Education, from primary to college,is a critical investment that everyone should consider in life. Although others may see junior high school and technical short courses as enough to get gainful employment that can sustain one’s life, studies and researches suggest that a college education can bring better return on investments to the student. According to some studies and write-ups, the amount of money a person earns is directly proportional to the level of education achieved. It is said that an individual who earned a four-year collegiate course will likely earn twice the amount that can be possibly earned by a person who only completed high school. This reason alone should make you reconsider your perception about college education, and what it can do for you. And when it comes to college education, education isn’t just about learning and mastering what’s covered in the curriculum. A critical requirement for college students is financial education- the ability to understand student loans and make informed purchasing decisions.
Financial education goes beyond the choice of school or student loans
For many college students, financial literacy means choosing the best school and learning the ropes on how to take out student loans. More than student loans and the choice of college, college students are faced with many financial issues which in some cases, they are poorly equipped due to lack of information. There are other issues and financial decisions that should be made. How much should be spent on groceries and food? How do you maximize the approved student loan to lasts an entire semester or academic year? These are financial questions and issues that often challenge college students every year.
This is where financial education comes in handy for struggling college students. Financial education is not just the training and knowledge that comes inside the classes. Rather, this education should be functional, often gained through life experiences and real life financial problems. What is required today is for the students to make informed choices and researched purchasing decisions.
Becoming financially independent starts at financial literacy
Another manifestation of financial literacy is the ability to find ways when the budget is no longer enough. Everyone is required to have a budget, but emergency expenses often throw the best plans to waste. But a financially literate individual will know that there are ways on how to augment the resources, for example, through part time jobs or freelancing. Freelance jobs come in many forms, with paid surveys like Prize Rebel as one of the most popular. These part-time are easy to do and can be completed anytime, anywhere. A critical component of financial literacy is the ability to appreciate this money-earning venture, and the wisdom to know the difference between questionable opportunities and the best paid survey websites.
It will take a long time before financial literacy can be formally included in every college program. But one need not wait for the official inclusion of this subject into the curriculum; careful research and understanding of options is one way of boosting financial literacy to make informed financial decisions and choices.