How to turn marketing students into millionaires: Decision making for personal wealth management

Marketing promotes exchange, consumption, selling, and retailing in a society bent on spending and living beyond its means. In the meantime, students’ debts continue to spiral. Marketing professors should teach students how to resist salespeople, retailers, and advertising pitches, and strive to save and invest rather waste financial resources. Frugality is the cornerstone of wealth accumulation. It is not one's income that serves as the primary indicator of one's wealth; the primary indicator is how much goes into savings and investments. A paltry one-time $2,000 investment in a Roth IRA during a student's undergraduate years may balloon to $194,000 by the time the student retires from the workforce. Savings, investments, compound interest, marriage, education, and voluntary simplicity compound into a financially rewarding lifelong journey for the frugal student who resists a consumption-oriented culture.