A mock re-match between the Denver Broncos and Carolina Panthers last week ended with the Panthers on top.
It was financial literacy football, part of an April 5 presentation for Bayfield High School seniors. U.S. Rep. Scott Tipton, R-Colorado, hosted the presentation as part of Financial Literacy Month, along with some financial experts and BHS teacher Wendy Thompson. She teaches government, AP government, and economics.
Tipton told the seniors that he got a degree in political science from Fort Lewis College and made use of it by starting his Indian pottery business in Cortez. "Had I listened to my father, to take more business classes, I'd probably be farther along," he said. "I had to learn by making just about every mistake you can make."
Seniors were divided into two teams, much to the dismay of the students who had to be Panthers. Tipton and Thompson coached the Broncos, while Raven Newberry, a CashCourse program associate, coached the Panthers.
With the game showing on the big screen in the BHS Performing Arts Center, the team with the ball could choose the type of play and an easy, medium, or hard question to answer to complete the play and move down the field. The team kept the ball each time they answered successfully. The Panthers scored first and added a two point conversion to move ahead 8-0.
They scored again but missed another two point conversion, increasing their lead to 14-0.
The Broncos finally scored, but they also missed a two point conversion. The game ended 14-6.
The program continued with a panel discussion. Thompson told students she got a history degree from CU Boulder but wasn't very employable. Eventually she got a teaching certificate at age 39 and her masters degree at 41. "I should have done that a lot sooner for better earning potential," she said.
Laura Shelton, a vice president at Alpine Bank, said as she reached adulthood, "I wasn't sure where I was going. I just knew I wanted to be happy with what I was doing." That turned out to be banking. "Finance is an important part of who we are as a community and a nation," she said. Smart phone financial apps are changing the way banking is done. "You have more access and control than we ever had," she said. This even includes person-to-person cash transactions.
Be mindful of your credit rating, advised Hugh Norton, who runs Visa's financial education programs. "The decisions you make now can have a positive impact" on your finances and credit rating, he said. He cited an NFL quarterback who couldn't get a home loan because in the past he had stopped paying a cell phone bill because the phone stopped working. Another player couldn't get a car loan because of an unpaid cable bill.
Newberry advised students, "Figure out what you really care about and save for that" with money not spent on short-term things like a super deluxe gourmet coffee.
Asked about Bitcoin digital currency, Tipton said, "We've discussed it in terms of consumer protection. The value of Bitcoin changes. A dollar is a dollar."
A student had heard that college debt is good debt and can't hurt the debtor. Shelton said, "Debt is debt," but it can be a way to build credit history.
Newberry added, "Student loans would be considered good debt. It's an investment in yourself." But there's a "sweet spot" of not too much or too little. Consider what your college major is and how much income that is likely to bring, she said. And go with federal loans before private loans.
Norton told students, "Don't make a purchase with credit if you can pay cash."
Shelton warned that a maxxed out credit card can hurt your credit score even if you are making the monthly payments, "because it shows you aren't managing your credit."
A student said he wants to start a business after college. Tipton said, "Establish credit now. Take the business classes." He listed Fort Lewis College and other Western Slope schools as a more affordable place to get an education that can be as good as in a big name school. "Come out with as little debt as possible," he said. "In my view, all debt is bad. Also pay those bills." In general, he said, "There's no free ride."
Shelton added, "The more loan payments you have out, that affects the house payment you can afford." She advised the prospective entrepreneur to get a good banker and a good CPA.
Norton told the seniors it's not too early to start thinking about a home mortgage. "Start saving your nest egg early. It's about decision making." He warned against the trap of thinking I'll start saving once some other thing happens, such as marriage or the good job. "Don't wait, even if it's a small amount" diverted to savings, he said.
"Pay yourself first," Shellton added.
Tipton preceded the financial program with a tribute to the state championship Wolverine football team, presenting it to BHS Coach Gary Heide.
Titpon had read remarks in the Congressional Record on Dec. 8, 2015, honoring the BHS and Pueblo East High School teams in his district.
"A football season in Colorado is filled with long trips over diverse terrain to play unfamiliar opponents," Tipton wrote in his proclamation.
