Generally speaking, college is not a place where you’d imagine building wealth. Typically, students who graduate college often owe thousands of dollars of student debt to their lenders. With all the expenses related to college, the frugal lifestyle can be difficult to achieve and it seems more likely you’ll be owing more money than you have after hanging up your cap and gown. However, there are ways you can actually build wealth in college if you’re a student. It just takes determination and a financially disciplined lifestyle to arrive at that goal, but it is possible.
Some of the multiple ways you can increase your net worth while in college include applying for scholarships and grants which will reduce how much you take out in loans. Setting up a routine where you apply weekly for scholarships will increase your chances of winning one as long as you continue to be persistent. Organizing your scholarship search and identifying the ones that’ll give you a greater chance of victory is a wise move. This is a basic, yet helpful, way to reducing the cost of college. The idea behind building wealth, after all, is limiting your expenses and increasing the amount of income you generate.
Another avenue to building wealth is investing. This can be beneficial especially for those studying economics or business. Learning about the markets and investing in stocks and bonds can be a great way to kickstart your financial growth. These assets can be bought and held on to even after graduating college and then sold once the share price has risen to a suitable level. If your major is related to finances in someway, researching the markets and getting into the investment game is a great way to learn things that might not be covered in the class room. But even if you’re not in a financial field, putting away any discretionary income into an investment account can provide some nice rewards in the future.
If you do feel overwhelmed financially and have applied to all the scholarships you can find, it might be a good idea to check out various crowdfunding sites that offer financial help for various issues. Sites like GoFundMe can allow registered members to create a campaign where you communicate your issue to the public and they donate funds for your cause, whether that’s to help pay for your last semester in college or provide housing for the homeless. As mentioned before, building wealth in college also means reducing your expenses and oftentimes crowdfunding sites can provide a decent amount of cash that won’t have to be repaid unlike student loans.
Another great option to building wealth is setting up a savings account with the highest APY you can find and contributing to it on a monthly basis. Building an emergency fund in a high yield savings account can help you pay for unforeseen expenses that would otherwise limit your ability to increasing your net worth. Typically, finding an online bank which doesn’t have the same expenses as a brick and mortar institution will offer higher yielding rates, but there are some credit unions that shouldn’t be passed up, so it’s a good idea to do your research.
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