According to the National Student Wellness Financial Study, out of 18,795 surveyed students, about 60% said that they worry about having enough money to pay for school, and 32% students say they have sometimes neglected their studies because of money they owed. With such a high percentage of students, UMBC has taken the initiative to start a financial smarts course which informs students about how banking and credit work, how to budget their savings to pay for college and how to land a job after graduation, all which help to achieve a student 's financial SMART goals. My smart goal is to earn about $300,000 to $500,000 in about one decade or so. I will show you how I plan to achieve this goal with what I learned from this course and maybe one can use some of the information I learned to improve their SMART goal.
SMART is an acronym which stands for “Specific, Measurable, Achievable, Relevant, and Timely.” This helps one analyze their financial goal in order to see how realistic it is. It can be different for many people, so I had to perform this SMART check to make sure my current financial goal was realistic. First of all, is my goal specific? Yes, it addresses how much income I want to make and in what amount of time I want it to be completed. If I were to add more, I would say “Starting my junior year of college….” in order to provide a starting time for my goal. Next, is it measurable? Yes, because one can calculate how much income I would need to make each year for the next ten years in order to achieve my goal. My salary would need to be anywhere from 30,000 to 50,000 a year, which is a very achievable target, and in fact I can even decrease the time in order to make it a challenging goal. It is relev...
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...connections who seem to be able to help, contact people who can get you where you want to go, like alumni who went to the same college you went to and ended up in the industry you wanted to go. Don’t you just love facebook?
So in conclusion, if one wants to achieve their smart goal, one can use the information learned from the course in order to better plan out how they want to achieve their goal. They learn how to manage their money better by learning how they can spend their money more efficiently. They become more informed about the differences between credit unions and banks and they learn how to manage their money and spendings and create a budget as well as figure out better ways to contact people for a job. These help one better plan out their smart goal and thus they can avoid the stress that 60% of students experience and they can focus on their education.
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