What I learned in Financial Literacy by hank sellars

1. I learned how to fill out a bank statement. I actually found it to be very satisfying. On the bank statement side you need to add deposits of transit to the balance and subtract all outstanding checks, which can be found by looking through your checkbook register and determining which ones were not included on the bank statement. On the personal checkbook side you need to add interest to the balance and subtract service charges. Once done, the balances on both sides should be equal and the bank statement should be complete and without error. If they don't add up then a miscalculation was probably made.

2. I learned of the differences between blank, restrictive, and special checks. Blank checks have the amount of money left blank for the payee to fill in. If you receive one then you have unlimited freedom of action and can do with it as you see fit. Special checks are used when the payee wants to sign their check over to someone else. The payee has to sign his name and write "Pay to the order of..." and then the new payee endorses the check. Lastly, restrictive checks are what they say they are. They place limits, or restrictions, on how the check can be used. For example, writing "For deposit only" along with the payee's signature on the back of a check means that it can only be deposited and nothing else.

3. I learned of how I can stay on my feat when I get my first job out of college. For our last assignment of the year we were given a job straight out of college. We then had to find an apartment and car while also paying taxes, for furniture, food, and other necessities. I barely scraped by and had to be very frugal in order to ensure that I stayed afloat financially. Despite being assigned one of the better jobs, the assignment showed me that regardless of what I do after college, I need to become an expert at managing my finances, cutting costs, and being resourceful. It is sort of a harsh reality that most of us will be facing once we are outside of college. Also, having a roommate and splitting costs can be very helpful in ensuring that you have money leftover each month.

4. I learned how to write a complaint letter. I learned that in order to ensure that you are taken seriously, you must be civil, detailed, and reasonable. If you aren't civil then people understandably won't be inclined to help you. If you aren't detailed then they won't be inclined to believe you, so you need to be able to provide proof, like receipts and pictures, of your faulty purchase. If you've done all that, then lastly you need to ask for a reasonable repayment. If you ask for a million dollars in repayments for a 5$ item then you probably won't be getting anything. Either demanding for a refund or replacement is the safest bet to ensure repayment. If you meet those requirements then you can expect to get a reply and possibly compensation.

5. I learned that the food industry is filled to the brim with corruption and shows a huge disregard for health violations and for its workers and customers. From the movie we watched I gathered that among other things, they did not process food in sanitary conditions. The animals that were slaughtered often had feces or other things on them. These same meat packing companies were very tough on their workers. They have historically employed marginalized groups, like European immigrants, African-Americans, and now immigrants, mostly illegal, from Mexico. They don't care for the workforce and regularly deport them, only to have new immigrants take their place. Other companies, like the seed manufacturer Monsanto, keep rigorous tabs on farmers who have no choice but to comply. If they don't fall in line, Monsanto has their own KGB style investigative team threaten and extort the farmers. It was all good to know about but also very disheartening.


Created with images by Cooperweb - "Money"

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