UNV 103 T6 Reflection Personal Finance Basics GCU

Sample Answer for UNV 103 T6 Reflection Personal Finance Basics GCU

Personal Finance and Financial Literacy: Lessons and Application for an RN-BSN Student 

This week’s objectives and resources on personal finance and financial literacy provided valuable insights into managing money effectively, especially within the context of a future nursing career. This week’s objectives and resources on personal finance and financial literacy provided valuable insights into managing money effectively, especially within the context of a future nursing career. The main idea I learned is that personal finance is about establishing habits and strategies that help secure both short-term and long-term financial well-being. This includes budgeting, saving, debt management, and planning for the future. Financial literacy empowers individuals to make informed decisions about their money, allowing them to navigate financial challenges and opportunities with confidence. 

Applying Financial Tips to My Decisions 

    My financial decisions will be informed by the advice from this week’s readings in a few ways. A crucial lesson learned is the need to make and follow a budget. Keeping a strict budget will enable me to manage my tuition, living expenses, and other financial commitments as I complete my RN-BSN program. I can make sure I am living within my means and giving my savings more importance than the ephemeral security of riches by keeping track of my income and spending. Creating an emergency fund is a crucial additional piece of advice. It will be financially secure and help me avoid needless debt to have a safety net for unforeseen costs like medical bills or auto repairs while I get ready for future nursing career improvements. I also intend to implement the idea of automating savings, which entails setting aside a certain percentage of my monthly salary for savings. With the help of this method, I may make saving a habit rather than an afterthought and gradually increase my financial savings. 

Areas for Growth 

    I’ve picked up some important lessons, but I still have room to improve. A crucial aspect is comprehending investing. I understand the value of saving and budgeting today, but I still need to learn more about investing methods like stocks, mutual funds, and retirement accounts (401k, 457, or IRAs). Acquiring this knowledge will be crucial for me as I make plans for my retirement and long-term financial stability. I also need to get better at defining precise financial objectives. Even though I usually save for the future, having defined financial objectives can help, like paying off school loans, buying a car and house, or contributing to retirement. Making deliberate financial decisions will enable me to achieve my goals. 

Financial Security as an RN-BSN 

    Considering my RN-BSN nursing program and potential salary, I recognize that my career will offer a stable and higher income, which will greatly contribute to my financial security. Registered nurses with a BSN typically earn higher salaries than those without a BSN nursing degree, and this increase in earning power will allow me to achieve my financial goals more quickly. With this higher salary, I will have greater flexibility to save, invest, and plan for major life milestones, such as buying a brand-new car and a house or contributing to retirement funds. However, I must use this money carefully by sticking to a strict budget and making investments in long-term financial development. The healthcare field also offers numerous opportunities for career advancement, such as nursing practitioner roles or specialized certifications, which may further increase my earning potential over time. 

Conclusion 

    In conclusion, the knowledge gained this week about personal finance and financial literacy is invaluable, especially as I move forward in my RN-BSN nursing program in GCU. By applying the tips on budgeting, saving, and planning for the future, I will be better equipped to manage my finances effectively and achieve financial security and stability in the future.