Students should aim to improve their financial knowledge before graduating from college. Otherwise, they will succumb to temptations and live in bondage to debt. Further, debt will prevent them from pursuing projects and activities later in life. Not only does debt create a financial burden, it generates emotional stress that can stymie an entire family. It is debilitating!
Handling finances well means learning to choose wisely. And learning to discern and choose wisely should be an important lesson students acquire at college. This ability applies not only to finances but every area of life. Indeed, I think learning to choose wisely should be a continuing process as students journey through life. To be sure, folks must deal effectively, at each life stage, with important lifestyle decisions.
Students might not be able to take formal credit courses in finances; however, on their own, they should set out to learn to handle finances well. Certainly they should do this before taking on student loans. Meanwhile, I believe, before leaving college, each student should follow the six steps below to learn and develop his or her financial knowledge. (more…)