Financial Planning and Digital Literacy for Students Essay

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Identify two new pieces of financial information that you learned about this week that will help you make informed financial decisions about your future and eventual retirement.



Personal financial management and financial planning can be daunting. It helps to learn more about the tools people can use to plan their savings and budget for the future. One of the things I learned this week that will help me make informed financial decisions is how to be a responsible borrower. For one, I never considered credit cards as being a form of lending. Essentially, people who forget that credit cards entail borrowing money from a bank can get into a lot of trouble with debt accumulation. Next, taking out loans can be tricky. Student loans tend to have reasonable interest rates, but any amount of interest is still going to add up over time. The less the loan principal, the less the amount of total interest owed and the less I will have to pay over time.

Another thing I learned this week is the difference between simple and compound interest. Sometimes we have no control over the type of loan we receive, but it helps to be armed with this understanding in those situations where there is a choice between different loan types. I also did not know there were different types of student loans, like Federal Perkins Loan or Direct Subsidized Loans. Finally, I learned about deferred interest student loans. We also learned about strategies for paying off loans. Rather than waiting until our dream job arrives, it is important to pay off the loan little by little over time.



Think back over the last five weeks and your initial definition of “digital literacy” from the Week One introduction.

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  How has your definition and understanding of digital literacy changed as a result of this course?  What are the three most important things you have learned over the past five weeks?



Digital literacy is an important type of literacy. Like media literacy and science literacy, digital literacy provides us with the tools we need to think critically and make rational decisions. My definition and understanding of digital literacy has changed as a result of taking this course. I used to think of digital literacy as simply being comfortable with using computers and phones. Digital literacy is so much more than just being comfortable with technology.



For example, digital literacy means keeping up to date with emerging social media tools and the techniques for safeguarding my personal and financial data. I need to know how to recognize scams, such as phishing or spam. Another aspect of digital literacy is knowing which new media can help me with career planning, and also how to recognize ways to capitalize on digital means of raising money or networking for my job. I can also use what I have learned to start a new business venture or sell products and services in creative ways. Finally, digital literacy also includes education and information. Online learning opportunities can be formal or informal, everything from TEDx Talks to webinars to YouTube videos.….....

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