Study: My Understanding of

Establishing Financial Freedom as a Student

It is normal for any young person to view college as a pathway to greater opportunity and success. However, it ends up being a financial chain that makes them get into excessive debts. The tuition fee tends to be very high which tends to be doubled by the high cost of living. As a result, most students tend to excessively borrow some of which never get good jobs to pay back the loans. Even some of the graduates with very well paying jobs are suffering from massive debts making it very hard for them to pay these debts and meet their daily financial needs. As a student, one would need to consider some of the habits that may help him or her some financial freedom in the future.

Even before joining college, it would be wise to consider searching for a scholarship. Whether fully or partially sponsored, you would need to note that the fee tends to reduce to some extent. As a result, the money you may have borrowed from the government or may have asked from the parents is not spent on school tuition fee. As a result, in a case where you were to borrow, you tend to have lesser loans in future when you get a job. In a case where your parents were to finance the tuition fee, they tend to save the money and send it to you for upkeep.

Picking a degree wisely is also a good thing you would need to do. It would be of no need to go to college unless you are picking a highly demanded course. You may need to consider conducting some research on degree options as well as their demand in the job market. you would need to be sure that you will get a job immediately after college. As a result, you would be sure of good pay and hence be able to pay for the educational debts you may have accumulated in college.

The first thing you should do as a college student is to buy low. The first thing you should think of as a student is to cut expenses. Just like many companies opt to buy some of the raw materials or source labor from cheaper countries, a financially savvy student should consider buying low. Buying low tends to be a universal rule to any person who needs to save or at least avoid debts. You would need to make a list of things you must have to live like shelter, water, food, clothing, and transport. Any other optional thing should only be added or bought in a case where you have hard cash to pay for it. By adopting cheaper items and always focusing on reducing cost, you will note that your savings will increase enormously.

It is human nature to love himself or herself. As a result, most people with money tend to buy high. As a result, you would need to consider searching for unpopular attributes and make them popular. However, it is hard to make an attribute popular, sell cheap and expect to make any meaningful money. Based on the human’s nature of the loving self, it would be wise to consider selling high. You may need to consider involving yourself into an activity that you get engaged in even as you study as it may help you immensely.

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