4 Best Money Tips for College Students
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.