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| College is
expensive, but necessary if you want to
get a good job (and you don. t
happen to be a remarkable athlete). |
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College is expensive, but
necessary if you
want to get a good job (and
you don. t happen to be a remarkable
athlete). If you start saving and investing
money while you. re young, going
to college can be much easier
on your wallet. You don. t need too
much cash to start investing. You can
open up an online trading account for
nothing, and make trades for 8
bucks a pop. Savings accounts are almost
risk-free, and while they can. t
yield as much as some stocks, they.
re popular because you almost
never lose money. Saving cash in a
piggy bank device is not the best way to
save for college (no matter how much money
you have in it), although it is better
than squandering the money on something
you don. t need or even want.
Below
is a list of saving and investment
strategies for the college-bound, as
well as the college student.
- Open up an
account with an online broker. Etrade.com, ameritrade.com,
suretrade.com, and
others offer cheap online
trading with a relatively low
amount of required cash. Make
sure you learn how to use everything that
the broker offers, so you
can click the right buttons and take
advantage of every research resource they
make available to you. Trading on
the internet doesn. t always
mean you. re making smarter
trades though. While an online
broker can be an invaluable tool,
you still should do your research
and pick good stocks.
- Don. t pay for something
free. Internet access is a
big thing. You can end up paying an
Internet Service Provider (ISP) up
to twenty or twenty-five dollars a
month for access. Places like
net0 (netzero.com) offer it for
free. Twenty dollars a month is 240
dollars a year. If you. re in
college for four years, that. s
960 dollars. Going with AOL (as
friendly as it is) can get costly.
You can download the AOL Instant
Messenger for free and you.
ve saved yourself a bundle.
- If you can avoid
it, don. t drive. This doesn.
t apply to people without
cars; it. s mostly for the
older folks. Gas is expensive and is
unhealthy for the planet. Running,
walking, bike riding, skating,
skateboarding, etc. are all free and
healthy. If you can find some
friends to go running with (or
whatever you do), it can be a lot of
fun in addition to being a financial
and health benefit.
- Don. t spend too much on
food. Sure, pizza is a staple for
college kids, but it can get expensive. If
a pizza is about 6 bucks (a
low end estimate) and you eat 4
a week, 50 weeks a year, for 4 years&
that adds up to 4800 bucks spent
on pizza in college. Put that
in a good stock for four years
and you could end up with ten grand
or more. Learn to cook, buy TV
dinners (they. re not great, but
they. re cheap), eat sandwiches,
etc. It. ll definitely
save you money in the long run.
- Sell used
books. If your high school buys them,
great. If not, do it in college.
Sell them as soon as the class
is over (the semester, not the first
lecture to you lazy people). If
they change the textbook(s) for the
course, you might be able to sell
it before they do. Selling your books
is always a good source of quick
cash. If you don. t need the
cash, dump it into your online
brokerage account and let it grow
for when you do need some.
- Get
a job. Constant cash flow can really help
a lot. You
need money to live off of, and any
extra can go in your online brokerage account. Anything
you can do will
help a lot. If you have computer skills, design
webpages. Work a few
hours a week at a normal job. A
lot of schools hire students for various jobs.
If you. re a grad
student or up there on the chart,
tutoring younger students might provide
some additional income. Any
of these things and more
can prove to be extremely helpful. If
you can take some time off
from your partying (I know that. s
hard) or your studying (Ha! Like
you study& but we. ll
pretend you do), the extra time
could earn you a decent amount of
money.
- Sell your collectibles. The
market for things like baseball
cards, Pokemon cards (I know
you collect them, people. It. s
ok to be a closet Pokemon fan),
etc. are pretty volatile. When
you go off to college, unload
them and turn them into cash.
Chances are you won. t have
the funds to continue buying, and
keeping them shelved is a risk you
don. t need to take. Get the
cash, and you can buy some stocks
that have a better chance at going
up in value. I know it might be hard
to part with your Pikachu, but you
can frame the little runt and sell
the rest.
- Try trading CDs wiht your friends instead
of buying them new. This is a logical
way of saving money because once you are
tired of listening to a CD you can trade with
your frineds in order to listen to a CD that you
wanted to hear. This will end up saving
you monmey in the end. Soon enough you
will have a ring of friends that trade CDs
instead of cards.
- Call mom and dad,
but for crying out loud, call collect.
This should be pretty self-explanatory. They.
ll be happy
enough to hear from you that they
won. t mind. The internet can
save on phone calls too. Use a voice
chat or e-mail. They work great,
especially if you. re using
point number two and getting the
internet for free.
- Don. t do drugs! Not
just for your health, but for your
wallet. Alcohol is a drug too, by
the way. If you drink or do drugs,
you should stop. You. re seriously
endangering your health, and
it. s illegal. You could
wind up in a hospital, in jail,
with a ruined life, or dead. You
could also wind up broke. Even if
you just drink casually and never drive
while drunk, it. s still a
budget strain.
If you
can follow these 10 guidelines reasonably
well, you. ll almost
definitely have more money for college.
Good luck, in school and in saving and
investing.
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