On April 16, I had the chance to attend a lecture at the KSU Student Union sponsored by the organization Food For Thought. Food For Thought’s purpose is to close the gap between agriculture and consumers. At the lecture, Rachel Ramsey Cruze, daughter of recognized financial commentator and expert Dave Ramsey, informed us about debt and finance. Her lecture, entitled “Not So Common Sense”, discussed the ins and outs of becoming debt free. Rachel gave some great advice and it is included in the following steps:
1. If you don’t have the money, don’t buy it.
Rachel said that this is one of the most common things people should know, but don’t. Credit card debt was one of the top on the list of dangers Rachel mentioned. Students are the most targeted individuals for credit card companies. Her advice was to “Just say no to credit cards all together.” She also talked about student loans and how are becoming larger and larger. Having a job and being a full time student was one of the tips she gave to stay afloat when having student loans.
2. Live on less than you make.
“Tell your money where to go.” This was a quote that really stuck out to me from this lecture. Most people today let their money take ahold of their lives. They spiral out of control, and before they know it they are in mounds of debt. Rachel’s best tip was to make a budget to solve this problem.
3. Save money.
It is pretty simple to save money, but Rachel said that it is necessary for us college students to have an emergency fund of $500 at all times. Who knows when you will have unexpected, so it is best to be prepared for them.
4. Giving is better than receiving.
One thing that not many people think about when being financially stable is giving. Rachel told us that “Selfless people prosper.” If you give more, you will receive more and feel much better about yourself.
Finally, she left us with the next steps that we must do as college students.
1. Save $500 for an emergency fund
2. Pay off student loans
3. Have a successful job and pay off all debt
4. Save 6 months’ worth of expenses incase of an emergency
5. Invest your money in a Growth Stock Mutual Fund
If anyone is interested in learning more about being financially stable, or about Dave Ramsey and his daughter, you can go to this website: