4 Ways to Invest Your Money Wisely Being a College Student
Moving away from home to join campus can be exciting and daunting. No one is going to do the laundry or study for you. You’ll have to learn how to manage your time effectively to get the most important things done.
In most cases, students beginning their academic adventure in college don’t know how crucial managing there is. Therefore, they end up wasting a lot of time doing low priority activities. And before they know it, they are about to graduate with no assets or savings. When you manage your time wisely, you’ll have time for everything, including investing.
Why you should invest now
You are probably wondering why you should start investing right now when you have more than thirty or forty years of doing this. Plus, you don’t have loads of cash to start investing right now. All these claims are true to some degree.
However, you don’t need to have deep pockets to start investing. Today, you can start investing with a modest $30 or $40. Stop thinking as a student and start seeing yourself as an investor. Since you’ll be spending a considerable amount of time investing, you’ll need to find someone who can do my research paper for me quickly at discounted prices.
As a wonderful human being, you must be rich. Therefore, start learning investing lessons and where to invest now. They don’t cost a dime. Here are four ways to start investing for college students.
1. Invest in low-risk CDs
Most people don’t consider a certificate of deposit as an investment. Yet, it’s one of the safest investments at the moment. By investing in CDs, you’ll receive a specified rate of interest in exchange for offering your money to a financial institution for a specified time.
This is one of the best investments to put money you are not planning to use soon. For instance, you can invest your next year’s fees on CDs. CDs are not affected by the stock market so you shouldn’t worry about anything.
2. Use a low-cost broker
Today, there are many free to low-cost brokers who will help you start your investment journey. As a student, you should search for free brokers to reduce your expenses and increase your earnings. With the rapid advancement of technology, there are free investment apps that you can use to increase your earnings at relatively low prices. The best thing about investing in low-cost brokers is you can access your money any time you want.
3. Invest consistently
If you choose to go with a broker, you’ll need to invest a small amount of money every month so that your capital does not get eaten up by the monthly fees. You can start by investing $20 every month. You’ll be surprised by the amount of money you’ll have managed to save in a year. You need to get started right away to start thinking like an investor.
4. Create an account with IRA
You might be wondering why you need to create an account with IRA and you are in college right now. Having an IRA will allow you to build your savings as early as possible. The earlier you start investing, the longer you’ll make use of the magic of compound interest to increase your time investments. Do not wait until you get a job or graduate to start investing. Start right now!
The most important thing about investing as a college student is having a sense of urgency. It’s easy to postpone saving and investing because you have a lot of time and energy to do that in the future. However, what gets postponed never gets done.
Start investing small amounts consistently and you’ll be amazed by your progress. You won’t be among those people who whine and cry when things get worse or those who rely on their credit cards. Falling into debt is a financial grave that very few recover from. With the smart investments discussed above, it shouldn’t be difficult for you. Plant your tree as soon as you can. Remember, it’s never too late to start.
Emma Rundle is a professional editor and writer. She loves sharing her thoughtful ideas and opinions on financial management and independence regularly on her website. During her leisure time, you’ll find her swimming with the dolphins or traveling with her loved ones.
Serial Entrepreneur - International Business Planning and Development Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional.
- 2018 SME Business Trainer and Coaching Advisor at GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit) for SME Loop.
- 2018 Executive Director/ Project Manager, Dayo Adetiloye Empowerment and Development Initiative
- 2018 YALI RLC Online Cohort 9
- 2017 Fellow, Inspire Africa Train-the-Trainer Entrepreneurship programme sponsored by US Consulate Lagos and the Dickey Center, U.S.A.
- 2016 Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- 2016 CEO, Dayo Adetiloye Business Hub
- 2015 Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank and EDC, PAU.
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). And Obafemi Awolowo University (OAU) Ile-Ife, Nigeria.
Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
- He is a Certified Trainer in Design Thinking by the U.S Consulate, Lagos and the inspire Africa Entrepreneurship Institute.
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