Being Smart With Your Money: the Importance of Financial Literacy

Many people have discussed personal finance. Articles 'Should Financial Literacy Be Taught in More Schools' by Ramsey and 'Why is Learning Personal Finance Important' by Ryan discuss the reason why personal finance is beneficial to the educational system.

Benefits of adding Personal finance to our school includes money management and future developing. Ramsey demonstrate why Personal finance would be a beneficial addiction to our school. First of all, Ramsey indicated ”Financial literacy classes teach students the basics of money management: budgeting, saving, debt, investing, and giving. That knowledge lays a foundation for students to build strong money habits early on and avoid many of the mistakes that lead to lifelong money struggles”. Ramsey convey the benefits of Personal finance by showing that by have a strong foundation of money habits it can really help you out in the future.

Meanwhile Ramsey mentions that ”nearly two out of three high school students who had taken a personal finance course reported they were already earning an average of $3,000 a year.” Ramsey demonstrates that by have a strong money habit students are already being successful with their money and with that on mind they can really be saving a lot in the future. In this article stated that Personal finance can really help you out in the future by being smarter with your money and savings.

On the other hand, Ryan effectively conveys reasons why Personal finance is an important part of education.Ryan states” Money is simply a tool that gives you choice along the way. This, however, doesn’t mean they will be the correct choices”. Ryan emphasizing that money is a tool and you have to use correctly and in a way that will make you successful”. Furthermore Ryan states: ”Personal finance teaches you about money and money is the ability to make choices and gain power. Learning about personal finance will give you freedom in your life and the ability to accomplish your dreams.” Ryan demonstrates the impact of Personal finance can have on your life and the freedom that it come with that why it is very important.In conclusion Personal finance is a very important part of becoming a adult and being successful so the earlier you learn the better for your career.

Someone else might say that Personal finance can be very difficult in their situation. For example someone might be struggling with how much they are making and how they are forced to pay bills,education,food and shelter. Megan Dematteo stating that ”Of course, budgeting is one factor in your ability to save up an emergency fund, but saving is just downright easier when you have more money coming in. Through Personal finance is important, it is critical to understand that not everyone is making the same money everybody has different salaries and different situation in their lives so it can make difficult to save up money.

In summary, Personal finance would strengthen the education but everything always comes with a con. At this point it is clear we should add Personal Finance to our school because it would benefit students by learning how to manage their money at an earlier age and being able to be more successful and have more freedom with your money. Overall if you think about it money make our economy go around so by learning how to manage and being smart with your money it will only make you more successful and make you someone with a clear path to the top. Why not learn how to be smart with your money it doesn’t hurt and along with that it can really help out with your career path and how much control you can have over your life and choices.