Free Essay

Personal Finance for Seniors

In: Business and Management

Submitted By AshleyHerrell
Words 1016
Pages 5
“ All days are not the same. Save for a rainy day. When you don’t work savings will work for you.” -M.K Soni. How does this pertain to seniors in high school and their financial futures? Can saving up now truly benefit you later on? Does saving up a great deal of your money save you later on down the road? What is saving, budgeting, and planning on your financial stability for your future? These are all questions I asked myself that I knew I would use in this essay. Through a set of thorough research, dedication, and thought I came up with one answer that is easy. Saving now will benefit all people, especially seniors in high school. It will help them have no worries on a variety of things, and you won’t have a hassle or worry financially. In this essay I will be giving examples, facts, and prove to you how I am right. Why start saving now, isn’t that what a job is for; providing money for my everyday life? Saving is a systematic plan for the expenditure of a usually fixed resource, such as money or time, during a given period. Imagine if you lost your job, and couldn’t pay your car payment, and/or had no money to buy your everyday needs. You start using a credit card, and end up spending so much that you cannot pay it back on time. What happens to that bill? It builds up interest, and creates an even bigger problem to begin with. Interest is a charge for a loan, usually a percentage of the amount loaned; an excess or bonus beyond what is expected or due. No one wants to build up this type of interest. It’s bad, hard on you, and can put you under a lot of stress if put aside. Think of it, if you started saving now, putting a little bit here and there in your savings, you’d build up an interest in that, not a bad interest a good interest! Your regular $500 dollars you technically put in, now will become $1,000 due to the interest the bank gives you. Tell me that wouldn’t help you at all in your life, when things go bad. Second thing I wanted to show you was college money. Tuition, book fees, room and board, are all things you need to think about when going to college. You also need to think about budgeting for your everyday needs to ensure that you don’t over spend. What is budgeting? Budgeting is an itemized summary of estimated or intended expenditures for a given period along with proposals for financing them; a systematic plan for the expenditure of a usually fixed resource, such as money or time, during a given period. Get a job while you’re in college, still apply for scholarships, but that savings you put aside to use just for college, could help you get by while you’re still trying to figure things out. However, using a budget for the rest of your life will help you even more while in college, if you get married (although may change due to more expenses), and when you retire. Think of it, no worry, no hassle, and no stress of not being able to make a payment and putting yourself into to debt. Third thing I wanted to discuss and show is after college or if you decide not to attend, what will you do if you have no job? You have no degree, and it’s difficult to find someone who wants to hire you, yet you need money to help pay for your gas (so you can make it to interviews), phone bill (so you can get calls from different employers), and many other things. Then you think to yourself, “That’s right I save money while I was in high school, and I have $700 dollars in my savings account. Problem solved. The fourth thing is basically when you are getting older. Say you used a good majority of your savings while you were in college to help you pay off your student loans. You finished college, got married, got a good paying job, had kids, a house, car, etc. You decide to start saving again. Whatever the choice is, college money for your kids, “toys” you may want for yourself, vacation money, etc. you thought about how much saving helped you in college, and how it could help again in this start of a new chapter in your life. By the time you know it, you put a little in the account here and there, the interest builds up, and there you go a big chunk of money waiting for you. Saving is by far the best thing someone can do, and it helps you so much. Although saving is a great tool, some people make unwise decisions on how to spend it. Rather than use it for good things, needful things, they spend it on pointless stuff. Sometimes, however, it can be good to start learning how to save for a specific item, but in high school set a higher goal for your savings, so that way it doesn’t just get spent on one thing that you’ll regret later on. Many people find themselves in situations that they had wished they did this when they were our age. Saving is great isn’t it? If you look at the pros and the slight cons listed, the pros outweigh the cons on an immense proportion. People, everywhere, encourage young people to start saving at the ages we are now. People who have already been through the motions, and know what it’s like to hit rock bottom. We should listen to their wisdom, and adhere to what they have to say. Savings can come in handy for so many things, and it’s our choice on how we want to use it or not. If we’re smart, wise, and not being irrelevant with what were doing with it, our lives can be so much easier, than a lot of other people’s have.

