June 20, 2010
June 20, 2010
June 23, 2010
Two Year College Division
15.852.1 - 15.852.10
Most college students in a two year college have no knowledge of Managing Money. Frequently they apply for admission, fill out financial aid forms, and apply for TAP and Pell grants. Then they rush to spend any excess funds that appear in their account. They spend their money recklessly by purchasing designer sneakers and IPods and then have difficulty paying for transportation to the college. They frequently ask “Why don’t I have any Money?”
Managing money can be challenging for adults but is frequently overwhelming for college students. The starting point is to examine how much money you earn and then to look at how much money you spend. If the amount that you earn is more that the amount that you spend you will always have money. However, if the amount that you earn is less than the amount that you spend you will always be broke.
Having students explore how they spend their money enables them to understand how to manage their money. There are always choices to be made. Students have to learn how to control the impulse to acquire an item when they want it, rather than when they need it.
Presenting the life time earnings of students with AAS degrees and contrasting that with BS degrees can motivate students to continue their education. This topic of Managing Money has been presented in workshops on our campus. The students are eager to learn the values of managing their money and it empowers them to meet the challenges of life.
I teach Physics, Data Bases and Management of Technology at TCI the College of Technology a two year college located in New York City. Our 4000 + students are 50 % inner city and 50% foreign. It is one of the most diverse populations in NYC with over 100 different languages spoken. The only place more diverse than TCI is the United Nations.
Over the years students have complained about finances. I started an entrepreneurship club that examines the challenges of building a business. The students were always talking about not having enough money. I realized that there was something more basic that I had to impart to my students. It was then that I gave a seminar on Managing Money.
At the beginning of the seminar I said there were two questions that I wanted to ask, the first question was how many of you think you have enough money. The second question was why don’t you have enough Money? Then I said
Let E be the amount you earn Let S be the amount you spend
Pariser, B. (2010, June), Managing Money Paper presented at 2010 Annual Conference & Exposition, Louisville, Kentucky. https://peer.asee.org/15699
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