Assessment Description:
In 250-500 words, use the resources in this topic to address the following questions using the attached APA Style template. In four paragraphs, discuss:
- Based on the objectives and resources from this week, what do you feel is the main idea you learned about personal finance and financial literacy?
- In what ways will the tips you read in the topic articles guide your decisions in the coming months?
- What areas do you feel you need to grow?
- Taking into account your program of study and potential salary/pay, what impact will that have on your financial security?
Be sure to use APA Style to complete the assignment.
This assignment uses a rubric. Please review the rubric prior to beginning the assignment to become familiar with the expectations for successful completion.
A link to the LopesWrite technical support articles is located in Class Resources if you need assistance.
Please contact Assignment Samurai for help with this or any other assignment.
Email: assignmentsamurai@gmail.com
Solution to UNV-103: University Success - Reflection: Personal Finance Basics.
SAMPLE 1
Reflection: Personal Finance Basics
As an Emergency Room (ER) nurse pursuing a Bachelor of Science in Nursing (BSN) degree understanding financial literacy and personal finance is crucial for my future success. This reflection explores key insights gained from this course on budgeting, saving, and making sound financial decisions.
Main Idea Learned
The primary concept I learned about personal finance is the importance of creating and sticking to a budget. As Chapter 6 of University Success Guide: Finding Your Purpose notes, "Budgeting allows you to be mindful of where your money is going and to plan. You can plan to cover expenses, get out of debt, and save." I believe this foundational skill will help me track expenses, prioritize savings, and work towards long-term financial goals as I progress in my nursing career.
Guiding Financial Decisions
The tips provided throughout the course will significantly influence my financial decisions in the future. Specifically, I plan to implement the advice to "set a goal to save 10%–25% of my income each month" (Grand Canyon University, n.d.). As an ER nurse with irregular shifts, I will make sure I create a budget that accounts for variable income while prioritizing consistent savings. Additionally, I will be more mindful of building good credit. Through Grand Canyon University (n.d.) I have learned that my credit score is one of the most important numbers in my life.
Areas for Growth
One area I need to improve is investing for the future. Building wealth requires learning how to invest (Grand Canyon University, n.d.). As a young professional, I recognize the importance of starting early to benefit from compound interest. As a result, I plan to educate myself further on retirement accounts and investment options suitable for me as a healthcare professional.
Impact of Nursing Career on Financial Security
Considering my BSN program and potential salary as an ER nurse, I anticipate a positive impact on my financial security. The nursing profession offers competitive salaries and opportunities for advancement. However, I must balance this against the potential for student loan debt. Nonetheless, I am confident that by utilizing various budgeting strategies such as those in the article Make a Plan to Manage Personal Finances by Michael Scheibach and making informed decisions I can work towards achieving long-term financial stability and security.
Conclusion
I believe that by applying all the concepts taught throughout the course, I will be able to build a secure financial future while pursuing my nursing career and personal goals.
References
Grand Canyon University (n.d.). University Success Guide: Finding Your Purpose
Scheibach, M. (2014). Make a Plan to Manage Personal Finances.