The 10 most important thing I've learned By: Paul Gawne

1. Starting Early

Starting early is one of the big takeaways I got from Financial Management. It is when you start saving and investing the money you earn at a young age, so that you will have far more money when you are older. It is important because it allows one to be far more financially stable and make far more money.

2. Paying on Time

I learned that it is important to pay everything on time, including bills and taxes. It is necessary for credit scores, and so as not to get fees, penalties, or repossessed. It is also wise to pay as much as you can.

3. Secured Credit Cards

Building Credit is important. A good way to star building credit is getting a secured credit card. A secured credit card is one that is accompanied by a security deposit for the bank to know you can pay back bills. It is important because it helps raise credit score and is readily available for young people like myself.

4. Budgeting Money

Budgeting Money is when one plans what they will do with their money and how it will be spent. It is important because it lets a person know how much money you will have for the things you want and that you have enough money for the things you need. It is very important for financial stability.

5. Employer Benefits

One of the things I learned was that it is good, if possible, to work for an employer that offers benefits, such as healthcare, matching, vacation, etc. These benefits give much more worth to a job than just the income. For example, if a job offers healthcare, and you become ill, it can save you thousands in medical expenses.

6. Writing and endorsing Checks

Writing and Endorsing checks was one of the most important things we learned in class. We learned to write the date, name, amount, and reason for the check correctly and the places to write them in. We also learned the different check endorsements, basic, restrictive, and special, which are used for normal checking, deposit only, and transfering funds to another party.

Knowing how to write and endorse checks properly is very important. It is a life skill that will have to be used, even if it is not often. We can also be more secure now because we know the more safe ways to endorse a check, so as not to have our money stolen.

7. Paying Taxes

We learned how to fill out taxes. You must do so with the proper form and fill out correct numbers in correct boxes. How to fill out taxes is arguably the most important thing I learned because it is something that is necessary for me to do for the rest of my life.

8. Fiduciary

A fiduciary is a financial advisor that is legally required to look out for your best interests. They are very important because other financial advisors can be looking out for their own interests. They can lose you a lot of money, but a fiduciary will do their best to earn you money. They can help tremendously with making a financial plan and your future.

9. Certificate of Deposits

A certificate of Deposit is issued by a bank to a person for depositing money for a specific amount of time. They are very low risk and have higher interest rates than most savings accounts. This is important to me because it will be what I use for my emergency savings, in order to gain more money from interest, while still being very safe. While there is a fee if taken before time is up, it is an emergency fund so I am not expecting to take it out soon.

10. Index Funds

Index funds are funds that invest in the stock market as a whole. They have lower risk over the long term and do not have very high operating expenses. They are important to me because I want to be able to invest and leave my money alone for a long time. Index funds will allow me to do that, watching my money grow until I am ready for retirement.


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