Number #1 Taxes
Taxes was on my top ten because it is an important part of life. You are going to have to pay taxes on almost everything you own. Its important to know how to fill out W2's, W4's, 1099, 1099EZ's, 1040/EZ's and other tax return forms
Number #2 Pay and Benefits
Pay and benefits is important because it tells you just because you get payed more doesn't mean its the best job for you. If you get payed a substantial amout but have no benefits, it may not be the right job. On the other hand, if you get a decent salary, but have a lot of benefits, that may be better for you in the long run.
Number #3 Investing
Investing is important because it makes achieving financial goals quicker and easier. By investing and holding stocks you can collect dividends and accumulate compound interest.
Number #4 Banking
The banking unit was important because we learned how to write a check, start a checking account, and learn how banks work. I learned that banks lend your money away to borrowers, the bank makes money because borrowers pay interest, and the bank pays you a small part of their profit.
Number #5 Credit Cards
Learning about credit cards was important because sooner or later in life I'm going to have to use a credit card. If I do not have enough money to pay for a house or car I will have to use credit to obtain those essentials. Financial literacy also helped me learn how to use credit cards correctly and how to avoid late credit card payments.
Number #6 Credit Score
Credit score is important because it determines your credit worthiness. If you have a low score many lenders will not give a loan to you. That is why it's important to not max out credit cards and pay credit card bills on time.
Number #7 Saving Options
In financial literacy I learned about saving options such as a traditional savings account, CD account, and a money market account. These are important for a high school student like me because I learned the pro's and con's of each account, and so I know which account to put my money into. Social security may not exist one day and I need to be informed on saving accounts that benefit me.
Number #8 Budgeting
Budgeting was an important lesson to me because budgeting enables you to always have the money you need. It is also important because if you budget right, you will stay out of debt and add money to your savings account. Prioritizing and putting money into your savings is the smart way to budget.
Number #9 Financial Advice
In this course I learned the importance of who to turn to for financial advice. I learned the importance of picking a fiduciary over a financial adviser, who gets commission. It is illegal for a fiduciary to not give you financial advice that is not in your best interest. On the other hand, a financial adviser may you give you the wrong advice so they can collect their paycheck. Financial adviser also takes a percentage of your earnings.
Number #10 Compound Interest
Compound interest is important to adolescents because it makes a deposit, investment, or loan grow faster than a regular simple interest loan. It is important because if teens and young adults put money into a fund with compound interest now, than their profits will keep going over time.