Applying Lessons Learned and Achieving Financial Success

 Aqsa Naz, Verrazzano Class of 2022, completed majors in Accounting and Business Management 

 

I have been fortunate enough to apply the lessons taught by my professors and develop habits that will last a lifetime. My mentorship with Professor Petrucelli began with my FNC 111 class. At the time I had a goal of helping my family with the American dream of homeownership, but my efforts lacked key characteristics of a solid plan. Over the next year and half, I practiced and implemented as many financial planning habits as I could into my goal of buying a property with the intent to take the first step towards financial freedom and generational wealth, and before senior year the goal had become a reality.

As a banker I became more curious about the effects of implementing financial planning. I started analyzing common characteristics between clients who portrayed healthy financial planning habits and those who did not. What I learned was too important not to share.

Through my research and observations, I found that high debt levels, low savings, and high-cost money management behaviors are linked to financial fragility among the millennial generation. Financial constraints have even put people’s health at risk by skipped doctors' visits, medical tests and prescriptions.

The ability to make informed financial decisions and successfully manage one’s personal finances has become an essential process in today’s complex environment. If a generation is personally financially aware, the population can be better rounded to combat the unexpected variables that every one of us face each day. Those who are not proactive in their financial planning approach are struggling to pay off debt and buy assets later in life. My paper discusses how the upcoming generation can accelerate themselves to financial security and freedom by incorporating a financial plan in their routine geared towards their desired life.