Good Stewardship Today Means a Brighter Future
Good stewardship over the limited resources that have been entrusted to us today can have a long-lasting impact. Not only is it important for someone to be able to recognize when they have poor financial habits, it is even more important to educate someone to achieve financial freedom. It’s easy to follow our inclination toward acquiring “stuff.” However, when we are obsessed with stuff, we miss what’s really important and end up struggling financially and emotionally. Financial bondage is a serious problem that is easy to get into; getting out is much harder.
First, children and young adults should be taught at a young age to manage their finances. I believe young adults (including Dalat students)
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In America, college costs have been growing at a rate faster than inflation for over a decade. The resulting student loan debt, most of which belongs to young people aged 22-40, is causing a lot of trouble for the whole economy. The average college student is graduating with $32,000 in student loan debt . Not only do they have to pay this back with interest, it affects them in other areas of their lives. Debt forces students to postpone life in several key areas including buying a house, getting married and saving for retirement. On top of all this, college degrees are more common than ever; record numbers of Americans have a college degree and its impact on future earnings is not what it used to be. So, college students are paying more for a degree that will earn them less than the same degree did a generation ago. And we want to go into debt getting this degree? This is absurd. For all these reasons, students today need to be taught the importance of avoiding college debt.
In conclusion, the best way to avoid the never-ending stress of financial bondage is to get educated on financial matters while you are young, start saving today, and avoid college debt. Practicing these three principles will go a long way towards financial security. It has been said that 80% of financial success is behavior – spending habits, attitudes toward saving, debt avoidance, etc. – and only 20% is head knowledge. Small changes we
04 Dec. 2016. In USA Today’s article by Sandra Block and Christine Dugas titled “Five Proposals to Solve $1 Trillion College Loan Crisis,” the authors mention five ways to solve the student debt crisis in America, illustrating things like Bankruptcy reform, loan forgiveness, increasing federal pell grants, and the education of borrowers. Evaluating this article, it provides an informative view on the solution of student debt, and overall expresses many different spectrums on ways we can solve this social problem. The five ways to solve this problems
I learned about the importance of being mindful of my spending habits and the value of setting and working towards financial goals. One of the key takeaways from this lesson was the importance of creating a budget and sticking to it.
She is glad that, in Healy’s words, her son is irresponsible because he did not return home after college. Even though all these pieces approach the topic of debt in impressively different ways, they all have a similar string between them. These four pieces along with society today makes one believe that people are somewhat bottle necked into debt. The financial stability everyone wants is somewhat impossible for the common
College debt is developing into an immense issue in the United States with about 1.3 trillion dollars worth of college debt across the country in 2015, which is about a 39% increase since 2011 (Redd, 2016; Goldrick-Rab and Kendall, 2014). This debt is not just piled on a small portion of people; according to Redd, “about 10 million college students took out student loans” in the 2012-2013 school year (2016). The average tuition at in
The value of college debt is almost equivalent to developing a small business instead “a co-founder of PayPal, will pay each of the 24 winners of his fellowship $100,00 not to attend college for two years, and to develop business ideas instead” (Source E). If more than 24 people did that for themselves, they could make a good investment instead of a risky one towards college. Wanting a higher education means that, “Students today, are taking more debt, and recently tightened bankruptcy laws make it more difficult to shake that debt” (Source E). Therefore, making a useful investment, instead of a risky one can help get rid of debt quicker and
The tuition and cost of college is detrimental to thousands of families across the country and brings student debt to future graduates. Some students have seen their debt climb over $30,000. Friedman writes, “The average student in the Class of 2016 has $37,172 in student loan debt…” (Friedman). With the debts being over the average income for single people households, college has transformed from a benefit to a burden. Young adults not only have to worry about their education but also paying for the next semester or years of college ahead of them.
Freedom Debt Relief Reveals the Top Financial Mistakes Young People Make Once you are finally out of school and earning real money, on your own, there is so much to celebrate! And your newfound freedom and financial independence should be celebrated. However, it should also be guarded. So many young people are so excited about the here and now that they forget to plan for the future.
Since tuition has risen 3 times higher the rate of inflation in the past 10 years, this increase a student’s chances of not being able to afford higher education and also gives them a better chance of accumulating debt post-graduation. Some people think that the college education they acquired did not fit the amount they paid for it, even if they pulled out loans or were an ideal candidate for a scholarship. This is a scary fact because higher education can determine if you thrive
Going into debt in college helps build a good mind set for after college about how to spend/save
Loans allow receiving a college education seem like a smoother process considering that such a hefty amount to pay is divided so that it can be paid for in moderation. Despite the fact that it’s split into many payments, it’s still a large quantity all in all so unless indebted students aim for high income jobs, there would many years of difficulty to come after college. For this reason, undergraduates make it their goal to go after jobs which would prevent them from being constantly pressured to pay off debt. Thus, student debt is both a crisis and a reason to encourage persistence towards greater ambitions (Hillman, 41). It is a tremendous thing when a student seeks to be financially comfortable or even rich in the future but not when it is for the wrong reasons.
Student loans can be helpful, but when it's time to pay back, it can lead to future mental struggles and be stressful and hold you back from living the life you want to live in the long run. The student loan debt crisis in now only taking a huge toll on the personal lives of many Americans, but on the economy as well. Whether or not students graduate or not, if they pulled out student loans worth $200,000 they remain in debt for a remainder of years. As the problem continues to grow it becomes more and more critical to find a solution to help the well being of everyone in the nation, student or
Society often believes college is a necessary experience for a better future, but I argue that the future will not be any better when student debt becomes a part of life for those who follow that mainstream belief. Most parents often dream of the great colleges and universities that their children will get accepted into; however, they fail to think of the cost to attend those institutions. Financial aids! Financial aids! Yes there are financial aids that students can apply to lessen the student debt.
According to the New York Times, “about two-thirds of bachelor’s degree recipients borrow money to attend college, either from the government or private lenders, according to a Department of Education survey of 2007-8 graduates.” On average since 1980, college tuition prices rise 7% a year. In comparison, the inflation rate is just 3.2%. But we have to remember that as long as the demand for higher education continues to rise, the price will also rise. In order to pay for the absurd prices of higher education, students should not have to end up turning to loans.
In the face of student debt, Denhart says “If you accumulate a debt of $38,600, you will be paying $320 a month till you pay off your debt. ”(Denhart) Even though one may accumulate student debt, there are so many advantages of a college education. With a college education, one can get a better paying job, meaning better wealth. Addition to that, unemployment rates will decrease and employment rates will increase.
In grade schools core concepts such as history, math, english and science are taught because they are identified as concepts that will be useful to students in their future endeavors. I believe that finance is something equally relevant in our lives to merit its teaching in schools. The questions that such an endeavor arise is to what extent will such a curriculum have on the financial decisions of youth into adulthood? To what extent should financial literacy be taught in schools? Who should teach it?