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Learning life skills of managing money Money isn’t everything, but it is a part of daily life for the rest of your life. Mismanaged money leads to unwanted, stressful consequences, so it is highly useful to learn the life skills of money management and financial literacy sooner than later. Angela Mazzolini is the director of Red to Black, a program dedicated to helping students with their finances. She said students can start managing money with a money plan and realistic, tangible saving goals. “You don’t have to have a lot of money to start saving. Just start saving no matter how much it is,” Mazzolini said. When students practice saving during college, she said, it establishes healthy financial habits when they graduate. In addition to setting shortterm goals, she said students should think beyond gradua-

tion and create long-term financial goals. “(Money management) really is looking at the big picture and not just segments of the picture,” Mazzolini said. She said she suggests students meet with Red to Black peer coaches regardless of their financial situation. She also recommends students take a personal finance class. Dawn Abbott is the assistant director of the Personal Financial Planning Program. The program is dedicated to helping all Tech students become financially literate and offers classes for any Tech student who is not a personal financial planning major or minor. She said she encourages students to gain as much financial knowledge as they can by utilizing the resources Tech offers for gaining financial knowledge.

For students who are interested in investing, Abbott suggests they wait until they have a full-time job. “As a college student, you’re investing in your education,” Abbott said. “What you are investing in is human capital -- that’s all your skills, your ability, everything that you as an individual are going to take into the labor market and start trading for financial capital at some point.” She said the investment students make in their education will pay off for the rest of their life. Personal Financial Planning teaching assistant, Patrick Payne, studies risk taking and money satisfaction as a doctoral student candidate.

“The Earth is the only world known so far to harbor life. There is nowhere else, at least in the near future, to which our species could migrate. Visit? Yes. Settle? Not yet. Like it or not, for the moment, the Earth is where we make our stand. It has been said that astronomy is an humbling and character-building experience. To me, it underscores our responsibility to deal more kindly with one another and to preserve, and cherish, the pale blue dot; the only home we’ve ever known.” -- Carl Sagan, Pale Blue Dot: A Vision of the Human Future in Space

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Payne said Tech students who have considerable financial support from their parents

tend to have problems when they graduate because they have never had to budget their own money. “The hardship of having to do it all by yourself is a very learning and growing experience,” Payne said. Practical ways students can start becoming financially independent is to get a part-time job and start paying for gas, groceries, or various expenses to learn how to manage money, he said. It is also important, he said, to separate needs and wants and to learn how to live simply. “Focus on the things money can’t buy,” Payne said. “Learn to be content, and you’ll find you don’t need much money.”

The Word 2016-17  

A resource for students, faculty and staff learning the ins-and-outs of Texas Tech University.

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