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A College Student’s Guide to Money Management

3/31/2019

College, for many young people, comes with facing a plethora of new things. A new
environment and a new sense of financial responsibility can be daunting when you are away
from the safety of your parent’s wallet for the first time. According to LendEDU’s 2016 study,
there is an extreme lack of financial literacy in the United States that is negatively affecting
college students. The study found that forty-three percent of college students do not track
monthly spending at all, fifty-eight percent indicated that they are not saving anything, and forty-
three percent of students cannot name a single difference between a credit card and a debit card.
Managing one’s day-to-day finances requires more than a little financial knowledge.

While most college students have a primary goal of ensuring that they will have a stable
job after they graduate, many do not consider how the choices that they make in college will
impact their future finances. Many college students rack up thousands of dollars in credit card or
student loan debt because they are spending more money than they can afford. Others simply fail
to plan for the future at all. Here are several tips that all students should follow to ensure that
they are financially responsible and that they leave college in the best financial condition
possible.

Create a Budget
Most college students and young adults neglect the importance of establishing a budget.
Listing your expenses and tracking your spending helps to separate needs from wants. Budgets
also help to eliminate both stress and overspending.

Utilize Online Resources
Taking advantage of online financial services via apps or websites makes money
management easy and convenient. Apps, such as Mint, enable users to upload bank account and
expense information so that you can handle all of your accounts in one place. This helps you
avoid missed payments and penalties, as well as easily access all of your account balances.
Online banking and banking service apps are another type of resource and they allow you to
easily transfer money and make mobile deposits.

Take Advantage of your Student ID
In addition to free entertainment options, many colleges offer advantages for students
through their ID cards. Hundreds of brands and retailers offer discounts for students as well.
Taking advantage of these discounts is likely to save you money on things that you already buy.

Choose and Use a Credit Card Wisely
There are certain situations where a credit card can be extremely convenient. A strong credit
score can also make you eligible for loans that you may need or want during or after college.
However, it is vital to do your research before applying for any credit card because different
cards offer a variety of different perks and/or drawbacks. Using your credit card wisely and
avoiding debt can positively impact your financial future.

Learn to Save
College is the perfect time for young people to begin to understand the value of saving
for a large purchase or unexpected emergency. Learning to save money now will lead to a
lifetime of increased financial security.

College is loaded with new experiences, and while it is important to get involved with
activities, meet new people, learn, and have fun, it does not have to involve extravagant
spending. By being responsible, logical, and using your financial knowledge, you can learn to
take a hold of your finances early and it will benefit your financial future. With practice and
time, students in college can learn the vital money management skills that they will carry with
them throughout their lives.

Hannah Grayem

Editor: Nicole Egel

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Women in Power: What this Means for Upcoming Businesswomen and Leaders

3/17/2019

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The 116th Congress was not only one of the most ethnically diverse groups to have taken power, but it also contained the most women to date. There are a record 102 women serving in the U.S. House of Representatives from 34 different states. Today women comprise 23.7% of the United States Congress, 25% of the Senate, and 23.4% of the House of Representatives. These numbers may seem small; however, they show that women are taking strides by being represented in the government. The 115th Congress only contained 20.1% women. This shows that the numbers are continuously rising. Hopefully, these numbers and percentages will continue to rise in our lifetime until all genders are equally represented.

In addition to the increasing female representation in Congress, there are a record number of women running for president in the 2020 presidential election. There are currently five female lawmakers who have announced their candidacy and another woman, a political outsider, who is a spiritual advisor. The citizens of the United States have never had the opportunity to witness a televised presidential debate that included two female candidates, and there could possibly be six or more female candidates in the next election. More and more women have been coming into power and it isn’t going to stop here. The rise of women in government, business, etc. is going to continue to escalate throughout the upcoming generations. The women that are currently in high school and college have an increasingly large number of successful female role models, and they are able to use these mentors as motivation to work towards their aspirations.

