We’ve all been there—out of flex money, spent our refund checks too soon, blown our paycheck the moment we got it, but Phi Beta Sigma believes these are problems that can be easily avoided. So, the fraternity departed wisdom on ULM students last Thursday by hosting a money management workshop.

During the workshop, members of Phi Beta Sigma gave advice on buying and renting houses and saving accounts for retirement. They also covered the difference in investing in stocks and bonds, buying insurance and how to build credit.

“We felt that students do not really have an understanding of financial literacy and the importance of it so by bringing the event to campus will further or introduce their knowledge of managing money,” said Braylon Beinvenue, a junior toxicology major. 

The three main topics of the workshop were different types of insurance, investing and retirement plans.

Buying life, car and house insurance is beneficial in the long run. For instance, if there was an unplanned emergency, you would instantly save thousands of dollars because of the insurance money that you had saved up versus if you had not bought a plan.

The two main types of investments are stocks and bonds. Stocks are riskier, but the return is quicker. Bonds are more securable, but increases over longer periods of time. In general, stocks are more preferred by the youth while bonds are a favorite among the older generation.

One well-known retirement plan, 401K, can be set up privately or through your employer. It is best to start saving for retirement as early as possible since the average age to retire is 61, according to U.S News and World Report.

“I definitely will keep the tips in mind when I start working and fully support myself,” said Jasmine Belton, a senior medical laboratory science major.

For students who have a hard time trying not to touch their savings account because they crave Chick-Fil-A for breakfast, lunch and dinner, a certificate of deposit account is made just for you.

This is a federally insured savings account that has a fixed interest rate and fixed date of withdrawal. You can save money for a couple of months or up to a couple of years, but you cannot take money out until that fixed date has expired.