Quantitative Literacy

Quantitative Literacy is the intelligent and effective use of numbers in one's life. Rather than simply memorizing equations and formulas, successful quantitative thinkers interpret data and understand the context of numbers. Mathematical skills are essential in today's society because statistics can often be misleading. Quantitative literacy focuses on an intuitive approach to understanding numbers and mathematics in order to be successful in today's society. There are many definitions for mathematical reasoning, and people take various approaches to become quantitatively educated. Although many people develop their skills through formal education, I have acquired most of my quantitative knowledge from my personal experiences.

My father, John Suchoski, has had the greatest impact on my expansion of my intuitive understanding and interpretation of numbers. He currently holds a position at BlueCross of Northeastern Pennsylvania as Chief Financial Officer. I am extremely proud of his numerous accomplishments because he has worked his whole life to attain this position. My father has been working with numbers his whole life, starting as an accountant, and building to his current job as head of finance. I guess you could say that he has a passion for numbers. His logical reasoning and understanding of statistics can be seen in his everyday life and his interaction with others. At a young age he introduced me to different mathematical situations, starting with simple addition problems at the dinner table. He presented me with problems that involved quantitative reasoning rather than concrete formulas, allowing me to exercise my growing concept of logic. If we were traveling on the road for a long distance, my father would challenge me to problems dealing with speed, distance, and time. He would also test me with questions associated with percentages that could be easily connected with real world activities, such as discounts when shopping. These questions helped my intuition and my understanding of general concepts. My father exposed me to mathematical reasoning through everyday problems and ultimately further developed my quantitative literacy.

Not only did my father enhance my understanding of numbers through daily mathematical problems, but he also introduced me to the financial world. Every afternoon we would sit and watch the stock symbols scroll across the television screen, and it was here that I first found my love for the stock market. Two years ago my father allowed me to manage my own portfolio with his constant supervision. With this control I was able to buy and sell my own stocks, calculate dividends, research companies, set goals, study the economy, interpret data, and apply statistics and logic to my decision making. I needed to understand numbers, what they mean, and where they came from. I began interpreting graphs when I needed to compare the stock prices of two companies. This experience in the financial world has allowed me to add to my quantitative skills.

Along with the accumulation of skills through statistical analysis, I also expanded my numerical understanding through my experience with percentages. Working with percentages allows an investor to comprehend growths in earnings and potential growth of a company as a whole. Percentages are crucial in knowing overall gain or loss, which is essential to managing money correctly. Percents of percents, an especially difficult topic, are touched on in "What The Numbers Say" (pg 87). This excerpt gives an example of stocks increasing in terms of percentages and percentage points. I can distinguish between these two confusing topics due to my experience in investing. When managing funds one has to look at several approaches and find the strategy most appropriate for the investor. ETFs also known as Exchange Traded Funds are investments that are managed by firms that grant ownership of a group of individual stocks. However, often times investing in these funds can be complicated because of the hidden rate charged in order to have the investment managed. The issuers of ETFs do not want buyers to see the rate charged at first as it can often scare away potential customers. As an investor it is essential to direct your attention to the economic data released throughout the course of the year. These statistics include economic growth, employment reports, GDP results, inflation, and other important information concerning the status of the economy. I make most of my decisions based on this information and the results representing the overall health of the economy. It is vital for me to understand the meaning of these reports and where they come from. I must understand the numbers presented in order to make a suitable investment decision. All of the reports released on the economy require some mathematical reasoning in one way or another, and I have gained a great amount of knowledge in the past two years because of these unique experiences.

The development of my quantitative reasoning can be attributed to my father and my personal experiences. Mathematical literacy is not learned overnight. Rather, it is a long, cumulative process that takes practice in order to develop one's skills. Such understanding is critical for people to interact effectively in today's society. There needs to be more focus on mathematical reasoning since we are faced with numerical problems everyday. This knowledge can be useful in a variety ways including watching the news or trying to comprehend an article in the newspaper. I give credit to my father for exposing me to different mathematical problems where I used logical reasoning to find a solution. I developed my quantitative literacy through my personal experiences, and this understanding of numbers will allow me interact and be successful in today's society.