NuVision Scholarship Essay
Money is essential in every aspect of our daily lives; despite what some may say, the reality is that the world relies on money. As we grow older, we realize too late that managing our money is valuable and can be extremely beneficial for us in the future. As young adults, it is crucial to become educated financially and learn how to become better savers in order to prosper in the future.
Prior to attending the workshop hosted by NuVision Federal Credit Union, I was unaware of any details about managing credit; I knew what a credit score was, but had no clue of how to maintain one. On average, a well-rounded credit score is 750 or above. It is critical to pay your bills on time because that is the main factor affecting one’s credit score. Aside from informing us on how to sustain a high credit score, NuVision Federal Credit union expanded our knowledge on saving money which is the key to becoming successful. In order to become better savers, you must begin to save at a young age. The majority of people begin saving at age 22, mainly because that is when most begin working; however, the earlier you start saving, the better. No amount of money is ever too little to save. Being a teenager in the midst of deciding my future, I understand how most of our minds work. We often think that money has to come in mass amounts in order to be sufficient enough for any of our needs, but that is completely false. As pointed out in the workshop, saving 10 dollars a day for 30 years with 8% interest can amount to half a million dollars; this is something you would not guess off the top of your head, because 10 dollars per day does not seem much, and this is the exact issue we have in society today: we are incapable of seeing the bigger picture and relating it to the long term effect it may have. Overall, becoming better savers all depends on the responsibility you have while handling your finances.
Before attending the workshop, I am sure a handful of people’s views on savings were very vague; now, we are better informed of the steps involved in becoming an overall better saver. The workshop hosted by NuVision Federal Credit Union contained a great amount of valuable information, but what stood out the most was the amount of money necessary to retire in the millennium. 2.5 million dollars is the expected balance for retirement. This had an impact on how I view money because it makes me realize how scarce it really is and how hard one has to work to obtain such an amount. Knowing this alters my view on money in that I want to begin saving early so achieving this will not seem so unrealistic. In order to secure the future of my retirement, I will be wise with money and save 10% of my earnings. Ideally, you want to save 10%, but worst scenario is that you save 5. I will manage my money properly because managing money is the key to mastering money. I will also be sure to invest in life insurance to secure my earnings.
The information I learned from attending this workshop will guide me financially in the future. I gained knowledge on topics I knew little to nothing about prior to this. I will take the information I have learned to make decisions that I know will better my credit score and overall help me to maintain a financially stable life. Since beginning to save younger is more beneficial, I will be sure to open an account for my children early so the money is able to build over time. Concerning investments, I will be sure to invest in necessities such as life insurance to secure all of my earnings. Overall, I will consider the information I have learned in this workshop while making my financial decisions because I have gained a lot of valuable knowledge from it.