Financial freedom after college

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The BYU Student Alumni Association gathered BYU alumni, students and professors in the Hinckley Alumni Center on March 2 to learn the secrets of financial security. Many couples attended the event in hopes to learn simple financial principles that would help their marriage.

One engaged couple Carter Newely and Michelle Myers, both BYU seniors who are getting married on April 27, attended the event.

“I came because there are going to be lots of financial changes,” Carter said. “We want to be prepared so we are on the same page financially.”

Myers said that she and Carter will be going to medical school and they want to learn how to how to budget for a family when their budget will be small to nothing.

One of the speakers, BYU grad and professor Earl K. Stice, asked the audience the following financial question:

BYU professor and alumni teaching students about financial security.
BYU professor and alumni gather to learn about financial security.

“What is the most valuable asset that a new wife or husband can bring to a marriage?” Stice said. “A simple belief that you can’t spend more than you make.”

Stice and his wife couldn’t afford a car or a cell phone when they first got married, so they did without. Stice encouraged the audience to look at their spending categories and cut where they can, especially in times of financial crises. He gave the audience three secrets to financial security: spend less than one makes, be wary of schemes and follow Alma’s advice of not being slothful because some strategies can look easy.

“People can cut more than you think,” Stice said. “The reason people are in unredeemable financial problems is because they can’t bring themselves down.”

Stice said that with some creativity people could alter their spending lifestyle. Some spending categories where couples could easily cut in times of financial crises included eating out, satellite TV, entertainment, new clothes, new furniture and travel. He suggested that many of these categories have cheaper, yet fun alternatives.

Stice further emphasized the the principle of saving as a habit. He said that many people want to get rich fast.

“You get rich slowly,” Stice said and suggested that a simple savings account is a good place to start.

Stice concluded his presentation by stating that there is financial hope in this world. He said that it’s all about the things the leaders of the Church teach: pay tithes and offerings, avoid debt, use a budget, build a reserve and teach family members.

BYU professor Earl K. Stice teaches BYU students and alumni the secrets of financial security.
BYU professor Earl K. Stice teaches BYU students and alumni the secrets of financial security.
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