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KEARNEY — “How many of you want money?” Rachel Ramsey Cruze asked an audience of college students at the University of Nebraska at Kearney Monday.
Every hand in the audience raised into the air.
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“If I told you a place to get money, would you go?” Cruze asked.
Hands went up into the air again.
“Good. You can go to work,” she said smiling. “Work is the best place to get some money.”
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Cruze, 22, the daughter of financial guru Dave Ramsey, gave the presentation “Finding Your Financial Peace: Lessons on Handling Money for Teens and Young Adults” to students as part of $martMoney Week at UNK.
Her philosophy to financial wellness includes staying out of debt, budgeting, saving and giving.
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Stay out of debt
“Debt is dumb no matter how you look at it,” said Cruze, who is a recent University of Tennessee graduate. “The problem is that our generation has no idea what we’re doing when we sign up to get into debt. No one has taught us. We’re just falling into it.”
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Cruze said nine out of 10 college students are in debt.
If a person pays the minimum payment on a credit card with a balance of $2,000, that person will pay off the credit card in 13 years and pay $5,000 in interest, Cruze warned students.
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Many credit card companies camp out near college campuses offering free T-shirts to students who sign up for credit cards.
Cruze warned students to stay away from those offers and said students shouldn’t worry about building credit.
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“They (creditors) make you feel like you’re walking out of your house without your clothes on if you don’t have a FICO score,” Cruze joked. “You do not need a credit score. Yes, that’s what I’m saying. I’m debunking one of the biggest myths of our generation.”
Cruze said a credit score is compiled by how you interact with the bank with debt.
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“You get this score of debt, how you handle debt, to get into more debt, right?” she said.
Cruze suggested paying cash for a car and for tuition. She said it is OK to want or have nice things as long as it doesn’t require going into debt to have those things.
ugg & jimmy choo shoes“I have UGG boots. UGG boots are not evil. You can have UGG boots,” she said. Cruze then quoted her father, saying, “It’s OK to have some nice stuff, but don’t let your nice stuff have you.”
Budget
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“A budget is a great tool to use with your money because you’re actually being intentional when you have a budget,” Cruze said.
Cruze instructed students to categorize their spending, then place cash in envelopes for each category.
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Cruze said when people spend with cash, they spend less.
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Save
Cruze told students to save $500 to $1,000 for emergencies such as a flat tire or a textbook they weren’t planning on purchasing.
She said students should also save for large items such as cars or tuition. Cruze said working 20 hours a week would pay for UNK’s tuition of $2,500 per semester.
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Students should also save for the rest of their lives, she said. Cruze said if a 19-year-old student saved $2,000 a year for eight years and invested the money in a mutual fund with compound interest, the student would have nearly $2.3 million by age 65.
“Even if you’re not 19, you can start investing now and become a millionaire,” she said.
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She said students should save first, build an emergency fund and then invest.
Giving
Cruze invited a student to the stage and gave her $50.
“I gave you money, which means that you have to give money,” said to the student.
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“I want you to feel the act of giving because it’s going to change who you are,” she said.
Cruze said generosity makes people better and suggested that students who can’t give money, give their time.
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