SunTrust shows students why money matters

  On Thursday afternoon, a room full of students learned a little bit more about the real world. Two senior loan officers from SunTrust bank, Sue Pierce and Sherry Graziano, volunteered their time to open the eyes of students to the realities of life and finances through a discussion titled, "Money Matters".

   The professional science masters coordinator within the College of Graduate Studies, Tara Johnson, helps organize events like these.

"We hold these personal and professional workshops so that students can obtain knowledge on other areas of their life that we know they may be struggling with," Johnson said, "I think especially in today's economic times, it is important that students grasp the importance of their financial future."

Pierce started to shed light on this importance by asking students to think before they purchase anything.

"Will this thing change your life, will this thing make everything better and will it be worth it in two years down the road," Pierce said.

In front of each student, a packet filled with information and worksheets was provided. There was advice on how to budget, a daily spending diary, an income and expense worksheet and more.

"I challenge you to keep track of your receipts for a week, you'll be shocked," Graziano said, "It's really eye-opening."

Senior marketing major Lauren Hitt said she could imagine how shocked she would be.

"Just thinking about every little thing you spend money on, a tank of gas here, some food there, it's scary and I know it adds up," Hitt said.

As Pierce and Graziano continued, they constantly stressed how imperative it is to think about the future. "You have a clean beginning right now…the worst thing that can happen is to be struggling every day," Pierce said.

While working in the mortgage department at SunTrust, both women said they have seen so many people unable to get a loan for a home because they wasted too much money early on in life. They warned wasting money isn't easy to avoid, however.

"There's a certain age group and demographic of people who spend money without thinking about it," Graziano said, "You guys are the target, companies are looking for your money."

By being conscious spenders and careful savers, they let the room know that being financially secure is possible. One of the keys to personal finance success is to start saving money in a retirement or 401k plan as early as possible, they suggested.

"If you don't ever see the money, you're not going to miss it," Graziano said, "It'll do you a favor down the road, trust me."

For freshman computer engineering major Marissa Goldberg, this piece of advice stuck out. "Retirement seems like forever away, but it will be good to be prepared," Goldberg said.

The discussion continued with talk about credit scores, paying bills and things you don't hear from credit card companies.

"It's shocking to learn that every little thing gets accounted for when figuring out my credit," Hitt said, "and even more shocking to see just how important your credit really is."

The questions from students lasted until the end of the discussion while Pierce and Graziano were more than ready with answers.

Goldberg said she plans to attend more seminars like these because they're helpful and quick, making it easy to fit into a busy schedule.

"The tips that I learned through this seminar will help me so that one day I will be able to get that loan for my dream car or that mortgage for my dream house," Goldberg said, "I am looking forward to not going into debt."

The "Money Matters" event was part of a financial series that SunTrust is volunteering to present. Two other workshops are scheduled and open for students to attend. "Pay Yourself First" will be held on Thursday, Oct. 27 and "To Your Credit" will be held on Thursday, Nov. 17. Both will be held from 4 p.m.-5 p.m. in the Student Union, Cedar Key room 223.