By Andrea Cornett/reporter
Students should start saving now, a financial consultant said recently.
Primerica’s regional manager Everrett Cole presented Is Your Money Right? Nov. 18 on South Campus. The seminar focused on future financial success for students and their families, the current financial crisis and the rapid decline of individual savings plans, the worst since the 1980s, Cole said.
“ A negative percent savings rate for families and individuals for the first time since the Great Depression exists today,” he said.
Cole provided students with suggestions for meeting the challenges families currently face and for making goals toward the attainment of personal wealth.
“ The three most common financial dilemmas families encounter are protection crisis, savings crisis and debt crisis,” he said. “Protection crisis is the most common and encompasses loss of a family member by death or accident.”
Cole said many families do not have life insurance policies or their policies are not large enough to cover all the costs of funeral services.
“ It is not what you earn but what you keep that counts. It is important to set savings goals to improve the chances of wealth by age 65,” he said. “Most people do not plan to fail, but fail to plan.”
Students and faculty were encouraged to save money either through opening a savings account or investing in mutual funds.
Cole cautioned students to be careful with student loans and receipt of random credit card offers through the mail.
“ Students should try to minimize debt while pursuing their education,” he said.
An affiliate of Citigroup, Primerica, a leading financial services and marketing organization, specializes in educating and assisting families who need financial repair. Primerica also train and employs part-time consultants. For career information or financial consultations, e-mail aeccole@yahoo.com or contact the career center on any TCC campus.
