Robert Rencher

Robert Rencher, economics professor manages his money based on one basic principle.

“Spend less than you earn and do it for a long time, and you will be financially successful,” Rencher said.

According to Rencher, even college students can live up to this standard.

Both of Rencher’s two daughters graduated from college without debt. Rencher also knows of twins who graduated a few years ago from the School of Business with a specialization in finance. They created their own business on eBay and used the profits to pay for their college expenses all four years at Liberty.

According to Rencher, all it takes for financial security and independence is a little planning, saving and creativity.

“You’ve got to have a plan that looks beyond the immediate future,” Rencher said.

Students have to start their saving early in life and make it a life-long habit.

He encouraged strict budgeting that eliminates unnecessary spending.

“It really isn’t as hard as it seems at first and can be accomplished by being intentional and applying a little creativity,” Rencher said.

At home, Rencher and his wife save each night by taking the change left from their daily expenditures and putting it in a jar.

“You’d be surprised how quickly it will add up,” he said.

The Renchers use this money to pay for the little extra conveniences of life like eating out. In this way they limit their spending and reward themselves for saving.