How to secure a stable financial future

July 12, 2013

A secure financial future is very important. It may look difficult, but is actually fairly easy to accomplish in three simple steps.
Starting off with a college education will put me a step closer to a good financial future. On average, I could make more than double the amount of money that a high school graduate would. In today's society it is becoming very hard to find a good job without having a college degree. The next generation, which I live in, will probably have very few job openings that require just a high school diploma. Though I will most likely make more money by receiving a college degree, I can't go spend it all.
It's amazing how many of us spend more money than we make. I would need to live below the means of my income. Say I make one hundred thousand dollars a year, I would spend ninety thousand or less. This will help secure a financial future that is not in debt. This principle pertains to any level income. By living below my means I will have extra money that I won't spend. What would I do with it? Save.
We don't need to wait until we're 40 to start saving. If I start saving when I'm young everything else will seem easier. Ten percent of my paycheck should be put into different things each month. Money starts adding up after a while. All of my savings shouldn't be put into one account, or one bank for that matter. There are many places my money would be stored. Investments, savings accounts, checking accounts and real estate are some of the choices. Diversifying my money is very important. Though saving is very important, it is not above the other two steps.
All three strategies will be important for me to ensure my financial future. Getting a good education, living below my income and saving my money now in diverse places is the ticket to securing a positive financial future. If everyone takes these steps fewer people would be in poverty. These principles are stepping stones toward an affirmative financial future.

Halee Sanderson’s article about financial literacy was recently recognized by Texas National Bank as the “Best Essay” among Nolan County eighth graders.

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