Alexandria Ocasio-Cortez
Among the amazing women who are currently in office is Alexandria Ocasio-Cortez (AOC). AOC represents a woman who is a great example to motivate other women to work towards their aspirations. She works hard to achieve her goals and she fights for what she feels is right. A little over two years ago, AOC was waitressing and bartending in New York City and now she is a member of Congress and a popular activist. After her father died of cancer in 2008, she had decided to take on a second job as a bartender to help her mother with expenses. She had been employed at the immigration office while helping with some other nonprofit organizations to work towards her eventual seat in Congress. Also, AOC graduated cum laude from Boston University even after losing her father during her college career. She is not afraid to voice her opinions and to challenge others in power. At only 29 years old, she has surpassed many others twice her age by becoming a female member of Congress at such a young age.

What This Means for the Upcoming Generations
The rise in the number of women in leadership roles and positions of power is inspirational for our generation. Women today have the opportunity to look up to other women that are accomplishing their goals and successfully making it in the government and business field. Past generations have not had as many female role models to look up to. The percentage of women attending colleges, and more specifically business schools, is higher than ever before. All of these facts and numbers should encourage you to push through to achieve your goals and to not be afraid to go after your dreams. There are other women who have done it successfully, so that means that you can too. With the right mindset and determination, women can achieve their goals better than they ever have before. There is no better time to be a woman than now.

Kylie Gambone

Editor: Hannah Grayem

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Stay Informed To Stay On Top

3/3/2019

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News travels faster in our world than ever before. New stories and headlines can hit the internet in a matter of hours, and they are at the disposal of anyone. Our generation has the opportunity to access more information than any previous generation. However, with this privilege comes a responsibility for us to stay informed and up to date on current events. Sometimes it can seem overwhelming, with everyone talking about news and spitting out facts that you may not know. In my first business class within the Fisher College of Business, I was surprised and impressed at how knowledgeable students in my class were about the business world. It made me realize that when you’re informed about something, other people will take notice and be impressed. Employers are looking for people who are knowledgeable about their field and who can stay on top of their job. So, I would argue that instead of looking at all of the information at our fingertips as overpowering, we should all use it to our advantage to stand out in jobs and other situations, such as interviews.

I am sure that every college student has learned countless definitions throughout their classes, but out in the real world how often are you going to be asked to recite them? Employers are looking for candidates who can take this foundation of knowledge and apply it to relevant, real situations. A great way to stand out in interviews is to be well informed about what is going on in your desired field. They may ask you questions about recent changes in the business world or hypothetical questions that require outside knowledge. Current events are a great conversation starter at interviews and networking events, and they give you the chance to demonstrate your awareness of what's going on in the world around you. Not only is it important to know about the specific company that you are interested in, but being knowledgeable in general about current events and what is going on in the world around you will put you at an advantage and ensure that you’re prepared for whatever employers and networking connections throw at you.

An easy and fun way to stay informed and learn about your interests that I have found and practice is by watching TED Talks, which are short videos from expert speakers in various fields. On TED’s website, which can be found here, there are videos on any topic that could possibly interest you. Whether you want to learn about SpaceX or about business in Africa, TED really has it all. A simple way to start getting informed can be by picking out one TED Talk a day to watch. Podcasts are another popular way to stay up to date on current events and to hear from different perspectives on different topics. Apple Podcasts is an app that is easily accessible to anyone with an iPhone and it has thousands of different talks about anything that you could be interested in. There are even series of podcasts for different topics that you may be interested in. Both TED Talks and podcasts are quick ways to learn more, and you can do it from the comfort of your bed so that it doesn’t feel like a chore.

I also urge everyone to start spending some time each week reading your pick of a business, or whatever your interest may be, website or newspaper. Whether it be Business Insider or The Wall Street Journal, we can all set aside some time to do this. Even just glancing over the headlines everyday can give you an idea of what’s going on in the world. We have all of these resources at our disposal, so why not use them? Taking a few minutes out of your day to gain more knowledge about your field, interests, or what's currently going on in the world can end up making a big difference when the time comes to put your knowledge to work. After all, knowledge is power!

Lindy Behling

Editor: Kylie Gambone

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