The “Think.Tank.Challenge” lessons have enlightened me on the importance starting to save for retirement at an early age. Through the lesson’s explanation of the effects of inflation and the importance of saving for retirement, I will incorporate the strategies outlined gradually. In my last four months of high school, I plan be more intentional about setting money aside in my saving account. Though I have been applying for scholarships, it has encouraged me to be more active in continuing those efforts. “More scholarships less debt” is my new motto. While in college I want to take finance classes, so I am able to make intelligent decisions when dealing with student loan debt. Finally, once I am in my profession I will start putting money aside for emergencies.
After attending the workshop, it has increased my desire for getting a part time job and to start saving. Recently, I have been applying to different businesses hoping to get a job. Once I am employed and receive my first paycheck I am going to take five percent of the paycheck and put it into my savings account. During the workshop I learned about the rule of seventy-two and the impact of time on savings accounts. These two topics peak my interest in to begin my savings now, because the lesson revealed to me that the sooner I start saving the more money I will have once I retire. Furthermore, saving now can help me when I start paying off my student debt after college.
In the lessons, it explained how inflation will impact the prices in the future. Therefore I college I plan to start paying off my debt and constructing a financial plan. During college I plan to work part-time and continue to apply for scholarships. While in college I will continue saving but I will also start paying off my debt, so I will not spend years in debt. Therefore, by decreasing the amount of debt I have I am able to get loans for cars and houses easier since my credit score will be good. Most of all, by mapping out a financial plan that can help me stay afloat while there is inflation.
After college and once I start my career, I will start putting money aside for emergency funds. In the presentation it stressed the importance of setting aside funds for healthcare emergencies, job loss, home repairs, and car repairs. Even while in college, having an emergency fund is necessary for those unexpected expenses related to my education or for an unplanned travel to return home.
Most of all, the lessons have influenced me to save my money and to plan ahead for the future. Furthermore, the lessons have influenced me to achieve for financial independence and stability.