William U. – Lakewood High School

A Brighter Future

Approximately 3.6 million students graduated high school last year and the majority of them have probably never been taught how to balance a check or what credit is. The problem with our generation is that classes teaching us how to handle money is not prioritized but instead we learn about the history of America, which we will most likely never use again. Young adults today have been encased in a bubble shielding them from the realities of financial debt or bankruptcy. This protective bubble pops once we graduate and enter the world of adulthood, a world where we cannot rely on our parents and a job is necessary in order to survive. Money may not be able to buy happiness but it does pay for your food, bills, rent, and everything else you need to sustain your well-being.

It’s quite hypocritical of me to ridicule my current generation on their lack of knowledge regarding saving since I too was clueless not too long ago. The Nuvision Financial Workshop truly enlightened me providing me with new profound information on how to become a better saver. One crucial concept to understand is credit score, this is the factor that determines whether you are trustworthy enough to be given loans. Eventually everyone will take out a student loan or receive a credit card which will establish your credit score. By paying back your debt in a timely manner you can develop a good credit score making banks and employers finding you more credible. This can help for the future if you are looking to buy a home or apply for a small┬ábusiness loan. Understanding the importance of credit not only sets one up for a bright future but it also makes young adults more inclined to save. Paying back debt on time is easier said than done though. That brings me to my second point on how to strategically pay back loans.

Debt is a major issue that everyone faces whether you’re a young or old, it can be quite daunting when trying to tackle it at first. In order to avoid debt in the first place we should utilize our greatest resource, technology. We use our smartphones everyday so why not use it to our advantage. There are many budgeting apps that can keep track of how much you spend on a daily, weekly, or monthly basis. Identifying where or when you spend your money the most can help you recognize flaws in your budgeting. Personally when I started working and received my first paycheck, I squandered it all on food and other superfluous items. If I was aware of the applications and resources available at the time I would probably have enough money to buy a whole computer.

As I write this paper I am contemplating my future choices and how I will avoid getting into any financial incidents. As life progresses the realities of adulthood begin to prevail so J should just embrace it and tackle it head on now that I am armed with knowledge on how to save. I have merely scratched the surface on how to become a better saver, but young adults should harness this new information in order to create the foundation for a brighter future.