Financial Managing - Credit Essay

352 WordsOct 30, 20092 Pages
Peter Petrella 10/27/09 SU101 Financial Managing In College Managing students’ funds in college can be quite the hassle but thanks to Peter Bielagus’ speech on financial management I think students have a greater understanding on how to manage their money. One topic Peter made very clear was the importance of building credit. Building credit is tough when you do not have any credit so building credit early in a person’s life is essential so they have the credit score needed to take out a loan in later life. In a situation such as a student, this loan could be taken out as a loan towards college expenses. Peter explained that without a credit score or any credit at all it is impossible for lenders to decipher whether they will get their money back or not from the person they are lending to. With no credit, the lender cannot tell whether you are responsible with paying money back or not. Building credit is essential when in need of large amounts of money so it is necessary to build credit in this day and age, especially with so many students needing loans for college. Peter told a story of a man who could not afford to save any money because he had to keep paying bills regardless of the fact that the man had a full-time and part-time job. Peter gave him a solution by telling the man to save up a penny a day meaning any change in his pocket he had at the end of the day and it will add up. Well after four years the man had $4,000 saved up. Peter told the audience it is never too late to start saving for your future. I myself have actually started saving all the change I have at the end of the day in an empty protein tub I had laying around in regards to what Peter had said to do. I think the speech he had given us students really helped show students priority and management tips in being able to manage

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