Investing is something college students may not think a whole lot about when trying to juggle school, work, and a personal life.
Although these aspects of student life are prevalent for most Moraine Valley attendees, some financial advice can possibly help them. This week Moraine Valley hosted Dr. Amlan Mitra of Purdue University Northwest, as part of the “One Book, One College” program.
Dr. Mitra gave a lecture pertaining to such subjects as investing, credit, loans, and the risks and possible rewards of all three. Opening the lecture with the phrase “What would Hamilton do?”
Dr. Mitra went on to provide attendees with some essential background information on the famous founding father, even comparing his struggle with the debt of his time, to our country’s current debt crisis.
Although Alexander Hamilton was known for many things, especially now more than ever for rapping and dancing, Dr. Mitra could not stress enough the impact Hamilton has had on our modern day economy, seeing that he was “instrumental” in building our banking system.
Aside from the history of our economy, another topic that was largely covered was investing. After a few attempts to engage with some groggy students, our crowd finally opened up and some responses showed that some students weren’t completely unaware of the way our economy works.
Suggesting that the students knew some things about the economy, Dr. Mitra was encouraging their progress by revealing that an investment as small as $50 dollars a month could grow into something larger over the course of five years.
Any fears of the word investment, being too vague and confusing, were put to rest, as Dr. Mitra was very detailed in describing the different types of investments.
He even suggested that mutual funds were the best way for young students to get their foot into the world of investing. Credit was also a subject in the very informative lecture, something college students believe to have a negative connotation.
Dr. Mitra was very careful in his approach showing that credit overall is not a bad thing, of course if you are able to pay your debts off in time.
He also noted that it could definitely open more doors for you, financially and physically as it can help you obtain your first home or car.
Another thing that Dr. Mitra emphasizes is the kind of bank you should choose for yourself.
Depending on your needs, there are a lot of different options for everyone out there. The main things to consider when choosing a bank would be interest rates, amount of fees, ATM fees, and other general features.
Overall, the lecture was a very informative event. Definitely giving some insight on the sometimes scary world of banking and finance, especially for college students.