By Addison Chrivia, Managing Editor
College students are by far the group that needs the most help with personal finances. We have to deal with a laundry list of expenses all at once, loans for school to sort out, and Roth IRA’s with no idea how to understand it all.
That’s why the Finance Club was founded, with the first meeting taking place just last month on October 23. Anyone interested in joining can attend meetings on Friday from 12 to 1 p.m. in the Bill Haslam building. The room number is currently undetermined, but will be announced soon.
Earlier this year, student Dominick Munera created this club when he saw the gap in personal finance education for college students. He says, “My parents never explained high-yield savings accounts, Roth IRAs, the idea of retirement. So just talking about it more, getting more exposure to it, I do think it’s going to be beneficial to every major, not just business or finance.”
Many students don’t even know where to begin when it comes to setting up things like a Roth IRA, or even know why it might be important. Going to these meetings allows young people to learn from one another, as well as experts, about how to set up retirement savings and begin to put their money towards their future.
Munera says, “When you’re 70 years old, you don’t want to be worrying about ‘how do I get money?’ You want to have that already set in place, thinking about it at 25. That way it’s something small from 25, but that single step from then on to when you retire, that produces that safety, that security that you don’t want to worry about.”
It’s especially important that students prioritize learning these skills, as the earlier you start saving, the more interest compounds over the years. It’s never too early or too late to start saving money for retirement.
The group’s advisor is an economics professor, but it will primarily be student-led. The club will be more focused on workshops and presentations, allowing students to learn how to build a budget or do research. These kinds of open meetings will allow students to combine their knowledge and learn together, creating a community. They can share their own tips and tricks, as well as things they may have researched on their own.
“People do their own work, but of course it’s going to be based on reputable sources,” says Munera. “So if you find information backed by an institution or something credible, then that could be how you or a student or a group of friends could learn more about it.”
When asked about the appeal of the club for those majoring in fields adjacent to finance, he answered, “We’re going to have professionals in the industry come out. I already have a financial counselor from ST Mortgage who would be open to coming sometime in November.”
Having these professionals allows not only expert knowledge to students seeking financial advice, but also networking connections for finance and business majors.
These connections go outside of the professionals as well, letting those within the group be able to seek knowledge from one another and make lasting friendships with those working in the same field, or who are simply interested in finances too.
The club maintains a Discord channel, which allows members to ask questions from the whole group at any time, functioning as a support for college students struggling with personal finances.
Everybody should be knowledgeable about finances, especially college students. Facing debt, credit cards, and the current economy, I think most people are, in some way, shape, or form, worried about their finances. Joining may help relieve some of that stress and help you on your journey to lead a stable financial life. If you like money, there’s nothing to lose! Go to a Finance Club meeting and see what it’s all about!
