This semester has been a pivotal chapter in my academic journey, marked by a transformative experience in my Life and Financial Planning class. Before enrolling in this course, I lacked financial discipline. My spending habits were characterized by impulsive decisions; without thoughtful planning or consideration of the necessity of my purchases. However, I gained insights from this class that have reshaped my approach to personal finance altogether, instilling in me a newfound sense of responsibility and financial awareness. One of the key components of the course was responsible financial practices, with a focus on budgeting, saving, and the importance of establishing an emergency fund. Delving into these topics provided me with practical tools to navigate the complexities of financial management. During the first week of the class, our professor challenged us to track our income and expenditures for an entire month. The subsequent assignment was to compile a detailed report evaluating the nature of our spending and providing explanations for each financial decision. This exercise was an eye-opening moment that prompted me to reconsider my spending habits. It became evident that I had been buying items impulsively, often because of the high discounts. It led me to review my spending record from the beginning of the year. Oh boy, I cried!! I had spent so much money on things I couldn’t even account for. It made me understand why I was usually broke after three or four days after receiving my paycheck. The next day after class, I asked my professor “what can I do to help me save my money and spend it wisely.” He said, “start with budgeting your finances. Read Get a Financial Life: Personal Finance in Your Twenties and Thirties by Beth Kobliner; it will help you navigate your financial life.” Truly, the book has deepened my understanding of so many things, including getting a credit card, establishing an emergency account, and investing in stocks and Roth IRAs. Each chapter became a stepping stone toward financial literacy, empowering me with practical insights to make informed decisions and pave the way for a more secure financial future. I am so proud of myself that I am very conscious and cautious about how I spend my money. I have even started selling some of my belongings because I don’t need them and I need to get at least some of my money back. I am also planning to start investing in Roth IRAs next month. All thanks to my professor for his advice and for recommending the book to me.

Growing up in a low-income neighborhood in Liberia, I am one of the few girls in my community who had the opportunity to complete high school. This accomplishment was not only a personal victory but also a testament to my resilience and determination. After I graduated in 2016, I moved to Monrovia to participate in SMART Liberia’s Lift Liberia Scholars program. It is a college prep gap year program that uses its global mindset and entrepreneurial leadership tracks to prepare Liberia’s highest-performing high school graduates for admittance to universities abroad. I was one of twelve students selected out of a poll of 1087 extremely bright applicants across Liberia, indicating my strong academic abilities, leadership skills, and potential to drive positive change. In 2019, I got a life-changing scholarship from SMART Liberia to study at Beloit College in Wisconsin. Unfortunately, SMART Liberia lost all of its donors during the COVID-19 pandemic, which resulted in the withdrawal of their sponsorship towards my studies. The loss of sponsorship was a devastating setback, but I refused to let it derail my dreams. While my family has been a source of emotional support, their financial circumstances make it impossible for them to contribute to my education. Undeterred, I started self-funding to save myself from the shame of returning home without my undergraduate degree. At the beginning of each school year, since my second year of college, I apply for a variety of grants to raise funds for my fees. I also seek out internship opportunities during the summer to increase my chances of raising enough money for my fees. However, this past summer, I could not do an internship as I was participating in the Public Policy and International Affairs (PPIA) Junior Summer Institute at the University of Washington Evans School of Governance and Public Policy. Although I work on-campus, the minimum wage I earn barely covers my personal needs, leaving me with little or no option but to take loans from my school to pay my fees. However, I have exhausted the maximum amount of loans a student can take. I have actively sought opportunities to mitigate my financial burden, such as taking three courses per semester. My financial situation has caused delays in completing my degrees in International Relations and Environmental Studies and a minor in Spanish. I am now in my fifth year, and my student account is currently on hold as I have not been lucky enough to secure a grant to cover my fee for this academic year. Securing this scholarship would be a lifeline, allowing me to clear my student account balance and register for the next semester’s classes. It would not only alleviate the immediate financial pressure but also enable me to focus on my studies without the constant worry of looming debts. More importantly, it would help me stay on track to graduate and fulfil the aspirations that brought me to Beloit College. The adversities I have faced as an international student have been significant, but they have fueled my determination to succeed against all odds. I am committed to utilizing this opportunity to its fullest potential and leveraging the education and skills gained to contribute meaningfully to society. Additionally, I am an aspiring Public Policy Analyst and International Human Rights Lawyer dedicated to fostering peace, justice, and equality. My ultimate goal is to contribute to the creation of a more equitable and just global society. This scholarship represents more than a means to clear my student account; it is an investment in the realization of my broader ambitions.

@i_am_martu

One of the personal finance lessons that I find important is creating an emergency account. My school took us on a two-day retreat to Madison in Wisconsin in November 2021. We had a series of workshops, and one of them had to do with financial literacy and discipline. It was facilitated by Jonathan E. Irish from Thrivent. He talked about the importance of creating an emergency account. I have never considered that apart from creating savings. I took his advice and applied it to my personal life. I created an emergency account immediately I left the retreat. Earlier this month, I applied to the American University in Washington D.C. for a study off-campus program for the Fall 2022 semester. I thought my school was responsible to pay for everything since it is paying for fees through my financial aid package. Unfortunately, I was told that I needed to pay $400 for the admissions deposit. I didn't have up to that amount in my savings because I had just paid my outstanding balance. But I had some money in my emergency account that totaled $450. I started thinking about what could have happened if I had not created an emergency account? I could have been looking for someone to borrow me money. From that moment, I started prioritizing my emergency account just as my savings.