How can a college student approach the challenging financial difficulties and learn to make the correct decision?
With the help of business professor Dr. Michael King and a thought-provoking lecture hosted by the club Practica Gnosis, students were able to find answers and learn about the modern challenges and difficulties surrounding money and finance.
For upperclassmen preparing for life beyond college, Dr. King had some helpful yet practical tips on managing money with lifestyle decisions and necessities. Some of these tips include taking advantage of easy credit or the ability to borrow money while taking care not to go overboard or paying off debt whenever able.
When making lifestyle decisions and financial decisions like marriage, a house, or a car, especially considering the modern economy, cultivating the virtue of prudence was the name of the game.
“Only go into debt when it’s absolutely necessary and for a greater purpose,” he said.
Looking at the state of the modern economy, one will be frustrated at what the future may hold. Yet, there’s still hope for the younger generation.
“There’s how you can handle things at what economists might call the micro level or the macro level,” Dr. King said.
Furthermore, “these are the things you have the most control over and the things you can have the most effect on.”
He advised to students the importance of being aware of ideas that will be proposed and that are being proposed that may not be the best to one’s advantage such as the movement towards Central Bank Digital Currency (CBDC).
Above all, Benedictine College students should take this opportunity to recognize the importance of cultivating prudence in their daily lives so as to “see things as they really are” and transform the culture in America by bringing order and virtue back into our economy.
