Student Money Management Center director Paul Goebel gives his advice to help weather the storm of economic trials.
- Stay positive
"Even if it feels like our leaders in Washington and the leaders of our financial institutions have lost control of the dollars and cents, the loss of control at the national level does not mean individually we lose control," Goebel says. "It's even more important during challenging economic times for all Americans to refocus, reconnect and recommit themselves to maintaining strong money management skills. These core skills will truly survive the test of time – during prosperity or adversity."
- Learn from experience
"Please learn from today so we do not repeat these mistakes in the future," Goebel implores. "The current credit crisis in particular is a wake up call that we as a nation have become too dependent on credit. We need to redefine our dependency and rethink our payment choices. We have to change our behaviors. Everyone needs to learn to live within their means so they can reach beyond their dreams."