Me and Money | A Personal Diary of Financial Adventures

2nd Chapter | Possible futures

Attracted to the idea of starting to write down actionable thoughts about the future in their diary, George sent to Ada more information and links for her to read about money and delve into the financial world written by the world's richest people.

Under the guidance of his maths teacher, George studies the subject with undisguised interest, perseverance and seriousness. His teacher, who is super passionate about the financial world, is a provider of valuable money parables, tips and resources for his students. In order to get them to learn more, he gives them the opportunity to broaden their knowledge in every maths lesson, challenging them to get a ˝star˝ for every correct answer to the financial questions he asks in class. For every 10 correct answers, any student receives a grade of 10 in the mathematics subject for financial literacy. So, not only are they interested in actively participating in class, but all young people are uncomfortable not learning math if they anyway have the opportunity to expand their knowledge into related areas. This method seems to develop students' competence to be curious and motivates them to seek out more specific information about the world of money.

George: Ada, did you read what I sent you about Apple, Amazon and UiPath? Recent data shows that their shares have risen very well in recent years.

Ada: Yes, I did. I didn't know anything about this topic! It's interesting how investing in stocks can give you a piece of a company's ownership and growth potential. In other news, I didn't even know UiPath was a Romanian company.

George: Warren Buffett, one of the most successful investors of all time, often talks about the importance of long-term investments in companies that pay attention to the quality of the products and services they offer to their customers. Sounds like a strategy worth considering.

Ada: What do you mean? I don't really see how models from the business world could give us new ideas about money.

George: I think we could think the same way. I'm talking about looking at the long-term future. We're teenagers now, imagine what our financial account would look like in 30-35 years if we started investing now for our dreams.

Ada: Well, come on, that's too much! We'll be old by then. What's the point of thinking now for the next 20-25 years? I thought you'd want us to make a plan on how to earn more money this year to satisfy our current needs and wants.

George: I understand, but look, I thought we could set some financial goals. My dad keeps telling me that if I write my goals down and start implementing them, constantly monitoring them, this routine will become so ingrained in my memory that I'll be able to dream about them at night.

Ada: Really! Isn't it enough that I took you up on this challenge? Now you want me to think about money all the time?

George: Really! If you don't think about it now, you'll regret not doing it later. I'll give you an example. As passionate about art as you are, with your talent, you could get scholarships to that prestigious college you keep telling me you'd like to apply to. That way you could cover a significant portion of your tuition costs and thus reduce the financial burden of higher education. But in order to succeed in getting scholarships, you need to get into college, right? And for that, I imagine you need a college savings account.

Ada: What is a college savings account?

George: Ada, do you really want to have all the information ready? How would you like to read about it by tomorrow? You could look it up on the Internet, because you enjoy surfing online anyway. Alternatively, have a chat with your cousin - the history student - and see what she has to say on the subject. I'm really curious what you'll find out.

Ada: You're starting to show off! It's a new invention of yours. Isn't it?

George: It's all as real as it gets. My parents set up a fund like this for me when I was born, and now I'm seriously thinking of putting money aside to contribute. I'd like to have the money to write and publish my books, to travel and talk to my potential readers, to visit different parts of the world that will give me moments of inspiration and reveal cultural, social and historical mysteries. This means I want to constantly invest in my own development. My grandfather keeps telling me that in order to be a successful person, it's important to be financially independent as soon as I turn 35. I can ensure my own well-being and contribute to the prosperity of others who need help without doing anything!?

Ada: Hmm... yeah! That's a rhetorical question, I suppose! You still always make me feel silly for not thinking as big as you do. You know, sometimes, before I fall asleep, I imagine that in order to have access to quality education it's important to have money to go to exhibitions, to buy design software, to attend innovative art classes with passionate teachers, to get tickets to fashion shows and more... All this, to bring beauty into people's lives.

George: Cool! Now you're talking! It's time to write our financial priorities in our diary. :)

Ada: I learned an important lesson today. I realized that money, especially at this age, can bring us freedom, strength and motivation.

Returning home, somewhat disturbed by today's information, with her financial worries and problems on her mind, Ada saw her piggy bank sitting on the top shelf of her bookcase, its friendly smile inviting her to drop her coins into its wide-open pink mouth. With each clink of the added coins, the piggy bank seemed to whisper to her, "Save for a future like you want."

Enlivened by her dialogue with George, Ada already sees herself studying at an arts and social science college in the US or Europe. Deep in her own thoughts, she imagines how she will grow, what she will need to learn and what skills she will need to become who she wants to be when she grows up.

Of course, Ada wants success, which, according to Romanians abroad, is easier and quicker to achieve in other societies, but she is determined that once she gets her bachelor's and master's degrees, she will prove that you can perform in the country too.

Ada feels a huge responsibility for fashion design and wants to bring joy to people. Like George, she believes that to have a fulfilled life it is essential to give from the heart what you have and what you know.

The self-esteem we build by helping others helps us understand who we are becoming and how we can contribute to long-term health and happiness.

From global research, it appears that young people worry for a variety of reasons.Earning too little or not as much money as their friends.Unable to buy anything they want at any time.Spending more money than their allowance, pocket money or money they earn.They have financial problems in their family and as such have little or no pocket money.They are indiscriminate about risks, borrowing from friends or helping friends with money.

DIARY PAGE | Financial Priorities

Think about what areas of your life you may need money for in the future. For example, artistic expression, positive attitude, personal education, family, friends, financial independence, sports, enjoyment of climbing mountains, the impact you have as a sibling on siblings/siblings, etc.

Then complete the list of your priorities.

Did you know that...

Our financial attitudes and habits start to form from a very early age. Shaping long-term financial perspectives early on supports the process of modeling productive financial behaviors and integrating simple but rigorous systems into personal discipline that can lead to increased personal well-being with long-term positive impact, including in the community in which you live and grow.

Money set aside is nothing but an investment in you, your future self. It's a classic principle, like using an oxygen mask on an airplane. If you don't take care of yourself first, you can't take care of those around you.

In order to save money for your future, it is recommended:

Focus on your priorities and goals.Plan ahead for the short, medium and long term.Save for the things you want until you can afford them.Understand the value of money and learn how not to waste it on things that bring you short-term satisfaction.Develop basic mathematical skills.

Financial education is about meeting your own and your family's 'needs', but also fulfilling your own 'wants'. Don't give up on your dreams! You really don't need to eliminate your desires to become financially independent!

gROwth - The Junior Centenary Individual Savings Account is a government programme through which the Romanian government wants to borrow from the population through a bank deposit type product. The difference from a classic deposit is that this instrument is dedicated to minors and has as a repayment date the beneficiary's birthday.