MY TOP TEN FINANCIAL LITERACY TAKEAWAYS BY Misha fry

TAKEAWAY #10: CREDIT

In this unit we learned about credit. Personally, credit is not very important to me at the moment, but as I earn more money and get older it will become a big part of my financing.Credit is money borrowed that you agree to pay back Later. Interest, term, and APR are all key factors in deciding whether to borrow money in the form of Credit. It is very important because it allows individuals to purchase necessities when otherwise they wouldn't be able to.

TAKEAWAY #9 : SAVING/ SAVINGS ACCOUNTS

In this series of lessons, we learned the fundamentals of saving which included Compound Interest, Social Security Cards, and how to become a million air through investing with stocks, and mutual/index funds. This concept is very important, because it is great to learn about saving as early as possible. A savings fun is very important for random expenses and emergencies. Examples of 'savings' include Simple savings accounts, Certificate of deposit, and money market accounts. The great thing about most savings accounts, is that they grow with interest.

TAKEAWAY #8 : INVESTMENT

In this unit we learned about investing, stocks and funds, and the stock market. This lesson is very important, because through mutual and index funds, along with other types of accounts that gain interest, I could become a millionaire! When you invest , you are using money to build value and create wealth over time. Buying stock in a company guarantees you a Share, or percentage of profits from the company. All investment plans involve risk, some lower and other higher. Although taking risks can be scary, the biggest risk, is not taking any. A large part of Investment is knowing the stock exchange. The stock exchange is a national or global market, where securities (like shares) are traded.

TAKEAWAY #7 : CHECKING ACCOUNT/DEBIT CARD

In this lesson we learned about debit cards and checking accounts. Personally, this unit was very useful because I had just started my new job. A checking account is a common financial service used by many consumers. For teens and young adults, these types of accounts help teach money management and banking. Most accounts also don't allow overspending, and thus help to teach money management. Debit cards are linked to your checking account, so that you can easily access your bank account, and withdraw and deposit money, as well as transferring.

TAKEAWAY #6: TAXES

In this unit, we learned about taxes, and the forms that go with filing them. This unit was also quite useful for me because of my job, where I had to fill out a W4 .Taxes are percentages taken out of an individuals pay, that go to the government for various reasons, such as schools, construction, and other finances. Various forms are filled out such as 1099, form W4 and 1040, which help to calculate your tax amount. Taxes are important, because they make it possible for communities to have the necessities like Libraries, schools, police stations a hospitals.

TAKEAWAY #5 : PAY

This series of lessons was particularly interesting to me because I had just started my new job, and it was good to know what type of pay I was receiving. We learned about pay types, overtime, insurance, pay stubs and much more that really helped when I was cashing my first checks. This unit can be useful not only to all teens getting new jobs, but adults as well, who may be receiving different types of pay like piecework.

TAKEAWAY #4 : BANKING

This unit was also useful to me because of my job, and directly influenced my decision on the which bank I would choose. I ended up choosing chase, which is what I did my project on.We learned the common checking account features such as: ATM's, Online and Offline transactions with debit cards, Direct deposit, and much more. We also looked at the factors that went into choosing a checking account, such as fee's and Transaction Limits.

TAKEAWAY #3 : BENEFITS

In this unit, we learned about retirement. This unit wasn't particularly interesting to me, because I don't necessarily need to start saving yet. Retirement and benefits like it are very important to learn about early on, because a lot of people start saving for these things too late. In this unit we learned about Pensions, and savings plans that grow interest. This lesson can be used mostly by adults looking to save for retirement. Although it is not the most interesting, it is however, one of the more important concepts.

TAKEAWAY #2 : BUDGETING

In this unit we learned about budgeting. This unit was helpful to me, because it taught me the importance of saving for expenses and emergencies, by eliminating reckless spending.Budgeting is an important fundamental in living happy life. When you budget, you plan out your spending for each month, which helps to save money for different things like retirement. I loved this unit because of the simulation, and it taught me how important saving your money for emergencies and fixed expenses can be. This lesson can be useful to anyone receiving a steady income.

TAKEAWAY #1 : MONEY MANAGEMENT

In this lesson, we learned money management. This, to me, was the most important of all the concepts we learned. At this age, most of us have jobs, but blow the money on useless things. This lesson is great because it includes a simulation, which for me anyways, was quite helpful. Of course my job made the subject even more relevant, I very much enjoyed every aspect of this unit, from how it was taught, to the information I learned, which includes : Budgeting, Savings accounts, Credit, Paying Bills, Etc.

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