4 Best Money Tips for College Students

March 28th, 2009 | Categories: News | Tags: , ,


Here are the best four tips you can adopt to start making money even you are in college. If you can master even one of these, you’ll have a head-start on your friends. Master all four, and you’ll be on the road to wealth. No kidding.

Here we go with the list:

01 - Spend less than you earn. Don’t earn much? Then don’t spend much. If your spending and income are roughly even, you have two choices: earn more or spend less. When I was in college, I worked as many as four jobs at once. This gave me a lot of spending cash. (Unfortunately, I didn’t do a good job with the spend less part of the equation.)

02 - Be an outstanding employee. Good work habits can pay enormous dividends, leading to recommendations and contacts that you can use after you’re out of school. Several of my classmates turned work-study jobs into launching pads for future careers.

03 - Start your own business. Can you install a hard drive? Can you strip a computer of spyware? Can you perform minor car repairs? Do you have a pickup truck you could use to haul furniture? Are you a passable guitar player? Charge cheap rates and exceed expectations. Word will spread. When you’ve built up a customer base, you can raise your rates a little. This is an awesome way to make money.

04 - Learn to invest. Find a discount broker and begin making regular investments. Sharebuilder is a great choice for college students. It costs only $4 to make a scheduled stock purchase, and you can invest any amount of money, even $20. Don’t obsess over the details yet. You can worry about high returns and low fees later. Right now the most important thing is to develop the investment habit. (Ad: Buy Stocks for $4 at ShareBuilder.) Ten years from now, you’ll thank yourself. If you can find a way to invest $1000 a year for the next ten years, you can set yourself up for life.

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  1. Allen Taylor
    March 28th, 2009 at 09:15
    Reply | Quote | #1

    Nice writing. You are on my RSS reader now so I can read more from you down the road.

    Allen Taylor

  2. Anonymous
    March 28th, 2009 at 09:33
    #2
  3. Bill
    March 29th, 2009 at 18:09
    Reply | Quote | #3

    Tough to put time into investing when you are basically broke. Spend the college years learning how to control spending.

  4. Jeff Powers
    April 21st, 2009 at 01:11
    Reply | Quote | #4

    Alot of great comments and tips here!I can really learn alot from these suggestions and hope that i can contribute as well.keep up the good work