Financial Planning

By the end of this lesson, students will more thoroughly understand where to find help for financial planning problems and how to plan their financial spending.

At 8:15 she talking about the actual facts. Before then, she describes different situations and crises that could have been avoided by utilizing the five facts.

Financial planning is crucial to college students’ success later in life. There are many different theories regarding how one should save money, but the overall goal is just to simply save money. Even though we’re only in college, we need to focus now on good spending/saving habits, because what we do now with our money affects us in our future.
Some examples from the video above are
Follow a budget (live beneath your means)
Be debt free. Pay cards in full.
Have an emergency savings account.
Negotiate salary.
Save for retirement – now.
Some other examples come from Zac Bissonnette, a graduate form the University of Massachusetts and a financial columnist for AOL at the age of 21.
Learn to say “no” to yourself at least once a day: if you can’t afford it, you don’t deserve it.
Buy used or cheap clothes; price doesn’t ensure better quality. You can also wash your clothes in cold water to make them last longer.
Take up hobbies that don’t require a lot of spending
By groceries online or in bulk
Buy used cars and avoid monthly payments (pay in full)

Saving money is crucial to financial success in life, but even savings can be blown away by a lack of self discipline. Our generation is very focused on instant gratification, but in order to be responsible about money, we need to learn to be patient and realize that rewards come with hard work, or savings. Think about where your money goes now. What do you spend it on? Do you need the things you spend it on? How could you spend your money more responsibly? How could you start to save it?

References:
Curtin, Stacy. “How To Be Richer And Smarter Than Your Parents: Zac Bissonnette.” Yahoo! Finance. Yahoo!, 30 Apr. 2012. Web. 09 Nov. 2012.
“TEDxWallStreet – Alexa Von Tobel – One Life-Changing Class You Never Took.” YouTube. YouTube, 12 Apr. 2012. Web. 09 Nov. 2012.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s