Marco – Lakewood High School

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Life with Money

Moolah, scratch, cheddar, bank, benjamins, dough, riches and the ever universal…cash. All words that no matter what language you speak, everyone knows precisely what it means. The all mighty dollar is responsible for status, prestige, war and greed. Money sets apart the classes: lower, middle and upper. It purchases family trips, a great home, and can shape your future. The side that people don’t want to focus on and don’t want to believe is what if you don’t make that much money and you’re life is limited by your spending? The most important thing you have to remember is that you have to save before you spend. There are many ways to help you save your money.

The way I viewed money back when I was kid was that I wanted to spend my money as soon as I got it. Every time I got a couple bucks I wanted to spend it in a heart beat on candy or toys that I wanted to play with. Now that I am much older I now know that it is important to save all the money I can. I can’t be spending all of my money on things I really don’t need. I now have challenges that I have to face now that a little kid shouldn’t have to worry about. Now that I am going into adulthood I need to start saving money for my future and the challenges that are waiting for me in the near future. For the future with all the money I have saved I will get into college. When I am done with college and I have my education I will use the money I have potentially saved and start my own business and earn a for a living.

Credit score is important and is something that you need. A credit score is the key to your financial life. With your credit score you can buy a good home for yourself and your loved ones, you can buy a car, you can get a lower interest rate and much more when you have a good credit score. In order to have a good credit score you have to pay your bills on time, if you don’t pay them on time then you will be charged more than what you were paying for and your score will go down. A good credit score would be in the range of 750 or higher. The minimum score that isn’t so good is a score of 300.The higher your credit score is the better financial life you will be having.

Saving money is very important if your financial life. In this country its difficult to save your money because you have bills every month and you have everyday expenses like food, clothing, gas, or if you want to go out and just want to have a good time. If you save 10% over 30 years with every time you get payed you will get about half a million dollars. When you want to save your money you have to be saving about 10% of how much money you make the bare minimum is 5% but that is only for the worse case scenario. The earlier you save the better because the amount you put in will grow slowly and over time it will be a lump sum of money. There are five rules for saving your money 1) Make money the right way with a job and average pay, 2) Be patient 3) Your rate of interest 4) Minimize inflation 5) Minimize taxes. In order to master money you have to manage it.

Money itself can open many doors for you and can shape your future how ever you want it to be. But on the other hand money can change you for the worst. Money can corrupt you and the way you think and see yourself. Money can help other people in need like people with disabilities, with incurable illness, and the less unfortunate. Money can help rebuild cities and homes for people and in the process of creating new jobs for people. Money is a good thing but to much money can change you.

To sum up: I don’t have that Gates last name to open doors for my present or my future. I’m not going to set any world records for the richest man. However, I will be successful because I will have learned to establish my own future through education and financial responsibility. I will earn what I have by utilizing sound financial tools, which will shape my tomorrow, by my own hand.