Money is a main source of getting what you want in life. We need money to buy almost anything but, when it comes to shopping, you shouldn’t be so quick to spend. I know I love to shop and eat out a lot and sometimes I think twice before I make a final decision to buy clothes. I ask myself, Will it sit in the closet collecting dust? I have learned many from the “Think. Tank. Challenge” that influenced me to make better choices with my money. For example, a quote that stood out to me from Robert Kiyosaki said, “It’s not how much money you make, but how much money you keep, how hard it works for you, and generations you keep it for.” I realized I’m not just creating good saving habits for myself; I’m creating them for other generations to come. I know if I save now I will not have to work as hard up until the age of 65+. The younger you are when you start saving, the more money you’ll have for retirement. Which is great knowing that you’ll be able to explore the world and do whatever you want with your money without having to worry about the future.
My freshman year of high school would of been a perfect time to start saving but, being a kid, I wanted to spend all my money on food and on souvenirs at places I visited. I believe it would of been the best time to get into the habit of saving because everybody wants to be a millionaire, and if you save early, your dreams could come true and you will be able to live up to your dream goal. Another quote I live up to is, “It’s never too late to save, but it’s better to do it when you’re young.” If a person saved 10,000 at age 29 and it earned a 6% rate of return, that investment would be double in 12 years to $20,000. You can figure out how to double your money by using the “Rule of 72”. 72 divided by the interest rate will equal the number of years it will take your money to double.
As I go off to college I plan on opening up a savings account and paying of my balance each month once I get a job or an internship. As soon as I get a credit card, I plan on establishing credit. This is very important in life because it determines what you can buy in life like a car, a house, and furniture to go inside the house etc. I plan to save money in college to by having a roommate. We’ll always split the expenses and it will leave more money for me to save. I’ll work on finding free food at events and great deals on campus. As for student ID’s, they seem to come in handy and are very valuable off campus since some stores and food places give discounts to students which I plan on taking advantage of each chance I get. Renting, reselling and sharing books through the years of college is also an option because most of the classes in College have free/low cost books online that I can use. I’ll rarely have to look at a huge text book again unless I’m sharing with a group of friends that are studying together. My greatest money saving plan is taking advantage of walking, biking or taking public transportation to school. I will save lots for my banking account instead of putting money in my gas tank. As I get older, I plan to put my money into investments not only in the bank but in stock market investing in companies like into popular companies like Nike, Adidas, or H&M. Saving half of what I will make on a daily basis when possible, and at least ten dollars a day in my savings will allow me to see my money grow. When it comes to retirement, I want to have no stress over money so I can do what I want in future.