Money Management and Good Credit discussed at Financial Seminar

Candace Chambers

Blue & White Flash/News Editor

Did you know that if you spend $4 a day on coffee, your spending in a year can equal $1400 and over $7000 in 5 years? This interesting fact and more money managing tips were presented at the 11^th Annual Personal Money Management Financial Education Seminar hosted by the College of Business’ Department of Entrepreneurship and Personal Development.

The seminar was composed of two sessions held on February 12 and 13. Mr. Theodore “Ted” Daniel, President/CEO of the Society for Financial Education and Personal Development Inc., was the guest presenter.

Mr. Daniels, who has more than 35 years of experience in financial management and investments as stated in his bio, stressed to the packed lecture room of students the importance of being a coach of their own life by taking control of finances now to prepare for the future.

He emphasized the need to monitor positive and negative cash flow by having a written and mental budget for keeping track of expenses and to have the conscious ability to ask questions such as “Do I need it?,” “Am I buying it because my friend bought it?” and Can I afford it?”  when purchasing items.

Often when college students receive refund checks, the latest Jordan’s or new car accessories are the first items for spending the funds. But, students should save the monies and if needed, use it to pay off loans or to reduce credit card debt.

Good credit, with a target score of 750, can open doors when buying a new house, a new car, or applying for a job. Mr. Daniels recommends freshmen and sophomore students wait to obtain a credit card because the first two years of school are essential for establishing a strong academic foundation. As a junior or senior, a credit card purchase and the consistency in paying off the loans can exemplify responsibility and can increase the credit score.

Always keep a low credit card balance, look at the total cost to pay off an item bought on credit instead of small payments, and remember the longer it takes to pay off an item, the higher it will cost in the end. He also mentioned retail store cards and even though the discount of 10% off an item with a Belk’s card sounds like a good deal, the cards do not positively contribute to a credit score.

Mr. Daniels asked the audience to raise their right hand and make a pledge, “I will graduate from JSU and become successful professionally and financially.”

Dr. Causey, Assistant Professor in the Dept. of Entrepreneurship believes that educating students will aid them as they journey in life and as they build wealth. He said, “It is important to learn to use the resources they will have as a result of being educating themselves. The resources will help them increase their earning power, make good financial decisions, and when starting a business.”

Cynthia Evans, a senior Business Administration major from Jackson Miss. took away points from the presentation. “I learned how to manage money and about credit.”

“I learned how to be patient and make decisions with a level head with time.” said Jeremy McNeal, a junior Accounting major from Clarksdale, Miss.

To gain information regarding how to pay student loans, students can visit the website: www.nslds.ed.gov. For a free annual credit report, the website is www.annualcreditreport.com