Author David Chilton, who has long preached that young people in college or university need to invest in themselves, will be sharing his message with the students at the University of Toronto Mississauga on Friday.
He will reinforce his message, that students need school, training and work experience to build up their so-called human capital for later financial success, as the keynote speaker at the first annual Countdown to Success conference, presented by the management sdepartment.
Third year UTM accounting student Avalon D’Souza said he’s really excited about hearing tips about financing. “As a student, we have Ontario Students’ Assistance Program (OSAP), we have student loans and we also have to pay tuition,” he said. “I’m hoping to learn how to save and really fund that tuition, especially after you graduate.”
On its website, the university says “the marquee event designed to expose students, alumni and professionals to countless business and networking opportunities within the accounting, finance and management fields.”
The event is sponsored by the Certified General Accountants of Ontario and the first 500 people who arrive will get a free copy of Chilton’s newest book The Wealthy Barber Returns.
The book has various tips about how to secure a strong financial future, which is especially relevant for students. Here are some of the most important ones:
- Remove temptation triggers
It can be easy for students to be surrounded by the latest cellphones, laptops or clothing. However, Chilton said it’s important to reduce temptation as much as possible, such as avoiding the mall, reading fashion blogs, or unsubscribing from company newsletters.
- Realize that credit cards are evil
Students are often bombarded by credit card offers during orientation and it can seem easy to sign up for one. However, Chilton said they encourage overspending and students may not realize the high interest rates being applied onto unpaid balances.
- Save 10-15 per cent of your earnings
Students may not earn much while they’re in school. But with compound interest, it’s important to save even small amounts in someone’s early twenties. Doing so will start good financial habits, set the foundation for long-term savings and be an important safety net in case of emergencies.