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The Student News Site of Loyola University Maryland

The Greyhound

Learn How to Retire a Millionaire

Taxes, debt, and retirement are all aspects of life that students often don’t think about. However, these are the three things that Dr. J.P. Krahel, a seasoned Loyola professor and current chair of the accounting department, discussed in his lecture earlier this month.

Many students are unaware of the financial steps they can take now that will benefit them in the future. In an interactive discussion with students of all class years, Dr. Krahel explained steps that students may take now to get on the road to retiring wealthy.  

The 2008 recession plunged some families into poverty, which some members of this college generation experienced growing up. Dr. Krahel explained that the impact of that event created a greater awareness among college students of the impact that money can have on all the different aspects of the world.  

“It is obvious that with this generation, there is a hunger to do more with your money,” he said.

Another topic he addressed was taxes and the ways in which a student may be eligible to cut down the amount they are currently paying. For example, marital status or property owned, such as a house, will determine your taxation rate.  These are all aspects to take into consideration, and ones that most students are unaware of because they may not be considering the impact of marriage or a mortgage at this point in their lives.  

“I know all of this stuff is boring,” Krahel said. “But you have to get to know the language because if you don’t, you may get taken advantage of.”  

Cal Henderson ‘22 is studying business management and information systems. He had little knowledge of these aspects. He said:

“I knew about the retirement aspect of the lecture, but I was unaware of all the tax components, even though I have taken four years of business courses.”  

College students may not be thinking about retirement plans yet, but he also suggests that students consider setting up Roth IRA accounts to start saving for retirement. Krahel explained that Roth IRA accounts save some of a student’s current income for retirement and can be very beneficial if started young due to the interest rate at which the account balance will grow. These accounts are also very easy to set up and can be done at any local bank without any prior knowledge.  

“Your youth is your biggest asset,” he said. “Take advantage of the importance of time and invest in yourself and in your retirement yesterday.” 

Another topic that he discussed was student loans.  He suggests the refinancing of interest rates whenever possible, even if that is as frequent as every month.  Refinancing interest rates means reviewing the current rate consistently and asking if it can be reevaluated to a lower percentage.  

Caroline Gioino ‘22 was an attendee and is currently studying speech pathology. She also had little knowledge of money management.  

“My biggest takeaway was my newfound understanding of student loans.  I was never aware that I can refinance my interest rate, and I think that can really save me money in the long run,” she said.

Krahel mentioned that caring for your own financial position is equally as important as other forms of self-care.  

“Always ask questions because caring about these aspects of life is a form of self-care,” he said. “Being stressed about money can be alleviated, and that’s what I’m trying to do.”  

Featured Image courtesy of Unsplash

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