Donna Owens, director of the Ohio Department of Commerce, shared personal finance tips with a class from Buckeye Valley High School this morning.

As Director of Commerce, Owens oversees one of the state's primary regulatory agencies. The Department regulates Ohio's state-chartered financial institutions as well as many industries involved in financial transactions such as real estate and securities. It also enforces the state's building and fire codes.

In light of national reports highlighting the lack of financial knowledge of high school students, Director Owens takes opportunities to speak with high school students about their financial futures and how they can wisely manage their money.

"When I was in high school, no one really taught me about how to balance a check book, how to build good credit, what the interest rates on a credit card really meant, and how to shop for the best interest rate when securing a loan," Director Owens told the students.

The Director said that we live in a culture of plastic where credit cards are used at shopping malls, car repair shops, restaurants, and grocery stores. While pointing out that credit cards can be useful in building good credit, she warned the students that "Credit card debt is your mortal enemy! The sooner you realize this simple fact, the better your financial life will be."

"Where most people get into trouble with credit cards is through impulse buying. The attitude is 'I must have it and I must have it now.' This is how millions of Americans get themselves in trouble -- especially during these months leading up to the holidays," she said.

In addition, Director Owens provided the students with an example of how money, when properly invested, can help the students save for their long term financial goals. The Director asked the students if they thought they could become a millionaire. She provided the students with a chart which showed that if an individual starts investing $263 a month from the time that they are 30 years old (with an annual return of 10% interest) that they will have earned $1 million by the time they reach 65 years of age. She then pointed out that if they waited to start investing until age 50 that they would need to invest $2,413 per month to reach the $1 million goal by age 65. "Money can grow by leaps and bounds when it is put aside and left alone to work for you," she said.

The Director concluded the program with some simple advice: "Do yourself a huge favor. Buy what you can afford. Pay your bills as you go. Save a little today so you can make your dreams come true tomorrow."

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