As a current college student (upcoming junior), I have some experience with investing/not investing in college. Let me explain.
Going Out Too Much
When I was a freshman in college, I would go out to a club almost everyday, just spending hand over fist. If I calculate how much I spent on going out my freshman year, it would probably be at least $500. School was paid for, I had a part time job, and I was lucky enough to be getting some spending money from relatives. I don’t have any regrets, but I do wish that I had saved and invested a large portion of the money I had coming in.
Instead of spending most of my money on going out and on food, I wish I would have set aside more money for my website and other endeavors. I started Entrepreneur Millionaire near the end of the fall semester freshman year. However, besides the purchase of the domain name and hosting, I didn’t really spend any more money on it. Looking back, if I would have spent more of my money and time on growing Entrepreneur Millionaire it would be less work I would be doing right now. Now, I am playing catchup for the bullshitting I did my freshman year.
My advice to any incoming freshman who would like to achieve a better life would be to start investing in yourself now. It’s never to early to start investing. Set aside some of your graduation money and money from a part-time job(if you have one). Use that money and spend some time on creating an income stream for yourself. Yes, you can go out to some parties and events, but make sure you are earning that right.
This is where I messed up. I spent too much of my money and time on attending events and parties. I never balanced it out by spending my money and time on activities that can make me earn more money. If I would have balanced it out earlier, I bet that my income today would be a lot higher.
Also, try your best to avoid over drafting your bank account. Most banks charge an amount for over drafting, and it is an unnecessary cost. For me, my mom has her account linked to mine since we both bank with J. P. Morgan Chase. Whenever my account gets too low for some reason, she can transfer money instantaneously. However, it is better for you to learn how to check your account regularly and know how much you have in there at all times.
Find ways to make money from a hobby you are good at. With the internet and its ease of entry, you can quickly test your idea in the marketplace. Take advantage of this. If you are not comfortable with selling something on the internet, sell to your relatives and friends. You never know what could happen with an idea you thought was small. For example, I spend a ton of my time on computers and know a lot about them. My relatives know this, so whenever they have problems they call me. Usually, they pay me even when I don’t ask for any money.
Don’t be afraid to try an idea you have. If a lot of people are telling you to not do something, use that as motivation to prove them wrong. College is an amazing experience, enjoy every second of it. If you want a better life, you have to spend money and time investing in yourself. Try to balance your life out with studying, partying, and investing in yourself. Remember: most people give up right before they are about to experience a major breakthrough. Never give up, always keep fighting for the life you want.