NuVision 2017 Essay Challenge
The Think.Tank.Challenge has provided a great amount of useful information, but how we, as students, will carry this out will be the question. I have always had a perspective that money was always something that should be used wisely, despite your needs and wants. The money you could’ve saved during High School, could’ve come to a far greater use in the future. An example, upon entering college there will be financial aid and scholarships available to you with the effort you will put into obtain those two. The effort will eventually transform to hard work as success is only an illusion, it will not be easy to achieve, but neither will it be impossible.
First, one of the main lessons I have gained from the workshop is that time isn’t on our side in terms of saving money for retirement. Saving money for retirement is not only a good idea, but is also a necessity you will need later on in life. There are traditional sources to secure a life in retirement which are: Personal savings, Social Security, and Pensions. Personal savings can start up from High School where it will be the most essential stage in saving before college. Work will be available to students, so long as they reach the age of sixteen which provides an excellent opportunity to save. According to a retirement scale, forty years from now I should be retiring and with my current age I would need to raise a total of 286 dollars each month to secure a safe retirement. Social Security, can also serve as another important essential to secure a retirement plan. However, not only does it benefit the retirees, but it can also benefit the younger people who are not eligible to qualify for work. On the other hand, Pension plans serve when contributions can be made to an investment portfolio which is controlled by a company. Then the company itself will provide a certain amount of money to the retired employee and the efforts contributed, usually the number of years that the employee has worked.
Secondly, Rate of Return. Truly, I never understood how a majority of the plans for retirement worked, but the better the rate of return it leads to money growing faster. Including, a better interest rate, money also continues growing even faster. Nevertheless, there will be an impact of tax which avoidance is legal, but evasion is not legal. The only tax exemption will be the cash accumulation which develops from the rate of interest. What is usually recommended is that 10% should be given away, next 10% is to save, and the rest of the 80% will be what you live one. Especially the better the income and savings would lead to wealth. In contrast, to someone who also brings income, but borrows, spends, and eventually falls into debt would lead them to poverty.
Third, as I continue to grow and I’m reaching towards college. There will stress in which my parents will be there to pay off most of the price of College, but what is that price? That price can range from debt, to insufficient protection, and no peace of mind. To be able to gain financial independence would be a huge relief which will tum to into peace of mind and reduce debt. Like any other child, the dream would be to be able to return something to their parents and lighten up the stress cost wise as we pursue education. Even I, would want to assist my parents and return a favor as gratitude for raising me and aiding me during my education.
Finally, in conclusion of my essay I can perceive topics to an analytical, or different perspective but the workshop has opened my mind to so much more information that I have missed. There, I finally realized that I’m no longer becoming a child, but a young adult who needs to secure a plan for their future whether it is retiring or job wise. I now know that time is running short, and life is about to begin where I will have to set a goal and achieve it. This has influenced me to take advantage of every opportunity that comes my way, especially if its scholarship wise and anything to benefit my future. Therefore, I am thankful to this challenge for showing a new perspective, and this concludes my essay. Thank you.