We all make financial decisions every day. Of course, some decisions are bigger than others and can affect our lives in large and long-lasting ways. A focus of our financial education efforts at the Richmond Fed is to help people make the most informed choices they can about these major decisions.
Recently, the Richmond Fed had a unique opportunity to ask students what they consider to be the biggest financial decisions they’ll make in their lives. As a partner in the West Virginia Money Smart Week student essay contest, we challenged middle school students across the state to think about the three biggest decisions they’ll face and to describe how they plan to prepare for one of those decisions. About 300 students participated, offering their thoughts on decisions ranging from college, to car purchases, to retirement.
Emily Triplett, the grand prize winner, who’s a seventh-grader from Logan County, W.Va., focused on the decision to go to college. She wrote that college was the first step toward meeting her life and career goals. She plans to prepare by researching school options and saving for her tuition.
So, what big financial decisions are on your horizon? How to pay for college? Whether to buy or rent a home? How much to save for retirement? If you’re looking for resources to help with these decisions, visit majorfinancialdecisions.org, a new website created by the Richmond Fed. The site links to external tools and information that you might find helpful as you consider your choices. They do not provide the final answer, but we hope they help you get a little bit closer to making your big decision.
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