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Elements of Personal Finance-Week 5 - Putting It All Together

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Putting It All Together

I would have a sit down with my family once a month to discuss the importance of paying your bills on time as well as showing them the importance of saving for the future. Not only for the future but to save anywhere possible. I could show them how much money we could save monthly by reducing our cable service and possibly purchasing a subscription to Netflix or something similar for a few dollars a month. I would discuss the information that I have learned in this course with my children, by showing them my must have documents and making sure that they understand that they need to create these documents themselves when they are older. I will also inform them of my wishes, should I become unable to make them for myself, which would be very important since they would be the ones making the decisions for me. I believe that understanding the importance of saving for retirement and paying bills and having our must have documents updated and in proper order are the most important topics to learn. These topics are everything and they will have the largest impact on our futures. I have cut out a few unnecessary spending habits throughout the duration of this course. There are some habits that I cannot change yet, but plan to do so at my earliest convenience, such as saving for my future and investing in my retirement. When I find employment, I plan to utilize the tools they provide me, if any, to fund my trust as well as beginning to fund my 401k retirement plans. If they do not provide the necessary tools, I will start my own while I have income flowing

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