CSUSB’s “Here to Career” internship program held an accounting webinar for students who would like to know more about money management.
LaVonne Shields, an accountant who guides people on how to manage their money for their business, hosted the seminar. The topics of discussion had a focus on how to understand the financial flow of a business, which included looking at bank statements and the cost of goods and sales. Students also received advice on how to earn and save money.
One of the things that Shields talked about was the risk of loans, specifically the risk of the lender and the debtor. The lender of the loan is looking for people they can trust with their money. Debtors want to have the ability to trust the person they are lending money to. They want to be sure they are lending money to the right people. Shields said, “The bank doesn’t care if you’re going to start a restaurant using your grandma’s recipes. They want to see the money you bring so they can lend you the money you need for a restaurant or other business.”
Another topic that was discussed was balancing the flow of income and expenditures. Shields said, “When you’re reviewing your statements, find a creative way on how to figure out what is being spent and the money you will have leftover.”
College students seek a balance between spending and saving. Accountant and former CSUSB student, Angel Martinez, believes that they can benefit from learning how to read bank statements and save from there. Martinez stated, “If you look at your bank statement and figure out a way to spend less than what is needed, you’ll see the amount of money you bring in be way larger than the money you take out.”
Martinez explained how his way of saving money in college was simple and effective for him. Martinez said, “When I was in college, I would give myself a budget. I was earning about $450 dollars a week, so I would give myself a spending budget of $100 dollars a week. The money that I had leftover would go into my savings.”
With the advice of Martinez, current students wonder if the advice applies to today’s standards. Among those students is Raul Garcia, a history major.
Garcia likes to keep track of the money he brings in and takes out. He likes to know how much money goes into his bank account, how much he takes away from his bank account, and how to earn more. Garcia said, “I think hearing the advice Mr. Martinez gave is some of the best advice college students can get. It is very important for us to learn how to manage our money, especially if you want to end up buying a home and have a family.”
One of the application requirements to receive a “Here to Career” internship award is to complete two career readiness workshops at the CSUSB Career Center or IE Women’s Business Resource Center. Bookmark the CSUSB Career Center website for more information!