If the salary for your first job is $36,000, how much will you REALLY have to spend on rent, clothes, your car payment, etc.? Do you know the difference between gross income and taxable income? If your employer offers a 401K plan, what does that mean to you? If someone suffers a broken leg due to slipping on a rug inside the front door of your apartment, are you prepared to pay the medical and hospital bills?
These are the questions Professor of Management, Emeritus, Ruth Weatherly posed to students as they think about their own financial futures. New this fall, all students at Simpson had the opportunity to register for Personal Financial Management, a one-credit hour course taught by Professor Weatherly. The course will cover some of the basics of financial management and help students think about their financial future. Professor Weatherly is also inviting in a number of guest speakers to discuss matters of personal finance during class sessions designated as Forum Events.
Wednesday, September 11th was the first of these Forum Events. Jim Garnett, “The Debt Doctor,” spoke with the students gathered (a mix of those registered for the course and others who were interested in the topic) on a subject he called “What Your Good Looks Will do for Your Financial Future.” As Jim pointed out to the students, this is not about your physical appearance; rather, the way you look at the world, or your perspective on the world that can effect your finances. Students gained knowledge about credit cards-it’s not money, it’s a loan; knowing the difference between having access to something and being able to afford it; and knowing true needs from wants.
Students can look forward to future guest lectures on investing, health insurance, repaying your student loans and more from a variety of professionals from around central Iowa. Anyone who is interested in the course and events should contact Professor Weatherly.
Jim Garnett has been working for the last few years as a financial counselor and educator after a long career in ministry. He is known as “The Debt Doctor” and owns Ask Mr. G Consulting.
Ruth Weatherly recently retired from full-time teaching at Simpson College, but remains connected to campus through part-time teaching . She also is active in the legal community providing arbitration and mediation services.