Economics and business professor John Romps talks about credit card debt, hot accountants, and your chances of winning the lottery.

What aspect of business are students most interested in these days?
Of the five areas in our economics and business department, most, about 60-70 percent, are in business, which is a broad, general introduction. The accounting major has become very popular. Enron and other scandals have helped accounting. There’s a Business Week article up on the wall, “Green Eyeshades Never Looked So Sexy.” The old dry, drab discipline now suddenly seems the way to go.

Your personal finance workshops for seniors are popular. How did you get started doing them?
About 12 or 14 years ago, one of our grads came in after a job interview and said he didn’t understand things like 401(K)s and insurance benefits. I explained it to him, and he explained it to his roommate, who was president of student government…Now I do it three or four times a year. There are things they need to think about as they prepare to get a job.

Like what?
A lot of it is purely practical things, not high level finance. Most of them don’t know that when they graduate, they lose their medical insurance. Or buying a car: I tell them it’s a lot cheaper to rent a car a couple of weekends a month than to own a car. And life insurance: insurance companies make a fortune selling life insurance to college seniors. Graduating college seniors shouldn’t be buying life insurance.

What about credit card debt?
Most of my students will tell you my biggest rant is mismanagement of credit cards. If I were dictator of the world, nobody who doesn’t have a full-time job would have a credit card.

What is your favorite course to teach?
I kind of like teaching all of them. I’ve taught Principles of Economics and Money and Banking pretty much continuously for 36 years. In Principles, the freshmen are wide eyed and innocent. On the first day I ask them, “What’s economics about?” and they say, “Money.” I say “No, it’s about choice.” Even coming to class is an economic decision. How you allocate your time, how many children you plan to have, they’re all economic decisions. Economics is a pervasive discipline that affects so many things. Money and Banking incorporates the whole economy: the federal reserve system, bonds, Alan Greenspan. It keeps changing. I also enjoy teaching investments, because it’s very current. It can be an exciting semester.

What’s the most important advice you give students?
For money to grow, you have to be willing to save. We’re addicted to spending in this country. Students are astonished to learn about the magic of compounding interest; that if they put a dollar away at 22, and get a 9 percent return, that dollar will be $64 by the time they’re 70. It’s important that they start now.

If you were to start college over again, what would you study?
I’m big into sports. I worked for the AP in the late 60s doing baseball box scores and did a little sports writing for my college paper. I’d probably study sports management or journalism, something that would lead me toward a career in sports writing.

Do you buy lottery tickets?
Hardly ever. I don’t believe state government should try to raise money by getting people to take foolish chances.