Similar Documents

Premium Essay

Working in Northern Canada

...Steps Required for Becoming a Senior Financial/Fiscal Advisor 5 Qualifications needed to be a Senior Fiscal Advisor in the North 5 Job Platform or Potential 6 Potential Remuneration and Comparison to the North 6 Investment Opportunities for the Northern Resident 7 Works Cited 8 A Brief Overview of a Financial Advisor As a Senior Financial Advisor the ideal candidate would have demonstrated exceptional knowledge and have at a minimum of 3-5 years of experience as a financial advisor. The steps required for becoming a financial advisor are not the same for everyone. Some students believe that achieving an undergraduate degree in Business, majoring in finance or accounting is the first step needed. By completing business commerce degree students will have a concrete foundation and be able to comprehend the theories involved in financial planning. Some employers do not necessarily require potential employees to have an undergraduate degree in business since they provide training to the successful candidate. Once completed the employee will be licensed and be able to provide financial advice. Since the requirements to become a financial advisor differ amongst employers there are no set criteria for potential employees to follow, this is why it is essential to do research into the company you desire to work with and see their requirements. Therefore, in becoming a financial advisor there are many different paths, however in order to become a Senior Financial Advisor......

Words: 1939 - Pages: 8

Free Essay

Why Pursue a Career in Accounting

...Why Pursue A Career in Accounting? Done by: Submitted to: As working as (Management Assistance) in Finance department; of ----- opened my eyes widely; to the importance of the Accountant’s Job; its privileges and its obstacles from so many levels. Like any powerful and specialized job such as Accounting; it has its own shares of gains and losses; from both personal and professional aspects. Although the Accountants after graduation; they don’t struggle a lot for job interviews or bothering themselves where to go! All they need to do actually; is to combine their goal & career’s ambition and match it; with any of the highly powerful corporation; located in the Abu Dhabi; like Deloitte; Ernest &Young; KPMG and PricewaterhouseCoopers. Otherwise there are the investment and retail banks; also the companies in all different fields of business recruit Accountants; to supervise their expenses and profits, and calculating earnings and costs. Even after finding Accounting jobs recently or earlier ; my colleges at work can improve their careers greatly by obtaining more qualifications; for example the Chartered Accountant qualification (CA), and Association of Chartered Certified Accountants (ACCA). Consequently; as I observe around the Finance department; their plans seems fixed as their numbers! They had it all planned from the moment they graduate. So what the Accountant exactly does? In simple words the Accountant; is some who manages the Accounting tasks; for......

Words: 1266 - Pages: 6

Free Essay

Impact of Financial Education on High School

...The Impact of Financial Education in High School and College On Financial Literacy and Subsequent Financial Decision Making by Lewis Mandell Kermit O. Hanson Visiting Professor of Finance and Business Economics Foster School of Business, University of Washington Senior Fellow, Initiative on Financial Security, Aspen Institute Presented at the American Economic Association Meetings San Francisco, CA January 4, 2009 The Impact of Financial Education in High School and College On Financial Literacy and Subsequent Financial Decision Making Abstract: Many consumers appear to lack the financial literacy needed to make financial decisions in their self-interest. A growing number of analysts and politicians are blaming the intersection of low levels of financial literacy with complex, financially-engineered products for the current economic meltdown and have proposed a number of solutions to this problem. These solutions range from mandatory education in personal finance to required simplification of financial products and greatly increased regulation. This paper examines evidence on the effectiveness of personal finance education on both financial literacy and financial behavior. If the problem can be solved through education, it is likely to reduce the perceived need to limit choice in the marketplace for retail financial products. If education is shown to be ineffective, the future of financial product innovation and financial engineering may be greatly limited.......

Words: 10007 - Pages: 41

Premium Essay

You Lied and How

...------------------------------------------------- Comments (27) * -------------------------------------------------         * ------------------------------------------------- | | | | | | | | | | | | | | | | | People often think of the elevator pitch as something you use when you’re interviewing for a new job or trying to raise capital for a new venture. The elevator pitch, however, is no less important once you’ve got the job as it is when you’re looking. In fact, your personal 30-second spiel about who you are, how you’re different, and why you’re memorable is arguably more important once you’ve landed that great position or won the support of investors and now interact with senior colleagues and important clients regularly. A managing director on Wall Street once told me of a summer associate who made an uncharacteristically strong impression on senior leadership during a welcoming cocktail party. Within days, the managing director received numerous calls from senior partners advising him to “make sure she gets the attention and resources she needs to succeed this summer.” The young woman’s career has been on the fast track ever since. So what can you possibly say over canapés and white wine to create so many powerful advocates so quickly and effectively? Think through the following ideas before you craft your pitch: 1. Have a compelling reason for why you want to be there, as in “why did you decide to join the firm?” 2.......

