On Nov. 13 Carroll, founder of National Financial Educators and Succeed Faster, presented “Winning the Money Game,” a financial talk based on the book he coauthored in 2005 by the same name.
Carroll told students about his experience with debt, living off loans as a college student, using the money for more than his school expenses. He lived as a rich college student and paid for it as a broke professional.
“When I graduated from school, I had $20,000 in student loans, I had $8,000 in credit card debt and I was upside down in my car,” he said.
To make up for it, Carroll and his wife lived on one income in the early years of their marriage and used the other to pay down their debt. He said starting early and living frugally allowed them to live more comfortably now.
“If you do for two years what most people won’t do, you’ll do for the rest of your life what most people can’t do,” he said.
Beginning in college, Carroll said, debt becomes an increasing challenge for many Americans as they’re “borrowing from tomorrow.”
• 93% of college sophomores have one to two credit cards.
• Those students owe an average of $2,700.
• The average household carries 14.7 credit cards and owes an average of $9,317.
Carroll used a model of a “spender, even Steven and saver” to demonstrate spending habits and what he calls, “needifying our wants.” Americans justify unnecessary purchases by saying they need the product, causing many to spend beyond their means. Carroll said this forces many Americans to live paycheck to paycheck.
“You have to have more money at the end of your month. Not more month at the end of your money,” he said.
Carroll encourages the idea of becoming an investor-consumer and looking for ways to create more income instead of merely working for a salary.
“Put your money to work for you. Employ it,” he said. “So at some point you don’t have to go to work for your money. It works for you.”
Delta Sigma Pi Business Fraternity, Student Alumni Association and the School of Business sponsored the event. Learn more about Carroll at adamspeaks.com. Carroll donated copies of his book, and Delta Sigma Pi is selling them for $15 to raise money for its chapter.
by Allison Kite