Page 332 - Keys To Community College Success

student PROFILE

Charlotte Buckley

HINDS COMMUNITY COLLEGE,
JACKSON, MISSISSIPPI

About me: I believe everyone who needs financial aid should consider work–
I am 39 years old. I dropped out of study. Although I sometimes feel very busy, I keep my goal right in
high school and didn’t return to front of me: A good education is a ticket to a better-paying job.
school for 20 years. I wanted to Second, our family has to run on a tight budget. I did get married
finish my education, but as a single mom raising two kids, I three years ago, so things aren’t as tight as they were, but we all
couldn’t figure out how to go back to school. My teenage daugh- keep our long-term goals in view to resist spending money on things
ter helped me gain the courage to get my GED through Hinds’ we don’t need. I’ve always stressed to my two kids, and now to my
Dropout Recovery Initiative. I discovered I had an interest in nurs- two stepchildren, that a college education is a need, not a want.
ing and was able to find a work–study program so I could continue
What will help me in the workplace:
attending college classes at Hinds. Now I am applying to a nursing
school in Memphis. Living on a budget and sacrificing now for long-term goals later
involve a lot of discipline. In the workforce, discipline allows you
My challenge and how I meet it: to make commitments to excellence even when the going gets
I have a family to help support and I must balance working with tough. Discipline helps you weather some of the temporary storms
going to school. First of all, the work–study program is amazing. in the working world and in life.

If no such plan is offered, or if you are self-employed, consider looking into Indi-
vidual Retirement Accounts (IRAs) offered by financial institutions or banks. When
you open an IRA, you can contribute to it monthly or at the end of each year. There are
two kinds of IRAs. With a traditional IRA, the money you contribute is tax deductible,
meaning you can deduct it from your annual earnings and lower your taxes. You can-
not draw the money out without a penalty until you are 59-1/2 years old, and you must
pay taxes upon withdrawal. With a Roth IRA, the money you contribute is considered
part of your earnings and is not tax-deductible. However, once you are 59-1/2 years old
and have had your Roth for at least five years, you can withdraw the money without
paying taxes on it.
IRAs may be your best bet for investment. Key 11.8 shows the extraordinary earn-
ing potential of an IRA. The type of IRA you choose will depend on your employment,
your income, and the money you have available to invest.
If you’re feeling a bit overwhelmed about finances at this point in your life,
you’re not alone. Many college students, both those for whom financial responsibil-
ity is new and those for whom tuition is just one more addition to a stack of bills,
have similar feelings. However, the University of Arizona reports that “the benefits
of financial knowledge extend beyond having money into realms of physical and
psychological well-being.” Keep learning about money management, take future
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risks based on the rewards you need most, and your actions will contribute to suc-
cess for life.

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