Words: 783 - Pages: 4

Premium Essay

Cesey Fatou

...Fatou Ceesay Senior Consultant Deloitte Consulting LLP Dallas Mobile: +1 918 809 7378 Tel: +1 214 840 1066 Summary of Experience and Qualifications Over one year of Consulting experiece Primarily in the Financial Services Industry in the area of Mortgage Banking, and in the Retail Industry in the are of Finance Transformation – Close Consolidation for one of the largest retailer in the world. Prior to which, I have had nine years of combined industry and public accounting experience. Prior industry experience includes six years in Financial Services in areas of Consumer Banking and Wealth Management. Public accounting experience in audit in variety of industries, including Financial Services, Health Care and Not-For-Profit. Excellent work ethic detailed oriented, positive attitude, client service oriented, quick learner and self-motivated. Deloitte Experience Industry: Financial Services – Banking: Consulting Service Line: Finance Senior Consultant; October 2012 to Current. 2,652 Billion (Assets) Global Financial Services Corporation. Deloitte was hired to help one of the world’s largest banking and financial services organizations divest and outsource the servicing of a $50 billion loan portfolio. Deloitte help identify and create all relevant documents and contract content required and necessary for the transaction. Role: Responsible for: Gethering information, creating data and developing content for key contract exhibits. Organized and...

Words: 1084 - Pages: 5

Premium Essay

To Be or Not to Be

...Programme Start Date: September 2012    Futurus Background: The Futurus Programme is the key graduate entry career development programme within the Bank of Ireland Group. The objective is to enhance graduate entrants’ technical and personal skills through a structured and supportive programme which will strengthen our future senior leadership talent pipeline. It is aimed at high calibre graduates and provides a comprehensive, consistent and integrated programme which will support the development of a broad group mindset and rounded skill set in all graduates. Participants are given a combined opportunity to develop both specialist skills and personal development. These skills will equip graduates to develop their careers and challenge for significant roles in the future. Vacancies available in: Retail Division Ireland & UK Group Supports (HR, Finance, Credit & Market Risk, Audit) Corporate & Treasury Division Vacancy Locations: Ireland & UK   Minimum Requirements: Relevant Primary Degree at 2:1 Level or Masters Degree (Expected or Achieved) Desirable Degree Specialism: Finance, Mathematics, Engineering, Actuarial, Quantitative Studies, Arts (e.g. Business, Economics or Finance), Science, Computer Science Essential Requirements:  Strong Customer Focus Demonstrate Initiative and Flexibility Intellectual agility and a willingness to challenge the status quo High achiever and excellent......

Words: 3746 - Pages: 15

Premium Essay

Hnc Business Mangement Human Resource Management Learning Outcome 2 & 3

...Within Escape to the Wild the new human resource management function could assist with: Formulating and implementing new policies and procedures Uniform training of employees Administration of financial matters A recruitment and selection program A policies and procedures human resource department would allow Escape to the Wild to: • Formulate appropriate policies that ensure health & safety regulations are adhered to as well as following legal requirements for employees. • Formulation of working procedures alongside managers and line managers. • Free line managers, the existing finance manager and senior managers from the human resource tasks they are currently spending valuable time on, some of which they are ill equipped to handle. The activities that Escape to the Wild would need to undertake would be as follows: • Formulate and agree upon policies and procedures that would be beneficial for the running of Escape to the Wild. • Ensure policies and procedures are both in line with legal obligations as an employer as well as adhering to health & safety regulations, upholding employee rights and disciplinary action is fair and concise. A formal recruitment and selection program would allow Escape to the Wild to: • Provide a fair systematic approach to selection of applicants and a more overall view of those who apply taking experience and qualifications into account. • Having the new human resource function handle this process would mean line managers......

Words: 1513 - Pages: 7

Premium Essay

A Hollow Gram

...The DNA of the CFO A study of what makes a chief financial officer 2010 Our thanks to nearly 700 CFOs who participated in the study and, in particular, to those who shared their insights and personal experience of the role in a series of interviews: Giacomo Baizini CFO, Evraz Ben Noteboom CEO, Randstad Srikanth Balachander CFO, Bharti Airtel Caroline Raggett Managing Director, London financial officers’ practice, Russell Reynolds Associates Evelyn Bourke CFO, Friends Provident Stephen Carver Media and crisis management expert, Cranfield School of Management Ian Dyson (formerly) CFO, Marks & Spencer Luigi Ferraris CFO, Enel Andy Halford CFO, Vodafone Simon Henry CFO, Royal Dutch Shell René Hooft Graafland CFO, Heineken Juha Laaksonen CFO, Fortum Patrick Regan CFO, Aviva Simon Ridley FD, Standard Bank Hans-Peter Ring CFO, EADS Sue Round Head of Investments, Ecclesiastical Robin J Stalker CFO, Adidas Firoz Tarapore CFO, Dubai Aerospace Enterprise Tim Tookey CFO, Lloyds Banking Group Rob Murray CFO, Coca-Cola Hellenic B Document title Additional text In this report Executive summary 2 Contributing to strategy 4 A broader business role 6 Core competencies remain key Future focus on stakeholder communication 10 12 and 18 The CFO’s contribution 14 Staging post or career destination? 20 A toolkit for the aspiring CFO 22 Demographics 26 What makes a CFO 28 ...

