The average student carries $3,000 of credit card debt, and graduates with about $30,000 in student loans. These were just a couple of the statistics Rachel Cruze, daughter of financial guru Dave Ramsey, shared with MSU students at last night’s event. The event,  Ice Your Debt, was sponsored by the MSU Enactus organization, formerly SIFE.

As students entered the room, each was given a plastic bag with directions on how to literally encapsulate their cards in ice as a means of buying time to create a plan on how to pay down debt and live without credit cards. According to Cruze, students often use credit cards with the intention of saving them for emergencies. However, it becomes difficult to discern true emergencies in the heat of the moment, and the charges start adding up.

Cruze offered practical, but powerful advice on how to live within your means, and gave tips on creating an effective budget. Her encouraging message revealed four practical principles: if you don’t have money for it, don’t buy it, live on less than you make, save for a rainy day, and invest. Sounds easy right? According to Cruze, it’s easier said than done. However, personal finance is 20% numbers, and 80% behavior, so anyone with focus and determination can achieve their financial goals. In concluding, Cruze mentioned the importance of giving by saying, “Money magnifies you. If you are a jerk now, having more money will only make you a colossal jerk.” By being good stewards of what we have, we will be able to give and take part in something that’s priceless

See video of Rachel Cruze at last night’s event on KOLR 10