On Thursday, the university will host a financial education event featuring nationally known financial literacy coach Eric Smith.
In the past, Smith has helped NBA athletes learn how to handle their finances. All students are invited to attend the event in Lamar Hall from 4 to 5 p.m. to learn how to set a budget, save for the future and manage credit.
This is Ole Miss’s third year partnering with Regions Bank for their program dedicated to financial education.
“We come to campus two to three times a year and offer financial education in a variety of interactive formats,” said Candie Simmons, senior vice president and regional marketing director for Regions. “In addition to speakers like Eric, we also conduct ‘reality fairs’ from time to time in which students can see how financial decisions, both large and small, have far reaching consequences and benefits.”
Smith is known for his engaging style, and through techniques such as the “money game” series, he demonstrates how learning the basics of money management early in life can help students make the right financial decisions to succeed. Simmons described him as enthusiastic and having the “wow factor.”
Simmons said that Regions is committed to providing no-cost, high-impact financial education for people throughout the communities it serves.
During her time at Regions, Simmons said the company has seen many typical mistakes from students in the past and believes that after this event, students will have newfound knowledge about managing their finances.
“One of the most common mistakes we see is students thinking of a student loan as free money without considering they’ll have to pay it off later,” she said. “In addition, we sometimes see students using their debit card excessively, not realizing they actually have to have money in the bank and they need to keep up with balance.”
Jeremy King, senior vice president of wealth management strategy and effectiveness at Regions, said he has seen how the program can benefit students. He said he believes that even with a modest budget, there are simple ways for people to build their savings.
“The time to start saving is now,” King said. “The time to manage your spending is now. Don’t assume it’s something you can put off. This is an opportunity to learn simple, practical ways to do both.”
Students have praised the program for giving them the tools to be financially prepared for the future and set them up to be financially sound. Simmons said many adults have admitted they wish the opportunity to learn about finances would have been available for them while in school.
“If you can learn at an early age how to manage spending, save for the future and handle credit and debit appropriately, that can set you up for having the things you desire long term, such as a house, a car or even your dream job,” Simmons said.