Words: 15852 - Pages: 64

Premium Essay

Hbm Pharmaceuticals Lahore

...Job Description of Accountants Manager: 10 2.5. Proposed Job Description of Accounts Manager: 11 2.6. Job Description of Director Sales & Finance: 12 2.7. Job Description of CEO 13 3. Recruitment and Selection Policy: 16 3.1 Recruiting phase: 16 3.1.1. Employee referrals/recommendations: 16 3.1.2. External searches: 16 3.2. Selection phase: 17 3.2.1. Initial screening: 17 3.2.2. Completed application: 17 3.2.3. Employment test: 18 3.2.4. Comprehensive interview: 18 3.2.5. Unconditional Job offers: 18 4. Socialization and Orientation Plan: 18 4.1. Socialization Process: 19 4.2. New-employee Orientation Process: 19 4.2.1. The CEO’s Role in Orientation: 19 4.2.2 HRM’s Role in Orientation: 20 5. Training and Development Plan: 20 5.1. Employee Training: 20 5.1.1. New employees: 20 5.1.2. Existing employees: 20 5.2. Determining training needs: 21 5.2.1. SPO: 21 5.2.2. Office staff: 21 5.2.3. RSM/ZSM: 21 5.2.4. The CEO and Director Sales: 22 5.3. Training Methods: 22 5.3.1. SPO: 22 5.3.2. RSM/ZSM: 22 5.4. Employee Development: 22 5.4.1. Employee Development Methods: 23 5.4.2. Developing Office Staff: 23 5.4.3. Developing SPO to Senior SPO: 23 5.4.4. Developing Senior SPO to RSM: 23 5.4.5....

Words: 6121 - Pages: 25

Premium Essay

Gender and Development

...Home | Contacts | Feedback About DEI * Background * Staff Organisation * Permament Secrerary's Office * Legal Department * Ethics Education * Finance and Administration IAF Resource Center                 Legal Department The Legal Department is the policy arm of the Directorate for Ethics and Integrity. Its main objective is to strengthen the Legal and Policy framework to fight corruption and rebuild ethics and integrity in Uganda. With regard to the coordination role, the Legal department is responsible for tracking the enforcement of anti- corruption policy and laws. This exercise is expected to ensure compliance and to enable the identification of challenges that law enforcement agencies face during enforcement and, also a mechanism to identify lacuna in the existing law and, new and emerging issues in the fight against corruption that would require new legislation. Functions of the Department * To Provide legal counsel to the directorate on matters related to the fight against corruption and ensuring ethical governance * To review existing anti- corruption legislation and policy, with a view to proposing ammendments * To identify new and emerging issues in the fight against corruption and develop new legislation or measures to address the same * To ensure compliance with anti- corruption laws and policy by monitoring their implementation * Ensuring that Uganda's legal and policy frame work is in......

Words: 1608 - Pages: 7

Premium Essay

The Earnings Management Issue of Worldcom Case Study Report

...is a key component of our nation’s economy and communications infrastructure.” However, the giant collapsed in 2002. 2. The Main Issue: Earnings Management 3.1 Definition of Earnings Management A commonly acknowledged definition of earning management by Healy and Wahlen (1999) demonstrates that managers implement personal judgement in financial reporting and transactions to manipulate financial reports for misleading some investors about a company’s financial performance or influencing contractual outcomes that reply on the numbers. Based on several researches, Lawrence (2009) concludes that earnings management generally involves some level of deceptions, and its accounting manipulations usually motivated by negative behaviours such as opportunistic maximization and avoiding debt covenant violations. Nevertheless, others argue it is unreasonable for managers to manage short-term earnings which will be adjusted in future, and it is a way of releasing blocked inside information (Healy and Wahlen, 1999) and so on. 3.2 Incentives for Earnings Management: Two Main Incentives 3.3.1 The Incentive of Earnings Management for Personal Compensation Plan Daniel and Thomas (2006) states that if CEOs’ potential total compensation is more closely related to the price of stock and option holdings, the firms are more inclined to manipulate reported earnings. In the WorldCom case, in 2002, the CEO, Ebbers personally held 27 million shares of the company; he even......

