First Gen Fellows hosted two workshops entitled Mo’ Money, Mo’ Problems: Adulting 101 Feb. 5 and Feb. 7 for students who were interested in learning about filing taxes as well as managing their personal finances.
The Accounting Student Association led the Feb. 5 workshop. The Association taught students useful information on how to file taxes, such as what is needed when taxes are filed and tips to make filing less stressful. They also taught students how to properly file a 1040 form.
Dr. Fei Leng — who has a doctorate in financing and is an associate professor at the Milgard School of Business — led the follow up workshop on Feb. 7. Leng spoke on how students can manage their personal finances — like investments and debt. He also explained why workshops like these are important for students to attend.
“We have many classes on business financing,” Leng said. “But we do not have one on personal financing. The best time to start learning how to manage your personal finances is when you are young.”
The IRS is already collecting taxes for 2018 and expects that there will be over 115 million unique individual tax returns this season, which began on Jan. 29. The season ends on Apr. 17, and taxpayers are highly encouraged to file earlier than the last day.
Diana Algomeda — a junior and member of First Gen Fellows — attended both workshops and explained why she believes workshops like these are important for students.
“A lot of [first generation students] don’t have the knowledge about filing taxes,” Algomeda said. “Taxes and personal finances aren’t something they teach us in high school.”
Leng covered a variety of personal financing topics, from how to handle saving and spending money, to making investments and how to handle risk management. He explained how to handle debts, as well as what makes a “good” debt and what makes a “bad” debt. He concluded his presentation with what he thinks the best investment anyone should make.
“Invest in yourself,” Leng said. “Invest in your health, your relationship with your family and friends. Invest in your career, your knowledge, and your education.”