Never get into debt. This simple piece of advice ensures freedom. I don’t want to be stuck paying off thousands of dollars in student loans for the rest of my life, potentially having it negatively impact my credit score and limit future decisions. I’m applying to scholarships like this one so that I can afford college without living far above my means and ending up in debt. In addition to scholarships, I plan to be an RA from sophomore to senior year, which would entitle me to free housing and meal plans, and to work part-time during the school year and full-time during the summers.
Statistically speaking, once people have enough to be financially stable, to pay for bills and indulgences without worry, there isn’t much of a difference in happiness between the guy earning $100,000 a year and $1,000,000. So, naturally, I don’t strive to have money merely for the sake of having money, but for the security of being able to buy my own house, be debt free, and occasionally make indulgent purchases. I believe in the FIRE movement, living frugally, and saving enough money to retire early and pursue my interests. I’ve worked for one summer so far and plan to get jobs for the next four summers between college, which could add up to over $10,000, accounting for living expenses. That is, if I’m able to pay for college itself through financial aid and scholarships, I can continue to save money even during that time. That initial $10,000, even if no money were added to it, would be almost doubled in ten years with a 7% return on investment, but by graduating without debt and gaining employment in a biology-related field, with regular deposits into investments this could greatly increase. This highlights the difference financially between graduating without debt, already able to save, and graduating with debt, which would not only prevent savings but also require continuous contributions, making establishing an emergency fund or retirement savings more difficult. About 40% of Americans live paycheck to paycheck and, in addition to the lack of a social safety net in the US and other socioeconomic factors, I think that debt is partially to blame. Not including mortgages, almost 80% of Americans have debt of some sort. That's a huge burden that we are carrying as a society.
Imagine a living history museum in a fully restored, historic building. With period wallpaper and kitchen appliances creating a bubble around the 1890s, allowing guests to feel the labor it takes to rub lye into clothes and wash them by hand, to gain a picture of the day-to-day realities of the past for one-night stays. Sounds like those washboards are reflecting the next Disneyland, right? I bear no delusions that my dreams for passion projects are highly profitable, but they do have an educational value and could potentially get a lot of people to think in different ways about the past. When sponsors came through to fund the maintenance of the Tabor Opera House in Leadville, my heart swelled with joy, just as it falls when another of Denver’s last ‘30s movie palaces gets knocked down. What’s holding those neglected buildings back from being widely used and enjoyed is often primarily a lack of investors willing to take on the project. With extensive savings, I could save one of those last vestiges of the shining opulence of early Denver.
As the child who researched average rent prices to make budget pie charts and made up scenarios to calculate the rule of 72 on, I’ve always found thinking about money fun. Many adults are uncomfortable discussing it. This has many downsides; comparing salaries with co-workers can allow inequities to come to light and promote equal pay and someone whose parents didn't discuss budgeting probably isn't going to be able to effectively manage money themselves. But, among young people, there is much more interest in having open conversations about how money can be best spent and managed. I want to be part of this new generation that strives to live debt free, make sensible decisions, and retire early. Money is shallow, it can’t bring happiness or fulfillment, but it can, in many ways, bring freedom. By making smart plans now and setting myself up for future opportunities, I can hope for the freedom to live comfortably and follow my dreams, whether that be saving a struggling opera house or paying for my children’s college.