Written by Daniela Merino
Featuring: Host. Aaron Gershoyg, Co-Host: Ms. Christine Rowan, Guest Speakers: Banker. Dana Dotoli and Colleague Adey X Tesfaye, and Behind the Scenes Finance Informant from the Do Something Organization: Madeline Allison.
Aaron Gershoyg organized and hosted a financial literacy workshop to help guide MAST@FIU’s future college students. He gave a very informative, eye-opening, and thorough presentation on topics such as budgeting and saving, building credit, paying for college, as well as a sneak-peek into adulting. This meeting took place on two different days due to some online intruders.
Take one of the Would You Rather workshops was divided into three sections, beginning with Bank accounts. Opening a bank account comes with many advantages, especially before college. There are various types of accounts; you can even get paid by opening some of them.. Next was budgeting and saving. It's important to start saving now. As Aaron said: "You are young and time is your best friend, and the earlier you start saving money the more money you will have later on." Remember the term 50/30/20 when budgeting, where 50% of your income goes to expenses, 30% is spent on non-essentials, and 20% goes to savings. The last topic in part one of the presentation is Building Credit. The highest credit score available is 850, but to maintain good credit you need a score of 700 or higher. Your credit score shows financial investors how responsible you are with your money. "No credit is as bad as bad credit... your credit is your life".
Answers at the end of the article!
Take two gave us a sneak peek into adulting and advice for paying for college. There is a variety of financial aids such as federal need-based, merit, and merit scholarships. FAFSA is the most important thing to do if you want or need financial aid. Most state colleges and universities use this to determine who gets financial aid and how much they'll get. The application asks about you and your family's finances, including tax returns. The good thing is that you may qualify for FAFSA even if you don't have a low income. Both Merit and Merit scholarships may be awarded by colleges, and special organizations for academics, sports, or the arts.
With the meeting coming to an end, Banker Dana Dotoli spoke about stocks, discount brokerage funds, and gave helpful insight about finances. Ms. Dotoli started talking about how people shouldn't focus on the financial aspect of college and paying back loans right away. She mentioned things such as hardship requests and how you can negotiate with your employer to pay off some of your student debt and even grad school. Numerous companies may offer between $5-6,000. "Apply for that stretch school, write an amazing essay, do a video..." "Worry about loans after you finish school, so go. Go to school, enjoy yourself, and you will figure it out." When picking stocks Dana Dotoli advised to "choose the one you like and believe in". Picking your favorite stores such as Target, or Sephora, and creating family stock accounts can also be a fun way to challenge yourself and stay interested while investing money. Stock platforms include Charles Shwab and TD Ameritrade. "Invest, because the sooner you start the better, so remember to buy low and sell high".
Lastly, a special quote from our lead teacher/activities director, “Aaron Gershoyg, again, shares his vast knowledge of Financial Literacy with the MAST@FIU BBC student body and representatives from HSBC Bank. Working with Aaron is a pure joy as his passion for finance is evident and his presentations are professionally delivered. It is my pleasure to assist talented students within the MAST@FIU BBC community who continue to deliver authentic real-life skills to our student body.” - Ms. Rowan
