Extra Credit Paper
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Extra Credit Paper
Throughout the semester I was able to take a lot out of this class to use in the remainder of my college career, through graduate school, and after I graduate for my professional and personal life. Discussions from this class tied into my other business courses which helped me to better understand a lot of the same or similar topics, which made them easier to apply. Discussions in particular were taxes, the time value of money, business organizations, and cash flows of a business. I also enjoyed the quotes of the day which not only related to topics in the class, but also to everyday life as well. I was able to take a lot from this class and gain more information for my future which will help me to one day become an entrepreneur.
“Its not what you make, its what you keep,” is one of the many quotes I took from this class as advice to live by. This quote in particular I think is very important for anyone that pays taxes to understand. I am also in Advanced Income Tax this semester and have learned a lot between both of these two classes about how to be tax-efficient, not only in the future but also the present. Whether someone is a business major or not, they still have the responsibility of paying taxes because it is something that everyone has to do if they are a U.S. citizen. The difference is that if you are educated on taxes and know what to deduct or defer you can save paying more taxes than you need to and you will get to keep more of the money that you have earned. This is why this quote is important because although someone may make a lot of money, if they arent tax efficient then they may not keep as much as they deserve because they arent smart about their taxes. Someone could also have a lower salary but be tax efficient and end up with more after tax dollars than someone who has a higher salary but isnt tax efficient and therefore pays more taxes than necessary.
Another quote that I really took something from was “you havent failed until you stop trying.” I think that this is a statement that everyone should live by, whether within finance and business or outside it. Success doesnt get handed to people; it is something to work towards. Sometimes I might fail, for example get a test grade back that Im disappointed in, but if I get discouraged and stop trying and dont get back up when I get knocked down, then I wont move forward. As long as I am willing to learn and keep trying then I will be successful, which is why I think that this quote is something everyone should live by. As a college student I can really relate to it. I can also refer to this quote in the future when trying to find a job or start a new business, to keep trying until you make it.
Throughout this semester we also learned about the time value of money. I think that this is a very important principle because it helps people to understand that money received today is worth more than money received in the future. This is because money received today can earn interest so it is better to receive money earlier than later. Even if there is an option to receive $5,000 today or $5,200 in 3 years, the $5,000 today could earn more interest over the 3 years and would be worth more than the $5,200. Passing up the opportunity to receive the $5,000 today, would cause one to suffer from an opportunity