Invest in Yourself
As a child, I would never have thought I would need to face the significant financial changes that I do today, and when my dad passed away the morning of July 10th, 2013 suddenly everything changed. While my father was alive, I was able to buy anything I needed, and my family lived a comfortable lifestyle. Since my dad passed away, my mother struggled with maintaining a high level of financial stability in order to support herself, along with my brother, my sister and I. These financial challenges have taught me valuable lessons in financial literacy and management skills. I’ve become more aware of budgeting, and my ability to distinguish between “need versus want” has improved. Now, although I have learned much from that experience, there is a world of finance that lies before me, and as a young adult, managing money is increasingly difficult.
NuVision has taught me that it is never too early to begin investing in yourself and your future. Saving money is a crucial part of being financially successful, and overlooking savings is where many Americans make mistakes that lead to years upon years of debt. According to Maggie McGrath, a member of the Forbes staff dealing with consumerism, “63% of Americans don’t have enough money to cover a $500 emergency.” That number shows that over half of the American population cannot cover something like an emergency room trip or a car accident.
NuVision covered a possible solution to prevent this, stating that saving $10 a day, can end up saving over $400,000 in 30 years. This could feel like too much per day, but gradually increasing this amount as you begin to earn more money can lead to earlier retirement and greater financial stability. Along with gradually saving money, NuVision has also taught me how to approach investments and interest when I begin putting my money into savings accounts, retirement plans, and college funds.
Before NuVision showed me the outcome of saving early, I was spending money whenever it became available to me. The lessons of the Think. Tank. Challenge presentations have influenced my everyday decisions in spending money. As opposed to buying the coffee I would normally have, I choose to save the money and add it to the small amount that I save every day. Long-term financial plans are important to ensure financial solidity, and with NuVision’s assistance, I have obtained a greater understanding of how I should spend and save my money.