Financial Wisdom for Students: Insights from M&T Bank Experts
On May 15, students at Sussex Academy in Sharon Mews had the unique opportunity to dive into the world of personal finance through an engaging discussion led by banking and investment professionals from M&T Bank, Mary Ann Smarte and Leesa Mereider. The event emphasized the importance of understanding financial basics, aiming to equip students with knowledge that can help them navigate their financial futures effectively.
Mastering Banking Basics
Mary Ann Smarte took the stage first, breaking down essential topics related to checking and savings accounts. Here are some key takeaways from her session:
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Choosing the Right Bank or Credit Union: Not all banks are created equal. Students learned to evaluate options based on fees, services, and convenience. This ensures they choose a financial institution that best fits their needs.
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Establishing Good Credit: Credit scores can have a major impact on future financial decisions, such as loans for a car or a house. Smarte recommended starting early, emphasizing responsible credit card use and timely bill payments as vital components in building a strong credit history.
- Protecting Against Fraud: With technology making banking more convenient, it also opens the door to potential risks. Smarte stressed the importance of safeguarding personal information, using strong passwords, and regularly monitoring bank accounts for unauthorized transactions.
Investing Made Easy
Following Smarte’s discussion, Leesa Mereider shared her expertise on financial investing, making it more relatable and accessible for students. Here’s what she highlighted:
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Understanding Investments: Mereider demystified terms such as stocks, bonds, and mutual funds. She explained that stocks represent ownership in a company, while bonds are essentially loans given to companies or the government. Mutual funds pool money from various investors to invest in a diversified portfolio.
- Getting Started: The idea of investing can be daunting, but Mereider encouraged students to start small. Using tools like robo-advisors or investment apps can make it easier to begin investing, even with limited funds.
Take Charge of Your Financial Future
This discussion was not just an overview; it was a call to action for students to take charge of their financial well-being. By understanding banking basics, establishing good credit, and learning about investments, these young individuals are setting themselves up for future financial success.
As they head into adulthood, the lessons learned from experts like Smarte and Mereider are invaluable. Students left with actionable insights that empower them to make informed financial decisions, paving the way for a more secure and prosperous future.
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