Financial success may come in different forms. Financial success does not only mean that you are financially independent or that you have been able to make thousands of dollars off the stock market. To be financially successful may mean making sure that by the time you graduate from college, you are not in debt or worse off than when you started.
As essential as it is to secure a part-time job to support your personal wants, you must be aware of the “hidden regressors” that come uninvited. Your first check in the mail brings you, to some degree, a feeling of accomplishment. Your adult life is just getting started, and you’re learning the value of getting paid for your efforts. It goes without saying that it’s at that time that you start to take on additional responsibilities. The importance of communication and being able to be reached wherever and whenever prompts you to procure a wireless. The apparent need to get to and from your job incurs the cost of driving insurance, gas, and all other related transportation expenses. Indubitably, acquiring a job doesn’t always mean money inflow; it creates a path for money outflow. One needs to be prepared for the unexpected and have the ability to be financially successful.
Credit cards: a friend or a foe? When the due date for bills draws near and the checks are not coming in as often as you would have expected, many students feel pressured to use credit cards as a means of a short-term loan. This method, where you plan on immediate repayment, is not harmful; however, many students misconstrue that credit cards are an invention to make college life luxurious and comfortable. Wrong!
Saving is sometimes barely doable for some students, since they end up owing money to all these credit card companies. Our system is designed so that without good credit, one is limited in a lot of ways. It is thus prudent to use credit cards wisely. Use credit cards for things you know will definitely bring you a return. For example, use your credit cards to buy gas to take you to work. When you decide to use your credit cards to buy all the possible clothes on sale and the purchase is backed by the conviction of repayment after you graduate, put the credit card back in your book bag.
Credit cards can either make you or unmake you. This is because if you use them wisely, once you graduate, it will be easier to get a loan for a new car or a lower security deposit on that new apartment. For college students that work, there is always the possibility of saving money, even if you can’t save a lot. You can still save a little. Try to do research online for banks that offer high interest rates on their savings accounts. The proliferation of online savings accounts has undeniably increased interest rates and thus the potential to earn more on your savings.
To be financially successful means to be debt-free; for a college student, this means attempting to avoid post-graduation debt. The “broke college student” has the ability to be financially successful if measures are taken to save more and use credit wisely.
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