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Hi Taylor
- I'm starting my second year at Texas A&M and I'm trying to keep
my finances under control. I work part-time and have my tuition covered,
but I want to make sure I'm setting myself up well for when I graduate
in a few years. Any advice? - Ana Paula
Hi Ana Paula - My main advice is to keep doing what you're
doing! Sounds like you're on a great path for financial success. I
do have some thoughts that could help you save more and make the most
of the money you're earning now. It's so important to save when you're
young, so see if you can use the following tips to help you build
your wealth. |
1.. Stay
frugal. College is a lot of fun and presents you with a lot
of different potential adventures. You should take advantage of
as many opportunities as possible, but you need to stay within
your budget. Don't let your peers talk you into going out every
night and try not to buy too many meals as you're running between
classes. Most universities have a lot of perks that can help students
save money, so look into the most affordable meal plans and used
books and other possible money savers. If you can cut costs in
creative ways, you'll find yourself in a good spot when you leave
school.
2. Start a retirement account. It's probably pretty hard to
wrap your mind around retirement when you have yet to graduate
from college, but saving early in your life is the greatest gift
you can give yourself. Compounded interest is an amazing thing,
and if you're able to start putting away a few hundred or a thousand
dollars a year before you have a full-time job, you can end up
very wealthy in a few decades. If you're working now and earning
money that doesn't need to be spent, stash that capital away in
an IRA and let it grow. Future Ana Paula will be very grateful!
3. Keep learning about money. One of the smartest choices
I ever made was to start educating myself on wealth and investing.
It seems like you already have the interest, so use the resources
at Texas A&M to gather information about wealth management and
all the ways investors increase their earning power. If you have
a few general education units that can be filled with an accounting
class, hop in there and see what you can learn. If you graduate
with a degree and a strong concept of how the money markets work,
you'll be in really good shape.
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I appreciate
you reaching and I'm excited about your bright future, Ana Paula.
Keep on being smart with your money and you'll achieve great things.
Enjoy the coming year!
© Taylor Kovar
March 1, 2019
More "Go Far With Kovar"
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| Disclaimer:
Information presented is for educational purposes only and is not
an offer or solicitation for the sale or purchase of any specific
securities, investments, or investment strategies. Investments involve
risk and, unless otherwise stated, are not guaranteed. Be sure to
first consult with a qualified financial adviser and/or tax professional
before implementing any strategy discussed herein. To submit a question
to be answered in this column, please send it via email to Question@GoFarWithKovar.com,
or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.
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