Dr. Starla Ivey
Dr. Starla Ivey began with what it means to be a collegiate student athlete – how your standard of living is low (relatively speaking) so it’s best to live like a pauper now and a king later versus the opposite. Things like student debt and other loans and financial decisions can impact your entire life – when you get married, have children, what type of job you’re willing to accept. It’s a different situation when you’re just trying to make ends meet versus the ability to be choosy with your job so you can find fulfillment and success.
She was sure to stress the importance of budgeting and developing your budgeting discipline early. If you can establish good savings and spending habits when your income is relatively low, they’ll be even more fool-proof when you’re rolling in the dough. You can have a simple budget on a piece of paper or excel file; or you can get techy with it and get a budgeting app – there are plenty out there!
A great part of the episode is where Dr. Ivey speaks to how you can practice your habits now – many universities have free financial resources for students. Treat your stipend as your income and budget, save, and do all the things you envision yourself doing when you have a solid income. Take advantage of the resources around you and don’t leave anything on The Table.