Top Honor for Chisholm 5th Grader's Financial Advice

By KBJR News 1

Top Honor for Chisholm 5th Grader's Financial Advice

August 29, 2013 Updated Aug 29, 2013 at 3:59 PM CDT

Chisholm, MN (NNCNOW.com) - What advice would you give others when it comes to finances? A Chisholm 5th grader's tips earned him a top honor.

Daniel Rusten is the winner of a statewide financial literacy essay contest.

His essay discussed the financial advice he would one day give to his grandchildren.

He got to see the Twins play the Kansas City Royals Wednesday as part of his award from the Minnesota Department of Commerce, Governor Mark Dayton and the Twins.

So, what advice did Daniel have? Here's his essay:

"If I were one hundred years of age and wanted to give smart financial advice to my grandchildren I would start with these three points.

The first advice I would give them is to prioritize your spending. You have to understand needs verses wants. Learn how to tell the difference between the needs and wants, and you’ll spend less money. Needs are things like food, shelter, and clothing. Needs are also extended to utility bills and other payments you need to make. Wants are items that are nice to have. They are not items you need to survive.

The second piece of advice I would give my grandchildren would be to save. The sooner you start the better. The earlier you start the faster your money can grow. Money from savings is important because it can be used in emergencies. It can help for unexpected expenses. It is important to have something “to fall back on” when situations arise.

Thirdly, I would tell my grandchildren it can be dangerous and costly to share financial and personal information online! Use your best judgment at all times on the internet. These are the three things I would tell my grandchildren to have a good financial future."

Kevin Jacobsen
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