Heading off to college for the first time is quite the learning experience for most young adults. While there are a lot of things to get used to and figure out living on your own for the first time, one of the biggest adjustments to make is over money. What are some of the best ways entering college freshmen can better handle their financial situation?
Steve Siebold is author of the book How Money Works and a certified financial educator (CFEd) who has interviewed more than 1,300 of the world’s wealthiest people over the last 35 years. His advice is just what every college student needs to feel equipped for financial planning through college and beyond.
Here are 7 Tips to Help New College Students with Money
1. Get a part-time job
Wait until after your first semester once you are comfortable in your new school, surroundings and lifestyle. Getting a part-time job will not only give you some extra cash but it will give you a sense of independence from relying on mom and dad or anyone else. It also instills responsibility.
2. Become self-educated
Read books about success, money, business, investing, and anything else that can give you an edge in the real world. Higher education is indeed a commendable choice, but formal education will only make you a living. Self-education will make you rich.
3. Do what you love
The fastest way to get rich is by doing something you love to do. When you do something you love and you’re good at, you will do financially well. While most people in the middle class say the rich are always working, the wealthy are actually having so much fun because they love what they do.