Top 5 Personal Finance Tips For College Students #Finance

what’s happening it’s shane here and in today’s CashNews.co we’re gonna be talking about the top five personal Finance tips for college

students now this is going to be a list of the top five things that i wish i would have told myself back when i started college and the top five things that i think are the most important when it comes to personal #1a73e8; text-decoration: none;">Finance for a college student and if you are able to get these five things down it is going to make a world of difference it’s gonna be like night and day and you’re gonna make the rest of your life a lot easier but before we get into that

let’s make sure to gently tap that like button let’s set a goal for a thousand likes on this CashNews.co hit the subscribe button only about 20 of you are subscribed we could do better than that come on now and uh also ring that notification bell so that you never miss out on a

CashNews.co but anyways let’s get into it number one on this list is to learn to play defense before you learn how to play offense and i’m not talking about basketball or football this is just a money metaphor so basically what this means is learn how to save and budget your money right

so if offense is making your money and then also investing your money then defense is saving money and learning how to budget and the only problem with offense is during a lot of your life while you’re young specifically you don’t really have all that many opportunities to make money

usually you have to go to college you have to learn something maybe like an apprenticeship to learn a trade you’d have to start a business and usually the first few years you’re not going to be making very much so it’s very difficult to learn how to make money and even more

difficult to learn how to invest it while you’re young just because you don’t have all that many opportunities but what is just as important as learning how to make money and learning how to invest your money is learning how to keep it right learning how to budget so that you can

actually save money and keep the money that you make and invest and just to prove this in case you don’t believe me seventy percent of professional athletes end up going broke and 80 of lottery winners end up filing bankruptcy these are people who have millions and millions of dollars they

have so much money that they could probably have like 10 or 20 or 100 different people retire on the amount of money that they make during their career or in the case of lottery how much money they get from the payout and yet in many cases they still end up losing it all and they go bankrupt why is

this because they had the offense part down you know they made all that money but they didn’t have the defense part down they didn’t understand how to budget and save so the defense part is something you can practice at any time during your life you can learn the basics of

Budgeting and you can learn the basics of saving money but that brings me to number two on the list which is budget but don’t spend too much time on it now i see a lot of youtube CashNews.cos where people basically get super super detailed with their budget like they’re

tracking every single penny that goes in and out of their account and out of their pocket or their wallet and some people even say i spend like an hour a day doing my budgets and to me that is just absolutely ridiculous avoid wasting tasks where you’re trying to kind of like manage your money

too much so this would include Budgeting of course because you know if you spend like an extra hour a day on your budget in order to save like an extra dollar or two per day i mean that’s really not going to make that much of a difference you could just use that amount of

time that you were Budgeting and like pick up extra hours or you know go do some kind of side hustle and even if you’re making like 5 10 bucks an hour you’re going to end up making more money doing things that way but this also includes things like extreme couponing

which in my opinion is usually going to be a total waste of time you know you spend like an extra 10 hours a week in order to end up saving 50 dollars that’s five dollars an hour you could have just worked like a minimum wage job and you would have made a lot more than that now that’s a

great thing to do if for whatever reason you don’t have access to a job but if you’re able to work a job you can just work extra hours do some kind of side hustle do uber you know anything like that and it would be more worth your time than spending all this time sorting through

different magazines and newspapers and stuff like that another example of one of these things is wasting too much time thinking about Credit card points so there’s like a very basic Credit card strategy that you should understand you know i have a few

Credit cards and i use them strategically to you know save money but some people just go way overboard with it and they have like 20 different Credit cards and they’re monitoring like oh during january february and march this one is gonna you know give me

three percent back on gas which is a little bit better than the 2.5 so they’re like constantly like switching their Credit cards out and just they spend all this time on like Credit card forums reading about other people’s experiences and they could

have just taken all that time that they did that and learned a skill that they could have used to made like way much way more money right instead they ended up saving like maybe an extra hundred bucks a year or something right but they could have like like i said learned a skill to to make more

money or they could have just worked extra hours so i’m all for Credit card points and everything like that you should definitely do that but do it smart don’t waste too much time on it just get the basics down you know just get a couple really good

Credit cards and you are good to go and there’s honestly a lot of other things that i could use as examples of things where you’re you know wasting your time doing too much of something but yeah i’ll go ahead and leave it at that number three on the list is going

to be start investing as early as you possibly can even if it’s just a tiny amount of money it used to be that most people did not start investing until they were in their 30s and a significant reason why that was is many of the Brokerages had minimum amounts that they

required for you to open an account so it would be something like five thousand dollars ten thousand dollars etc and the truth is a lot of people especially these days with student Loans and house payments etc they aren’t going to have 10 000 of disposable

