To be passionate about going to work every day
As the conclusion of my senior year quickly approached, the student in advanced English were required to create a project that reflected our path leading up to graduation, but also our vision for the future ahead of us. One of the parts of the project was to make a bucket list of goals to have before we retire. My list included owning my dream home, having a family and pets and having a career I love. However, my list also included being financially stable as that is an important part of being able to retire at a decent age. Although many people struggle to obtain financial stability, it is possible to make wise monetary decision by learning as a young adult how to stay away from debt. My goal is to be able to have a career that allows me to be passionate about going to work every day. Thus, having a career such as this would mean that I would be content to work until I am about sixty-five. I would like to give myself enough time while I am still in good health to travel the world and accomplish the items on my bucket list that I would not have had time for yet. According to CNN’s financial team, it is advised that one saves “10 % to 15% of [their] income for retirement starting in [their] 20s.” This would allow one to save a decent nest egg for the remainder of their days after retirement. Working with my bank to devise a financial plan for the milestones in my life such as paying for college, buying a car and a home and then eventually retirement would be extremely beneficial in staying on track with a savings plan. Monitoring my budget and keeping track of the difference between my income and bills is the best way to ensure that I will be able to retire at a solid age. However, it is essential that I become aware of my finances at this point in my life because even though it does seem ridiculous to start thinking about retirement, the years go by fast and the choices I make now will affect the comfort of my retirement in my later years. I have seen many intelligent people make poor decisions with their finances that have left them in debt. I have seen it happen in my own family as well. A handful of my family members have had to declare bankruptcy because of their declining economic stability. Many of the issues that led them to bankruptcy stemmed from credit card debt and not having an income that covered their numerous expenses. Credit cards are actually one thing that I will strive to avoid for as long as possible. Having multiple credit cards, especially for different stores and such is an easy way to lose track of one’s finances as the debt piles up very quickly. I definitely hope to have learned from my family’s struggles and not repeat them in the future. I would like to have a more comfortable retirement than my grandparents are currently having and that my own parents will inevitably have. I think one of the keys in being informed about my finances would be taking a personal finance course. Although I was unable to take the class in high school, I still would like to take a class that teaches about important financial issues such as interest rates, loans, savings plans, etc… Every student should be required to take a class like this as these lessons will always be applicable in the real world. Having a comfortable retirement where I am able to still help my family and watch them prosper is one of my biggest goals in life. Although it will take hard work to gain the things on my bucket list, I am confident that with the right amount of preparation, I can make these goals a reality.