"Broke yet growing wealth?"
As you all may know, I am a sophomore in college, so the broke college kid lifestyle is a real thing. Everything in college is expensive. Books are expensive, food is expensive, EVERYTHING IS EXPENSIVE. I attend a private college, and its about $52,000 a year, so I take out student loans as well. Besides being a college student, I do not have a job (family said no), so I get an allowance.
"If you get an allowance, then you're technically not broke." Yes the hell I am. A few of my expenses go to Ubers and Lyfts, food, and other stuff on and around campus.
"Then where is your money going?"
Two words: Savings and Investments.
Get a damn savings account. Put the money in there and don't touch it unless it's an emergency. Savings accounts are easy to set up, and most banks will open one along with whatever checking account you create with them. When money runs out of the main account, too bad, cut down on whatever your doing and cancel any money-required plans. Trust me, you would rather be faux broke than real broke. With "faux broke", you still have money for emergencies. Real broke is where you are bone dry and have no room to handle any unforeseen emergencies (a bad place to be in).
Getting into the investing field is a complex thing to do. There are many websites that offer to simplify the task of taking your money and investing it, but you still have to do a lot of research. A simple google search brings up so much information about stocks, IRAs, portfolios, etc. When I first looked into investing, I had a hard time navigating on which should I choose, with what company, how much they required, and so much more. Luckily, in this new technology age, there are easy phone apps you can use that do basic investing for you. I happen to use the acorns app, which takes money from my account each month, or whenever I decide to put more money in, and invests my money in a range of different stocks and bonds. Its an easy way for me to invest, and there are many other apps like that on the market. I definitely recommend doing some research on the apps before you send in your sensitive information. When the amounts of money get to higher values, it would be good to switch over to those companies like Scottrade, Etrade, etc.
These two ways are very easy for me to retain any money I come into while I'm in college. Savings is a common way, yet it is very easy to drain a savings account. Investing money is a good idea, yet the money takes a while to take out and grow, but that should deter you from touching that money.
Comments
Post a Comment