Borrowing to finance a college education is a reality for many Americans.
Pew Research Center reports that one in four U.S. adults under 40 have student loan debt. According to the National Center for Education Statistics, young adults are also more likely now than in the past to take out loans to pay for their education.
Mercy University’s Student Nurses’ Association offered all Mercy nursing and PA students an online financial wellness workshop on the evening of Nov. 14 to combat financial struggles.
“This is important for any point in your career,” the event description read. “Students managing loans and applying for scholarships, and for our seniors to learn how to manage the transition from student to a healthcare professional. See you soon!”
The association partnered with Lancelot Cameron, a New York Life Insurance Company Financial Services Professional, to speak on financial wellness.
“Thank you for allowing me to be a part of your life this Thursday evening,” Cameron said as attendees finished entering the Zoom call.
Throughout the workshop, Cameron taught students the fundamentals of financial literacy. Some of his initial talking points were the purpose of money, what matters most when money is involved, and the knowledge of cash and habits—the “two elements” Cameron claimed make a person wealthy.
“Being rich has nothing to do with how much money you earn,” Cameron said. “Athletes and celebrities have proven that time and time again. It’s a function of mindset.”
Cameron also stated how there are limits to the way people live their lives.
“You can afford anything,” he stated. “But not everything.”
Cameron utilized brief pauses where students could reflect on their financial situation. Many commented on debt, including one who claimed she thinks of it often.
“It’s just compounding interest on student loans,” she said. “It feels never-ending.”
The workshop presented life insurance policies, investing, and savings accounts, especially as ways for people to “powerfully respond to the circumstances of life.”
“The No. 1 rule of money is ‘Save me today, and I will save you tomorrow,’” Cameron esteemed. “The hardest thing for most people to do with money is to either save or invest it.”
Cameron underscored that every force is against people, trying to separate them from money. He used the company Amazon during the Christmas season as an example.
“Amazon is designed to take the money you’ve earned right back from you,” Cameron shared. “If your goal is to be rich, buy assets—allow money to work for you. Rich people don’t worry about Amazon. Rather, they invest in Amazon. But, you must develop yourself to that point where you’ve amassed the knowledge, habits, and mindset to transcend buying everyone a gift.”
One of the ways Cameron confronts shopping habits is by giving out hugs to loved ones.
“I know hugs are free, so I give those out,” he said. “I’m an expert at giving out hugs. My nephews love it. My friends, too. But it takes practice.”
As the event concluded, Cameron offered specific advice for graduating students, detailing how they should live off 70 percent of their earnings and divide the remaining 30 percent evenly into savings, investing, and paying off student loans.
“If you’re someone living at home, live at home for as long as possible,” he stated. “If you have student loans, don’t attempt to pay off all your student loans in two or three years. You want to ensure you have the right insurance and protections in life. So, put your money to work as soon as possible.”
Cameron also advised graduating students to consider job benefits when choosing their employer.
“Benefits matter,” Cameron said. “Don’t choose an employer that offers you the most money. Choose an employer that offers you a great salary along with great benefits. You might find that the one with the best benefits doesn’t pay the highest salary. Money is important, but you also want the right benefits that fit your and your family’s lifestyle.”
Cameron emphasized that those with student loans with high interest rates above 8 percent should address that situation soon.
Mercy University nursing and PA students seeking more information can contact Lancelot Cameron at (347) 302-4800 or [email protected].
