insight about these aspects of money management. Using the knowledge I have acquired from this workshop I will be able to adjust my financial habits in order to effectively manage my money. Financial success is not determined by how much money you make, but by how effectively you manage your money.