Robert Hoyt, who holds the Dudley L. Moore Jr. Chair in UGA’s Terry College of Business, was quoted in a GoErie article about money habits everyone should have.
There are five lessons everyone should know: know how to budget, have an emergency fund, save for retirement, credit is a tool, and invest in insurance, according to Hoyt, who is a professor of risk management and insurance.
“Many people tend to purchase coverage with low deductibles, which can be costly,” said Hoyt, who teaches corporate risk management and enterprise risk management. “Because states have low liability limits, people think they should start there. But for most individuals, those limits are woefully inadequate, so they end up paying a lot for insurance that doesn’t cover enough.”
