So what is it that makes a Money Smart Student? I've been asked that question a few times. There are many other PF writers who have their own opinions, and I respect that. There are some who argue that doing the things I talk about on this blog don't make a difference. They say that saving a few bucks here and there takes all the fun out of living the college life and doesn't add up to much in the long run. I've already discussed the numbers in a previous post (Do The Small Things Really Matter?), so I won't belabour the point here. Being a Money Smart Student, or young adult, isn't just about saving money when you can by doing the little things. It's about having an overall knowledge of money matters, staying connected to your own finances, and having a plan for both during, and after, school.
In this day and age, it is easier than ever to find out everything you need to know about money. How to make more money, how to spend less on anything and everything, how to save money, where to save your money...the list goes on and on. I will once again throw out there that the Wisebread website is one of the best resources I've found when it comes to money. Not only do they have their own posts and information - they also maintain a list of the best PF blogs available. You can even search by different categories to find whatever specific money issue you need. It's a great place to start to get informed about handling your money. Having at least a basic understanding of finances will help you many times over in the long run.
Along with having a general knowledge, it is even more important that you have an in-depth knowledge of your own finances. How much you have, how much you need, where it's going to come from, how you can bring in more - you MUST be constantly connected to your own personal finance situation. Losing touch was one of the main factors in my financial demise years ago. If I had stayed on top of my money I know I could have worked my way through the hard times and avoided the disaster which ended up taking place. This is, in my humble opinion, the most important aspect of being a Money Smart Student. Know your own financial situation better than anything else. If you know where you stand, you can handle the hiccups along the way much easier.
Finally - have a plan. Don't wait until the end of the current school year to plan for next year. Get your FAFSA paperwork done early if you are an American student. Don't leave it until the last minute. As you near the end of your education, start planning for life after college. As you enter the workforce, what is your plan to save some money for when you have a family? Thinking a step or two ahead of wherever you are at the moment will make it easier to adjust things along the way.
I don't want this to sound too preachy. I just want you to understand that it takes a bit of work to be completely Money Smart. Knowledge is power, as the saying goes. Educate yourself about money, push yourself to stay connected to your financial status, and think ahead. These are the building blocks to being Money Smart - not just as a student, but throughout your entire life. Cheers!
What steps are you taking to stay 'Money Smart'? What else do you feel is important for students, or young adults, to know about finances? I would love to have your comments.
Showing posts with label opinion. Show all posts
Showing posts with label opinion. Show all posts
Tuesday, January 29, 2013
Tuesday, October 2, 2012
Why Are You Going To College?
A new month has dawned. With it, October brings the beginning of the research and application process for millions of highschool seniors preparing for post-secondary education. Believe it or not - there are hundreds of scholarships which have deadlines this month, but we'll talk about that at a slightly later date. The biggest decision students need to make right now is, 'What am I going to study at college?'. I think the more important question is actually, 'Why am I going to college at all?'.
With the spiralling costs associated with college, the decline in the number of well paying jobs in related fields for graduates (How many waiters do you know with a PhD?), and the overall lack of direction many of today's teens feel, is going to college right now really the best option for you? Are you going to spend thousands of dollars studying something which you might decide isn't what you really want to do for the rest of your life? Is there something else you could do for a year or two which will help you better define what your future goals are and the direction you want your professional life to take?
My oldest son, a highschool senior, was born in September. That means he could realistically graduate from highschool and start his first month of college as a 17 year old! I love my son dearly - but I don't believe there is any way that a 17 year old boy can have a firm grasp on what he wants to do for the rest of his life. We've had lots of discussions about what he wants to do. There is a general sense of the field he wants to enter but nothing specific just yet. How do you justify spending the kind of money needed to go to college if you aren't sure what you are studying is what you want to be?
A lack of direction has got to be a major contributing factor to the dropout rates at colleges and universities. Students get into their field of study and then realize they don't really want to pursue that area for the rest of their lives. Meanwhile, they've spent thousands of dollars on tuition, living expenses, etc - and for what? The realization that they are heading the wrong way. That's a steep price to pay for a wake-up call.
Don't get me wrong with the theme of this post. I believe that a solid college education is the foundation that terrific careers and lives are built upon. However, I think the time has come for students, and parents, to really start looking at exactly where the teenager wants to head with their life - and decide if going right from highschool into college is the best overall option. Now I'm sure some will say there are studies that show actual enrolment drops off by x% every year a student waits to go to college. I understand that. However, if students and parents sit down early (as in the start of senior year early) and make a concise plan of what is going to happen and when, there is no reason a year or two delay in starting college should be the end of furthering their education. Delaying college can give students, and parents, time to save up some more money. It can give the student an opportunity to really think about what course of study they want to pursue. It can also give students extra time to investigate all the options available such as overseas studies. It just may save a few years, and thousands of dollars in expenses, when the student decides they are heading in the wrong direction.
A college education can be a stepping stone to a terrific future - but do you really need to go right to college from highschool? That's a question only you can answer yourself!
What are your thoughts on this subject? Did delaying the start of college help you to better understand where you wanted to go with your life? I would love to hear what you think!
With the spiralling costs associated with college, the decline in the number of well paying jobs in related fields for graduates (How many waiters do you know with a PhD?), and the overall lack of direction many of today's teens feel, is going to college right now really the best option for you? Are you going to spend thousands of dollars studying something which you might decide isn't what you really want to do for the rest of your life? Is there something else you could do for a year or two which will help you better define what your future goals are and the direction you want your professional life to take?
My oldest son, a highschool senior, was born in September. That means he could realistically graduate from highschool and start his first month of college as a 17 year old! I love my son dearly - but I don't believe there is any way that a 17 year old boy can have a firm grasp on what he wants to do for the rest of his life. We've had lots of discussions about what he wants to do. There is a general sense of the field he wants to enter but nothing specific just yet. How do you justify spending the kind of money needed to go to college if you aren't sure what you are studying is what you want to be?
A lack of direction has got to be a major contributing factor to the dropout rates at colleges and universities. Students get into their field of study and then realize they don't really want to pursue that area for the rest of their lives. Meanwhile, they've spent thousands of dollars on tuition, living expenses, etc - and for what? The realization that they are heading the wrong way. That's a steep price to pay for a wake-up call.
Don't get me wrong with the theme of this post. I believe that a solid college education is the foundation that terrific careers and lives are built upon. However, I think the time has come for students, and parents, to really start looking at exactly where the teenager wants to head with their life - and decide if going right from highschool into college is the best overall option. Now I'm sure some will say there are studies that show actual enrolment drops off by x% every year a student waits to go to college. I understand that. However, if students and parents sit down early (as in the start of senior year early) and make a concise plan of what is going to happen and when, there is no reason a year or two delay in starting college should be the end of furthering their education. Delaying college can give students, and parents, time to save up some more money. It can give the student an opportunity to really think about what course of study they want to pursue. It can also give students extra time to investigate all the options available such as overseas studies. It just may save a few years, and thousands of dollars in expenses, when the student decides they are heading in the wrong direction.
A college education can be a stepping stone to a terrific future - but do you really need to go right to college from highschool? That's a question only you can answer yourself!
What are your thoughts on this subject? Did delaying the start of college help you to better understand where you wanted to go with your life? I would love to hear what you think!
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