Words: 2231 - Pages: 9

Premium Essay

Marketting Plan for a Financial Company

...Executive summary The report’s main objective is to build an integrated marketing plan for the “Sanhinda Saver” savings account of Sampath bank. This account is developed for Senior citizens who are in need of a savings account, which provides financial needs and other benefits expected by them. The product was introduced in June 2009, with a massive introduction campaign with TV and Radio commercials, out door promotions and hoardings at selected places. At present the product is in the growth stage. Though it was the only product specifically created for senior citizens in 2009, now there are number of competitors in the market. Marketing objectives have been set according to the competition to increase and retain the position of market leader. It is clear in the market that the other competitors are not competing with aggressive advertising strategies, but they have clearly set low pricing for value added services of their products. We have considered revising the charges of Sanhinda Saver account to win the market. But when we consider the initial deposit of our product and competitor’s product we have a significant advantage of having the lowest rate in the market. Since Sampath bank is considering improving personal banking services by implementing growth through innovative product design and outreach, developing Sanhinda brand is also considered Finally the responsible matrix and implementation procedure have been developed for the proposed plan. Therefore this......

Words: 12654 - Pages: 51

Premium Essay

Unit 2 P1

...Financial Services | |Job title: |Management Accountant | |Grading: |Job Family: |Finance | | |Band: |L | | |Step: |3 | | |Region: |Nottingham | | |Level |Service Manager | [pic] Job purpose: The Management Accountant will manage the provision of a comprehensive and cohesive management and financial accounting service to the following areas of the business: • Housing services • Regeneration schemes • Service charges [pic] Main accountabilities Providing direction: • Interpret management accounts and budget reports and guide partner operational services on what this information means in relation to the performance of the operational service. Suggest actions for improvement, as required • Guide partner operational services when assessing all new business opportunities and their commercial viability (with support from corporate finance colleagues as required) • Feed in to Metropolitan corporate planning activity as the financial representative of your operational services customers • Advise colleagues of......

Words: 891 - Pages: 4

Premium Essay

Patton-Fuller Community Hospital Network Project -- Week 4

...in four ways. Patton-Fuller Community Hospital use this system to improve communication and collaboration between senior management, employees, doctors, nurses and patients. In addition, the current system is suppose to improve the efficiency of hospital operations, relationships with current and future patients, and assist senior executives in managing hospital finances. PFCH System Breakdown The current breakdown of the business information system is split between the following: Accounting and Finance Information System, Human Resources Information System, Customer Relationship Management (CRM) Information System, Knowledge Management (KM) Information System. These four systems combine creates Patton-Fuller Community Hospital. The Accounting and Finance Information System; is primarily used by senior executives. The Patton-Fuller senior executives use this system to manage, cash flow, assets, liabilities, and net income. After all this information has been entered into this system PFCH has the ability to generate financial statements in which are requirements by federal regulations. For example, at the end of the month, someone from the PFCH team will enter in all data from that month i.e. how much money was paid to account receivables and how much money was paid out to debts. After gathering and entering, all the data from all the other systems the senior executives can then print out financial statements. This process relies a lot upon the correct information being......

Words: 1200 - Pages: 5

Premium Essay

Essay

...Process Transitions with a growth oriented organization in Finance EXECUTIVE SYNOPSIS  A dynamic professional with 4.5 years of rich experience in multiple project operations for providing innovative and business effective solutions services while ensuring optimal utilization of resources optimum use of qualitative and quantitative analysis frameworks and tools.  Comprehensive experience at managing clients & delivering knowledge solutions for client’s business problems processes.  Expertise in mapping requirements of multiple clients as well as the different business partners; developing, implementing and transitioning, customizing processes in line with the guidelines specified by the clients.  Insightful knowledge of business process analysis, application based process reengineering, process optimization, and cost control and revenue maximization from various business solutions.  Developed competency in establishing performance-driven culture that ensures accountability and personal ownership, lead, train and motivated teams, to achieve goals profitably. PROFICIENCY FORTE Transition of processes Service Delivery Management Knowledge Management Business Continuity planning Training Expertise. Active Operations Management ORGANIZATIONAL PURVIEW Since Sep’09 to Feb'14 ANZ Bank, Bangalore Growth Path Senior Analyst/Quality – Commercial Banking Production Lead – Small Business Operation As Senior Analyst/ Quality in Commercial Banking ......

Words: 676 - Pages: 3