Financial Literacy Project
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South Texas College *
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Date
Dec 6, 2023
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docx
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Uploaded by ChiefSummer7862
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Lowery
Phillip Lowery
Professor Rebecca Millan
ENGL 1301 V24
May 2, 2023
Financial Literacy Project
Life has a lot to offer if you learn the proper rules. It will help you as you grow and
accept the challenges of life.
Planning for the future financially and setting financial goals can
help you in times of an emergency and when the unexpected happens.
One of my financial priorities is to save enough money to cover the upcoming semester's
expenses, including textbooks, transportation, and sustenance. A second financial priority is
purchasing new tires for my vehicle.
I also set a financial objective to purchase a light for my
study area. My objective is to achieve financial independence and have unlimited resources.
Another one of my objectives is to obtain a degree and a position that provides benefits, such as
vacation, medical, and dental care. My long-term objective is to reduce my family's financial
burden and achieve independence. I had begun working towards attaining my financial goals, but
it seemed that I was always in need of funds for something else. At times, I doubted that I could
afford the upcoming semester. Even today, with all the thunderstorms and the damage to the
fences and roof, I am forced to postpone or cease pursuing some of my priorities. How to
reconcile all of my living and educational expenses with the amount of money I earn is one of
the primary concerns I have regarding attaining financial security. The quantity of money is
proportional to the amount of time I have to work.
I must reserve time for study and class
attendance. Another concern I have is how to save money while also living. There are so many
other expenses that require my income, leaving me with little to save.
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I felt somewhat at ease when establishing a budget, but less so when adhering to it.
There
were numerous variables that made me uneasy, such as constantly having to pay for something
that was not in my budget. I could not foresee any method to reduce or eliminate these expenses
to make my budget work. I must pay for petrol to get to school and work. I pay for sustenance
when I am unable to return home. I pay for my apparel and footwear. I am responsible for my
tuition, materials, and all other class-related expenses, including uniforms, journals, paper, and
pencils. I must also pay for services and maintenance on my vehicle, including tires, oil changes,
filters, air filters, and maintenance.
To maintain my budget, I can assess everything that requires funding and add it to my
budget, or I can add a portion when an exact quantity cannot be assigned to a specific month. In
addition, I can add a budget line to pay myself first. After this line, I can add all expenses and
modify my budget so that it concludes with a zero line. This would indicate that my budget
includes recreation, savings, required expenses, food, apparel, footwear, and living expenses.
After establishing a budget, I must adhere to it or make adjustments to account for expenses.
I
am aware that some items, such as apparel, may fluctuate in price from one month to the next.
This allocated amount could be added directly to my savings or used to mitigate the cost of a
slightly more expensive item.
My credit score did not astonish me. I have been monitoring mine for several years and
was familiar with the procedure.
Each month, you should pay off your credit cards in full before
the due date, as this is one of the most effective ways to improve your credit score. Second,
monthly mortgage payments must be made on time. Obtaining a credit card is the simplest
method for establishing credit. Avoid using a debit card, as it will not have the same influence on
your credit score as a credit card. Some will advise you to obtain multiple credit cards. I estimate
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the number to be between 5 and 8.
This is because it adds more credit. If you charge very little,
it will demonstrate that you are using your credit responsibly and not abusing it. Contrary to
popular belief, it has nothing to do with your income.
The quickest method to protect yourself from identity theft and fraud is to never reveal
your Social Security number or account information.
Yes, my father was in a foreign country
and had to give his information over the phone to a travel agent. Someone nearby or in the office
overheard the conversation or saw the number written down by the travel agent.
They utilized
this information to fly to Canada. First, he had to terminate the credit card at an inconvenient
time, as he was returning to the United States from an international location and needed the card
to travel.
He had to arrange for funds to be transferred from his U.S. bank to a foreign bank in
order to make the flight and hotel reservation. He had to have a new credit card dispatched to
him by commercial carrier, which added to his frustration because the country's customs system
was involved and the shipment took a week to arrive. This consequently altered his schedule and
increased his hotel and food expenses. Then he had to pay taxes at the customs office before
returning to the hotel.
I am most at ease with a bank savings account because it is protected and endorsed to a
certain extent by the United States government.
Investing in crypto tokens or other
cryptocurrencies is the one I am least comfortable with because they are extremely speculative
and volatile. A steady savings account or mutual fund to which I can add funds each month, one
of the more conservative funds with a steady growth rate and dividend schedule, is my best bet
for achieving my financial objectives.
If possible, I prefer a job that pays me monthly.
Due to
the amount of money I can make and still have time for school and studying, I have a very low
risk tolerance. I cannot afford to lose the money I have earned, so I would rather earn a small
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amount of interest each month than risk losing everything. I can mitigate this risk by not placing
all of my funds in a singular investment. By distributing it across several, I reduce the risk.
Additionally, selecting a conservative strategy and investments will reduce my risk. I'd like to
learn more about exchange-traded funds, mutual funds, bonds, and company equities. I'd like to
know everything about them, how to invest in them, how to limit my losses, and which
investment strategy will help me achieve financial independence.
It is crucial that we learn how to manage our finances and expenditures. Creating
objectives and budgets is one of the best methods to live comfortably and without anxiety. It is a
means by which we can obtain the items we desire and require. Being financially responsible
with credit cards and making monthly payments will guarantee that we have access to credit
when we need it. Learning these rules and the saving rules will help you prepare for the future
and the unexpected.