JEFFERSON TOWNSHIP —
Students were also surprised at how much a retirement account can build up when you start contributing to the account at a young age.
“The teachers showed us that if we had good credit, cars and homes would cost us less. With the money we save, we can start to invest in our retirement. One example had us putting $20 away a week. When we were ready to retire, that account would grow to almost $250,000,” said welding senior Dennis Sussman.
Social studies teacher Mary Beckwith cautioned students to be careful when they entered into agreements to purchase home goods during “no interest, no payments for 12 months” financing periods.
“You should divide the total balance up and divide it by 12. Make payments each month, so when you reach the end of the “no interest” period, it will be paid off. If you forget to make payments, a large lump sum may be due at the end. If you can’t come up with all of that money, you’ll often get charged interest back to the first day you bought the items,” said Beckwith.
Senior culinary arts student Renee Molzon said, “This was one of the best weeks of the year during government. I enjoy learning about how our government works and I know it is going to make me a better citizen, but the information we get during Finance Week is something I can use every day. The teachers gave examples of how they failed when they were young. I’m sure I’m not going to be perfect with my finances, but this information hopefully will help me avoid some of the bigger mistakes.”