As young adults and college students, one of our main goals in life is having financial freedom. With an ever growing economy, is it imperative that you begin investing in your future ASAP! Yes, we are young and in the beginning stages of our lives and careers, however, there are many smart money moves college students can make, regardless of where they are in their careers. Here are some key things to consider when investing.
Open an Online Savings Account
Learning to save some of your money is crucial and a major key if you plan on investing in the future. Even if you don’t earn a lot before investing your money into another business, stock, etc., learn how to invest your money. The best way is to make the savings automatic and invisible. Open up a savings account and make regular, automatic deposits.
Build a Credit History
The first step in securing stable long-term wealth is building a strong credit report. Having an outstanding credit score is one of the most financially valuable things you can do for yourself and it’s best to start as early as possible.
Join the Credit Union
Credit unions are fantastic because they are setup in a way that the depositors are the shareholders. Joining a credit union has its perks but there are a few more rules involved, for example, credit unions have to restrict membership requirements but the relationship is very valuable because you actually build a relationship with the credit union.
Work For Experience
You have your entire life to work for a paycheck, use your time in college to explore the things you enjoy doing and use it as a learning experience, not as a way to pay for that six pack.
Research
Before making any type of investment, doing intense research is a must!!!! Learn everything you can about the company you will be investing your money into. Speak with knowledgeable investors or stockbrokers, who can give you wisdom and guide you in the right direction in gaining financial gain.
*The earlier you can do many of these things, the more of an impact it can have on your financial life.
-HCXO!