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Mississippi State to Require Personal Finance/Dave Ramsey of all athletes
Posted on 6/10/15 at 9:35 am
Posted on 6/10/15 at 9:35 am
LINK
quote:
“We want to make sure that they understand the basics of finance,” [AD Scott] Stricklin said. “Not that we’re going to tell them what to do with their money, but to make sure they understand how to open a checking account, set a budget and things of that nature.”
quote:
Some number of athletes will get value out of this and will have better financial futures than they otherwise might have. I personally have one or two disagreements with what Ramsey teaches, but for the basics, it's fine. For as many financially savvy people there are out there looking to prey on the misinformed and uninformed, it's a shame that these kinds of skills aren't more widely taught and then studied to find out which education methods are the most effective.
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Posted on 6/10/15 at 9:37 am to anc
Posted on 6/10/15 at 9:38 am to anc
I like this. People can argue with Ramsey's method, but any personal finance course is better than none.
At least it puts it in the back of their mind.
At least it puts it in the back of their mind.
Posted on 6/10/15 at 9:40 am to ATLdawg25
I guess you can nitpick with Ramsey's method but it's pretty basic and solid.
Honestly all the strategies contained in his books can be put on an index card. It's just the motivation to do it that troubles people.
Of course this goes with everything in the self-help arena. Eat less, move more doesn't exactly require a treatise either.
Honestly all the strategies contained in his books can be put on an index card. It's just the motivation to do it that troubles people.
Of course this goes with everything in the self-help arena. Eat less, move more doesn't exactly require a treatise either.
Posted on 6/10/15 at 9:44 am to anc
A lot of people like to hate on Dave Ramsey here, but his system is not for financial gurus or money experts, its meant for idiots who must spend every dollar they make and never think of the long term implications of what they do with their money.
I saw it all the time when I worked as a statistical analyst at a finance company. You'd have people fresh out of college get hired to be collectors at the place for $32k a year. Not a lot of money but a week or two after they would start they would roll into the parking lot with a brand new car, go out to eat for lunch every day, and spend way too much money at bars when they got paid on Friday. They'd spend like drunken sailors. These are the types of people his method is for.
Regardless of what you think of his methods, budgetting, saving, and avoiding debt are 3 simple concepts that can go a long way in helping someone financially.
I saw it all the time when I worked as a statistical analyst at a finance company. You'd have people fresh out of college get hired to be collectors at the place for $32k a year. Not a lot of money but a week or two after they would start they would roll into the parking lot with a brand new car, go out to eat for lunch every day, and spend way too much money at bars when they got paid on Friday. They'd spend like drunken sailors. These are the types of people his method is for.
Regardless of what you think of his methods, budgetting, saving, and avoiding debt are 3 simple concepts that can go a long way in helping someone financially.
Posted on 6/10/15 at 9:45 am to anc
Upvote. Finally showing them how to use the money the boosters are paying them.
Posted on 6/10/15 at 9:50 am to Pettifogger
quote:
I guess you can nitpick with Ramsey's method but it's pretty basic and solid.
Agreed. I'm not sure why someone downvoted my comment haha. I find Ramsey's method to be pretty groovy.
Posted on 6/10/15 at 9:51 am to anc
I'm okay with this.
Posted on 6/10/15 at 9:52 am to goldennugget
quote:
goldennugget
Agree with this. For someone who is having trouble getting out of debt, it makes a lot of sense. The best though is that people move past this type of mindset at some point and his advice is pretty second nature.
Posted on 6/10/15 at 9:54 am to flyAU
quote:
The best though is that people move past this type of mindset at some point and his advice is pretty second nature.
It would be similar to someone going in depth,telling fat people to stop eating. But, some people need to hear it..
Posted on 6/10/15 at 9:55 am to anc
I think colleges should require a personal finance course to ALL students. It's ridiculous that people graduate college but don't know what an Ira is or even how to open a checking account.
Posted on 6/10/15 at 9:58 am to flyAU
quote:These are young people, some may have never had much money to begin with.....I'm all for this - get 'em while they are young and maybe they won't have to worry about "getting out of debt" in the future.
Agree with this. For someone who is having trouble getting out of debt, it makes a lot of sense. The best though is that people move past this type of mindset at some point and his advice is pretty second nature.
Posted on 6/10/15 at 9:58 am to goldennugget
quote:
A lot of people like to hate on Dave Ramsey here, but his system is not for financial gurus or money experts, its meant for idiots who must spend every dollar they make and never think of the long term implications of what they do with their money.
Perfect. I'd say Dave Ramsey is perfect for most professional athletes honestly. This post was edited on 6/10/15 at 9:59 am
Posted on 6/10/15 at 10:01 am to anc
The real purpose of this course is to teach our athletes how to hide the money we pay them in overseas accounts
Posted on 6/10/15 at 10:04 am to UMRealist
quote:+1
I think colleges should require a personal finance course to ALL students. It's ridiculous that people graduate college but don't know what an Ira is or even how to open a checking account.
My oldest just finished her freshman year at Bama. She decided not to come home for summer, stayed in Tuscaloosa working a summer job and taking a class or two. I pay rent and utilities for the condo, she has a couple of roommates.
She had no idea how to write a check, how to fill out a deposit slip at the bank to deposit her paycheck. ALL my fault - I've always paid for everything, she's always used a debit card and never had to worry about how the money got into the account.
Needless to say, it was an eye-opener for both of us. A mistake I won't make with my second child.
Posted on 6/10/15 at 10:10 am to RT1941
quote:
I think colleges should require a personal finance course to ALL students. It's ridiculous that people graduate college but don't know what an Ira is or even how to open a checking account.
+1
My oldest just finished her freshman year at Bama. She decided not to come home for summer, stayed in Tuscaloosa working a summer job and taking a class or two. I pay rent and utilities for the condo, she has a couple of roommates.
She had no idea how to write a check, how to fill out a deposit slip at the bank to deposit her paycheck. ALL my fault - I've always paid for everything, she's always used a debit card and never had to worry about how the money got into the account.
Needless to say, it was an eye-opener for both of us. A mistake I won't make with my second child.
I don't disagree completely.. I'd say that all high schools should require a personal finance course.. I also learned how to write a check in the 4th grade at an Alabama public elementary school.. I'm 4 years older than your daughter so I guess things changed during that time.
Posted on 6/10/15 at 10:13 am to anc
MsSt players go pro 
Posted on 6/10/15 at 10:38 am to RT1941
quote:
+1
My oldest just finished her freshman year at Bama. She decided not to come home for summer, stayed in Tuscaloosa working a summer job and taking a class or two. I pay rent and utilities for the condo, she has a couple of roommates.
She had no idea how to write a check, how to fill out a deposit slip at the bank to deposit her paycheck. ALL my fault - I've always paid for everything, she's always used a debit card and never had to worry about how the money got into the account.
Needless to say, it was an eye-opener for both of us. A mistake I won't make with my second child.
You were a pushover and spoiled your daughter. It happens all the time. Not a big deal. Unfortunately that Bama education probably won't do her much better so you need to sit her down and have her budget everything out for a month. Not that big of a deal. Most people figure it out pretty quickly.
Posted on 6/10/15 at 10:41 am to anc
Will the dawgs marginal propensity to consume be more since they're always finna eat?
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