Page 311 - Keys To Community College Success

Managing Money

LIVING BELOW YOUR MEANS

What Would You Risk? Torian Richardson

THINK ABOUT THIS SITUATION AS YOU READ, AND CONSIDER WHAT ACTION YOU WOULD TAKE.
THIS CHAPTER HELPS YOU GET TO KNOW YOURSELF AS A MONEY MANAGER. IT OFFERS STRATEGIES FOR
USING MONEY WISELY IN THE PRESENT SO THAT YOU HAVE MORE FINANCIAL STABILITY IN THE FUTURE.

Despite growing up in a mentally, physically, and emotion- suburbs of the city. He became aware
ally abusive, working-class household on the south side of of who had money and who didn’t,
Chicago, Torian Richardson developed strong work habits and what budgeting was all about.
early on. His dad drove a bus and his mom worked at the Torian earned a partial sports schol-
post office to help send Torian and his sister to better arship to college, and his grandmother
schools. “Although my parents didn’t have a college helped cover expenses, but he struggled
education—my mother graduated from high school and and was put on academic probation. Less
father earned a GED—they always talked about the value than a year later, Torian lost that scholarship and transferred
of education,” he says. to a community college. He worked part-time at a fast-food
Although a lackadaisical student in high school, Torian drive through, trying to scrape together enough money to
remained curious about how to overcome challenges, pay his tuition bills on his own. Friends and classmates who
escape cycles of abuse, and succeed. Always observant once looked up to him and anticipated his success in college
and aware, he asked friends how they handled certain sit- saw the apparent lack of progress he had made, and his
uations. To escape stress at home, he spent time on the self-esteem took a hit. He doubted that he could take the
playing fields, excelling in football, wrestling, and track. needed risks to earn the reward of graduating from college
When he was 16, he moved from living with his mother and supporting his athletic pursuits on his own.
on the south side to living with his father in the western To be continued . . .

ECONOMIC CHALLENGES
AND RAPIDLY DEVELOP-
ING TECHNOLOGY HAVE
CHANGED HOW PEOPLE
MANAGE MONEY, AND
PAYING FOR COLLEGE
CONTINUES TO BE A Working through this chapter will help you to:
CHALLENGE. YOU’LL
LEARN MORE ABOUT • Understand who you are as a money manager P. 274
TORIAN, AND THE • Identify needs (necessary spending) and wants
REWARD RESULTING (unnecessary spending) P. 275
FROM HIS ACTIONS, • Plan and use a monthly budget P. 276
WITHIN THE CHAPTER.
• Evaluate spending and income and plan adjustments P. 277
• Investigate how to increase income through
work and financial aid P. 279
• Analyze the cost of credit and adjust credit use P. 287
• Set long-term financial goals P. 283