Pay and Benefits
1) The Difference Between Gross Pay and Net Pay
I learned that gross pay is the total amount of money you get before taxes or other deductions are subtracted from your salary.
I also learned that Net pay is the amount of a person's paycheck left over after any deductions are taken out.
This is important to know because I might not be getting payed the amount I should be if I don't know the difference.
2) Tax Forms
I consider learning about all the tax forms as one of the biggest takeaways from this semester. I was able to learn all about form 1040, 1040EZ, W2, W4, and many more. This is important because I will know what to do when filling out one of these forms when I get a job.
3) Tax Deadline
I was able to learn that the tax deadline is April 15th. It's a good thing I learned this because if I didn't send my tax return by this date, I would have to pay a fee.
4) How to Prepare for Tax Day
I learned that you need to gather your form W2's, gather form 1099's, gather tax return forms, and your personal financial records to be ready for tax day. If I didn't know these things, I would be well unprepared for tax day.
I consider banking one of the most important units we learned
5) Writing Checks
It is very important to know how to write a check because I know I will be doing it a lot in the future, and a lot can go wrong if I don't write it properly. Also, I had no idea there were different types of checks you can write, so it was interesting to know about that.
6) Online Banking
It's important that we learned about online banking this semester because by the time I am in control of my bank account, it's very likely most of it will be online. I learned the benefits, how I can get started, and everything I can do with online banking.
Money Management and Budgeting
We learned about budgeting through the "On Your Own" game, which I consider very helpful. Although it crashed a lot and caused much stress, it showed what it will be like when we are on our own. I learned it's important to be insured. I also learned there are lots of things to take care of such as bills, groceries, gas, and rent, all while trying to have a social life as well.
Borrowing and Credit
8) Credit Cards
Learning about credit cards was especially beneficial because it will be very soon where I will get my own. With the google doc activity, I was able to learn what the best credit card for me may be. I didn't know how many there was to choose from until now.
9) Credit Score
This semester I learned all about credit score. I didn't know a thing about it, but now I know what it is and how to get a good credit score. I learned what a good credit score is and what happens when you have a bad credit score.
Savings, Investments, and Retirement
10) Savings Options
I was recently able to learn about all of the different savings options. I consider this important because if I were to not know all of my options, I could end up being upset with the one I chose.