As a current college student halfway through this journey that was unfortunately interrupted due to the pandemic my first year, Iâm eager to be back on campus this fall to be able to practice these money savings moves to their fullest and of course learn.
Thereâs a lot going on in college. From âfinding your passionâ to âdiscovering who you areâ, taking advantage of every penny youâve spent can be intimidating yet worthwhile if you know whatâs out there.
One of the mistakes I made going into college was not briefing myself upon the different activities, opportunities, side gigs, career centers, discounts and immense alumni support my school had offered. This wouldâve easily saved me a couple dozen headaches and long nights.
After realizing students had all this support, I didnât feel as guilty for the tuition cost even with a full-ride. One of the downsides of being a personal finance guru is that guilt never fades, even when you get a great offer or save your time. As a native New Yorker, my ignorance got the best of me and I assumed I knew everything about the offerings at school until I came here and realized there is so much more to explore and make use of!
As an incoming third-year, college couldnât have gone by faster. Iâve only studied on the physical campus for 1 semester plus a few weeks until covid hit March of 2020. At this point I desperately want to soak in these last few years of true campus life. When I ask my fellow colleagues, neighborhoods, family friends, networks, etc. what they miss about college or any regrets they may have about it, they mostly say they either regret having too much fun or miss meeting people that werenât identical to them.
I canât relate to the too much fun part since Iâm trying to force myself to have more fun but getting to know people outside of my niche with differing interests is a must. Why would I want to hang out with people that think exactly like me or know what Iâm going to say next?
Thankfully, when it comes to meeting people, itâs free and so is having fun. With a little creativity and time, anything can be free if you really want it to be.
New York certainly isnât the most ideal place to find a great deal or have fun on a budget, yet thatâs one of my missions this year; to have fun and meet others in a financially economically friendly way. Iâm sure my colleaguesâ bank accounts would appreciate it as well.
Just because itâs free or simple doesnât mean it canât be special. Thereâs nothing wrong with a more financially stable existence. Itâs not boring or cheap. Itâs wise and only rewards you down the line.
Besides adopting the classic frugal minimalist spending habits and setting up a realistic budget, there are additional key techniques students should be aware of to set themselves up on the path for success since what they put in, is what they get out!
Financial and Life Tips for College Students (Younger or Older):
-Be aware of the fields/industries youâre getting into and understand the payâââsadly passions donât always pay the bills
-âBe fearful when others are greedyâ -Warren Buffett
-Make your live easier by passively investing in the long term. It historically beats out active trading as well
-Time in the market > Timing the market-donât gamble with it, earn money to achieve goals with it
-Time is your most precious asset. Time = Money
-More risk = more reward or loose it all
-Donât obsess over title, positions, logos or compensation. That will not make you a better person, enhance your character or make your life easier. Instead focus on impact, value, leaving a legacy, making people feel good and making the world a better place than where you found it
– College is more than traditional txt book or lecture learning itâs about fostering relationships, connections, reaching out of your comfort zone, networking, taking more risks as the younger you are, the easier it is to do, treasuring your most precious asset: time-compounding works wonders and take advantage of everything thatâs there!
– Be aware and look around for major student discounts and perks to save big bucks!
-Tap into alumni support-itâs not always about what you know, but who you know! Alumni from your school are more willing to connect, refer and help you out in life
-Decisions have consequences-think before you speak and I suggest waiting 24 hrs+ before any major decision/purchase; If itâs rushed, then you shouldnât do it. TRUST THE GUT!
-Health is priceless and cannot be reversed. Your decisions today have an impact
-Be grateful for the small things that cannot be replaced
-Quality > Quantity
-Patience is a virtue, handy in investments and to work smarter not harder
-Things happen for you not to you-life has a weird way of working out that you wonât understand today only later on
-Failure is not the opposite of success it is necessary for growth and the best teachers
-Live the frugal minimalist stealth wealth lifestyle to truly get ahead! Itâs easier the younger you are!
-Study abroad so you can to stay humble, grateful and gain new perspectives outside of the classroom
-Donât cling to cliches or popularity, instead get to know diverse students with various interests and majors unlike yours
-Get a credit card not a debit card to build credit, go over your payment history and know your balance at the end of the month
-Understand what the 529 plan covers and what it doesnât- biggest surprise for me: doesnât reimburse commuting expenses!
-Donât compare yourself to anyone except your former self
-Donât do it because you have to, do it because you can! Education is the biggest driver towards success.
And remember⌠nothing lasts forever!
I hope to cherish the second half of my college experience with a fresh perspective, take advantage of everything thatâs there, especially all the free food, and most importantly make sure to have a blast!
I donât know anyone who doesnât want to go back to college!