Current economic crisis is due to low financial literacy rates.
Good Financial Management is a LIFESTYLE, not a mode or temporary
If you are taught good financial management by your family - you are lucky
Will help you the rest of your life
Choices you make defines the person you are
Looking at Student Mentality on Financial Management
Who's paying for college?
Why are you in college?
What are you academic goals?
You are investing a lot of money into your college education (somebody is)
Starts with what's important for your future
College students (especially millenials 18-25) - confusion between long term goals vs instant gratification.
First Step is Mufi's Way
Three steps former Mayor Mufi Hanneman emphasized in spending our Tax Dollars, is a start for financial management basics for college students.
#1 Do you "REALLY" need it? (No Impulse Buying or Stress Relief)
#2 Can you "REALLY" afford it? (No Borrowing or Skipping Payment)
#3 Can you "REALLY" maintain it? (The hidden extra costs?)
Examples of Mindless Spending of a College Student
Example #1 Transportation Costs (Car vs Education)
Do you need a car?
Car versus your education
Hidden Costs killing your budget? Do the math.
What are the Alternatives?
Example #2 Credit Card Problems
You do have to pay the money back.
Debit card is not a credit card
Banks target college students with credit card offers. Why?
College students are not educated about credit card use
8 out of 10 Students max out their credit cards
Easy prey for credit card hell
Do you need a credit card? (YES)
How many do you need? (only ONE for emergencies)
What type" (Usually MC or VISA)
What is the interest rates? (Always READ THE fine print on the application)
What's a Minimum Payment? (Pay it ALL off)
Amass assets and protect them through economic downturns
Buy a home to provide for loved ones
Invest with confidence and navigate the market in good times and bad
Secure reliable income for their later lives
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The bestselling, tried-and-true guide to taking control of finances, now updated to cover current market conditions
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Ramsey debunks the many myths of money (exposing the dangers of cash advance, rent-to-own, debt consolidation) and attacks the illusions and downright deceptions of the American dream, which encourages nothing but overspending and massive amounts of debt. "Don't even consider keeping up with the Joneses," Ramsey declares in his typically candid style. "They're broke!"
The everything personal finance in your 20s & 30s book : erase your debt, personalize your budget and plan now to secure your future: Provides an overview of financial concerns for workers in their twenties and thirties, including topics such as creating a budget, saving options for large purchases, and making a decision about which insurance to purchase.