It’s never to early too start honing your financial education.
We spoke to a self-taught financial guru Jerome Richter at the University of Mary, who says before graduating college is the time to learn how to efficiently use your money.
He encourages his students starting out to save and invest their money for down the road when it’s worth more.
He also discusses good versus bad debt. Good debt is anything that goes up in value and pays off, like a college education.
He points to buying a brand new car right out of college as bad debt to take on, because it immediately goes down in value.
The University of Mary Vice President of Public Affairs explains, “Wealthy people are not people that make a lot of money, wealthy people know what to do with their money, and the first thing they have to do is save it. If you don’t save it, you don’t have any opportunity to do anything with it.”
Richter’s third tip is to start investing as early as possible. He recommends looking for a first job that has a built-in retirement plan to start.