Tammy – Lakewood High School

Vote for Tammy

They say money can’t buy happiness, but as much as we want to believe it is almost nearly impossible for everyone to be happy without money since it is everywhere and everything. Money is a key essential to having a decent life in today’s capital based lifestyle. We as humans have needs and wants that we must fulfill and the only way to do so is with money.

Money is valued differently in everyone’s life perspective. To have a general concept of money value to an average person, it can be categorized into three stages of life. For example as a baby money means nothing to you because as long as you get food and sleep it does not matter where any of that came from. Then as you grow older it becomes apparent money is essential to satisfying your desires and it is not always easily available for you to causally spend. Finally when your life is ending money may become an irrelevant piece of paper, but it will take a long amount of time and work before that feeling may ever be achieved.  Even though we might learn how important money is from a young age we do not usually get the full gist of it until we reach our years of young adulthood. These are the times were we start to gain more access to freedom from our parents and learn to grow and become independent for our own expenses. Back in the days you were expected to make your own living at a young age but times have changed and this is not all true now.

As a young adult you come across experiences with dealings of money and realize how money should be used because it is what is shaping your future, especially when it comes to retirement. Now a day everything is revolved around money because everything has a price on it and to be able to be stable and you need money to provide for yourselves. As time passes the price of money will only go up and everything along that will rise and money will be of more value and need to have a decent life. To provide have a safe ensuring for their future young adults must learn to save money now because data shows that the average person must have $2.5 million to retire. The average person has an average income of $1 million dollars of work after 92 years so this is nearly impossible to ever get to retirement unless we learn how to save money now. Time will always play a key role in your life no matter what you do, but it is most important that you learn how to manage your money at a young age so you are able to build up a money fund that will make you happy until the day you are no longer alive. One thing that will cause young adults to become better savers is having their own experience in the working field so they learn how important it is to save money that they worked hard to earn themselves. The key to being successful with money dealings is that we need to make money and save it instead of owing money and being in debt. It is better that we save a little now here and there and not always buy something that we want right away, because if you think about it what you will buy will not last forever it is how you live your life that does count and if saving means not getting what you want and a better investment in your retirement fund then you will be more happy that you are not working till you die to pay off debts. We need to create different ways of saving our money by saving an ideal 10% of the money we get having a long term savings that will be put towards our retirement funds, midterm savings for things that will need to be paid off in a distant amount of time, and a short term account for any emergencies that may occur. Young adults also need to learn how to pay their bills on time so that they are able to build a good credit score. Time and patience is all that it takes to manage your money so that you are prepared for what lies ahead for you in the future.

Retirement may seem like a long time away from me now, but in the aspect of money it is actually quite close which is why over the course of the next five years of my life I will need to ensure that I have a good chunk of money that I can place into a savings account and maintain it, because to keep money in bank there are certain requirements that need to be met so you are not losing money in the long run. I do not ever want to be in debt that it drains the life out of me so I have learned that being cheap can be both good and bad. For instance it is good to be cheap when you want to save money such as on eating out when you can cook yourselves, but sometimes it is good to spend a little more because sometimes things that are more expensive last longer. I believe that I can save my money and spend it wisely and once in a while I can spurge a little and treat myself with something big. As college and school tuitions are approaching my near future I will have to save partial amounts of my money that I earn for saving and the rest for school and be wise with my money because I would rather save money and pay what I owe now and not spend so much now in my life so that I can be more flexible with my finances in the future.