Income for a long period a lot of the time until they’re in their 30s but these days there are so many different investment options for you you could literally pick up your phone and download an investment option right now and start investing and not only would you have the

incredible power of compound interest on your side which is basically where you know during your lifetime one dollar is going to turn into like 10 or 20 down the line if you invest it long enough whereas if you wait until your 30s 40s or 50s to start investing that one dollar might only turn into

like five dollars now the magic of compounding investing is super important and i think that’s awesome but i think most people have heard about that before you know if you invest like 500 a month into a roth ira for instance all the way through your lifetime you are going to be retiring as a

tax-free millionaire this has been proven over and over again there’s roth ira calculators all over the internet you can do the calculation yourself you are going to retire with millions and millions of dollars but i think even more than the power of compound interest it’s just the

simple fact that you get started investing right when you open up your phone and you see that your Investments are going up like oh you open it up you see your investment going up you get this a little adrenaline rush it feels really good and there’s really just a

psychological aspect to getting started investing as soon as you can and it gets kind of addicting and that is a very good addiction for you to have as long as you invest wisely of course so the sooner you start doing it the sooner you’re going to get more comfortable with it and that is

going to lead to you really getting into investing and then it’s going to be so much easier for you to do things like number one and number two which is save and budget because the more you save and the more you budget the more you’re going to get to invest and it’s also going to

be easier for you to do the next two on the list and the next one is going to be number four get a job right i know i probably sound like a boomer saying this but this is a very important thing for you to do during college and honestly if you can during high school i would say during college

getting a job is even more important than having good grades and the reason for that is because if you don’t have work experience it’s so much more difficult for somebody to train you and i know from personal experience i’ve trained people who worked while they were you know going

to school and i’ve trained people who didn’t work while they were going to school it was their very first job and the difference is night and day and it wasn’t because you know the people who worked were much smarter than the people who didn’t work it was simply just

experience it is so much more difficult to train somebody who has zero work experience versus somebody who has some and hiring managers business owners etc they all know this so not only are you going to learn key skills and these are kind of soft skills things you can’t really learn out of a

book you just have to be there you have to do it it’s on the job training uh type of skill sets so not only are you going to learn those skills but on top of that it’s going to look so much better on your resume when somebody sees that you were working during college so even if you can

pick up like seriously just like even if it’s like a half shift every two weeks or a half shift every month as long as you get to say you worked part time during college it’s gonna look a heck of a lot better than someone who didn’t work at all and even if you’re somebody

who’s like you know what shane i’m going to college but i don’t plan on getting a job i’m going to be an entrepreneur okay i’m never going to work for anybody else i think that’s a really bad mindset because how are you gonna be able to be a good boss yourself if

you’ve never been an employee before right like it’s so much easier for you to put yourself in somebody’s shoes if you’ve been in their situation before like it’s so much easier to be a good manager if you’ve had a bad manager or you maybe you’ve had a good

manager before and you kind of have seen the contrast between those two so even if you get a job and it’s kind of a crappy job you don’t really enjoy it that’s going to set a bar for you and so in the future if you get a better job it’s going to feel a lot better

you’re going to actually appreciate it because you know that it’s better and then on top of that you’re just going to learn so much no matter what direction you end up going so definitely get a job during college without a doubt no-brainer just do it number five on the list is

going to be to invest in skills and education now education is one of those things where college used to have a monopoly on it right pretty much the only place you could get educated was college but it’s no longer like that right there’s so many different areas that you can get educated

in there’s lots of different websites out there where you can take courses from you know people who are pros at whatever they’re teaching it’s also surprisingly and ironically cheaper in many cases to get one-on-one teaching from somebody than to actually go to college where

you’re gonna you know have like 40 other students in a classroom to one teacher no seriously like the amount of time that you spend in the classroom with a professor if you just took that same amount of time you could pretty easily in many cases just hire somebody who is a professional or

who’s really good at whatever skill you’re trying to learn to coach you one on one and i’m not even kidding about that like these things are out there they’re available uh you can look at websites like fiverr.com there are people who post it on facebook marketplace

craigslist etc right so there’s so many different ways for you to get educated college is a great choice depending on the career path you’re going down and then also just learning skills so you know another career path you could go down is trade right you could become a tradesman an

electrician a plumber hvac mechanic etc uh these are skills that are very valuable they are things that society needs when somebody’s toilet breaks you gotta fix their toilet right like they’re not just gonna leave it like that um they’re gonna get that toilet fixed asap and

that’s why plumbers are so needed you can also learn skills and go down the entrepreneur route that is a great route for some people to take as well some people have zero interest in that they just wanna you know work a nine to five and just live a normal lifestyle and that’s great some

people want to go the entrepreneur route because maybe they want to make more money or maybe they don’t want to make more money they just want to be able to do something they’re really passionate about and make the same amount of money as they were making in their job or maybe just

enough to live so there’s a lot of different reasons that people go for that but that is another good option as well but getting a job is great investing in skills and getting educated is going to make it to where you are able to get a job that pays you a lot or you are able to create your

own job as an entrepreneur and all of these things kind of feed into each other right so if you get really excited about investing for instance that’s going to make you want to make more money right and then when you make more money you’re going to be saving more money and you’re

going to be figuring out how to budget all that money and then that’s going to make you invest even more and then all of a sudden you get to retire early and enjoy the rest of your life on a tropical island hopefully that’s all i have for this CashNews.co hope you enjoyed it check out

my other CashNews.cos right here i made them just for you go ahead gently tap that like button hit the subscribe button ring the notification bell and comment down below any thoughts comments criticisms etc that you have on the CashNews.co and i will see you next time