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How to Save Money In College

**How to Save Money In College**



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This video covers the 6 tips for saving money in college. Whether you are in college now, or will be soon, it’s important to understand your personal finances and how you can optimize your savings and financial knowledge for after school. Learning how to save money in college now will be especially beneficial as you move through college and into your career.

Many college students struggle with not having enough money, overspending, and constantly feeling broke.

This video will give you a few ways you can make extra income, save money on school expenses, as well as book recommendations for personal finance.

Here is a brief overview of the 6 tips.

1. Set a budget

2. Find a part time job.

3. Avoid tempting credit card offers while in college.

4. Avoid new textbooks, and buying at your bookstore.

5. Learn the basics of financial literacy.

6. Understand your student loans.

Those were the 6 tips and make sure you stay to the end and get the bonus information we provide you on saving for retirement.
in this video I'm going to cover six tips on how you can save money while you're in college the first is to set a budget the most important part in establishing your spending plan is analyzing what your income will be per month whether it be money from your parents student loans or best yet a part-time job this should only take 20 to 30 minutes and you should do at the beginning of the semester or quarter your actual expenses might change a little for month-to-month but the most important part is that you have a general outline to follow you'll want to focus on how much you can spend on food entertainment transportation and books for the semester once you see everything together you can figure out what you can cut down on to save a certain amount if you are a freshman living in the dorms you will most likely be required to buy a dining hall meal plan and this will be creating your spending plan a little easier but one thing I watch out for is how much you go out to eat with friends because this will add up quickly when you enter into college you will finally be on your own and will be responsible for your own finances take this time in college when you have a limited income to build good habits now one great way to tackle all your spending is by using the free app and online service mint this is not a sponsored video or anything but rather something I personally used to keep track of my own finances tip number two is to find a part-time job a great way to improve your spending plan is by obtaining a part-time job while you're in college a part-time job will give you extra income to do fun things with friends go out to eat travel on the weekend eat healthier and more luxuriously than mac and cheese or Top Ramen one of the most convenient places to work at is your school on-campus jobs are perfect for students because these jobs are typically more flexible with your school schedule you can find on-campus jobs at your gym bookstore restaurants dining hall or grading for professors another option you might want to consider is becoming an RA or Resident Advisor for the doors of your school after your first year this is a great option for students looking to save money on room and board because most schools will give you free housing and exchange for being an RA which can easily save you ten thousand dollars for the year number three is to steer clear of tempting credit card offers by the banks on your campus although it is important to build credit if you're trying to finance a car or get an apartment waiting till you graduate college and having a monthly income is most likely the best decision for most students it's important to realize that credit cards are not free money whenever you spend on a credit card you will need to pay off at the end of the month the difference between a debit card and a credit card is that with a credit card you are billed at the end of the month for your spending whereas a debit card is linked to your checking account and the money comes out immediately if you use your credit cards and maybe buy a meal each month and you always pay it off then awesome you'll build credit and won't gather any fees or interest payments but many students go overboard since they don't have to pay the money back immediately tip number 4 is to not buy new textbooks and ideally don't buy it from a University's bookstore you should always rent buy used bar from a friend or find a free PDF version you can save hundreds of dollars each quarter or semester simply by renting or purchasing used textbooks which can add up to at least a thousand if not more in savings over the course of your college career just to show you an example I looked up a book called fundamentals of engineering thermodynamics a required book for mechanical engineering students at the University Bookstore I checked out it was $200 to buy used and 228 to buy new that same book sells used for 150 on Amazon and you can rent it on Amazon for $50 there's also Chegg which is a popular site to rent books a website I personally used with slug books comm all you do is type in the book you want to look up and it lists up a bunch of different websites and tells you the prices of the book at all of them and whether it's to rent it or to buy it in addition to buying used textbooks you should always wait to buy the book until you attend the first class session to see if you actually need the textbook first week of every quarter or semester is primarily used for taking attendance and going over the syllabus and with services like Amazon and Chegg they can get you a textbook in two days there's really no need to buy the textbook ahead of time unless the professor specifically tells you there will be homework due in the first week of the term lastly if you think you will very rarely need the textbook and don't want to rent or buy the book your library should have a couple copies on reserve however it is important to know that come midterms and finals week you and your classmates might be competing to check out the same book number five is to learn financial literacy begin investing in yourself and start learning the basics of financial literacy the best way to do this is through personal finance books and podcast reading for recreation is often a challenge during the school year because of the volume of reading assignments homework papers and labs so an alternative is listening to books on audible or listen to podcasts while you are walking in a class start educating yourself on the basic retirement accounts like an IRA and a 401k when I started my first job as an engineer the second day I just set up my 401k once I got to the page I needed it gave me options to invest in small cap stocks large cap stocks bond international equities and more and my boss as well as yours will not explain this to you it's all on you luckily there's often an option for you to set a year you will likely retire so for those starting out it might be a 40 year plan and they invest the money for you but if you have more experience in this then you can control where your investments go and I don't know about everyone else as an engineer no class I ever took taught me about investing stocks or bonds but luckily I taught myself a little about this before graduating if not I would have had no idea what any of these terms meant you should learn the difference between a Roth and a traditional IRA or 401k and possibly start investing when you come across some extra cash the most important part is you know the basics of financial literacy you are ready for when you graduate college three books that I found helpful and understanding the basics of personal finance include I will teach you to be rich the Total Money Makeover and money master the game just by reading these books you will pick up the basics and be prepared to be financially responsible for when you graduate college and last is to understand your student loans when planning your spending plan you want to look at how much money you will need for school one huge mistake students make is that they take out more student loans than they actually need unlike any other loan student loans stay with you forever until they are paid off you cannot declare bankruptcy on them and make them go away like you could a car loan it's important to look into which loans you qualify for know the interest rates and always know the principle balance you owe let's break this down if you have student loans at 7% interest per year and have to pay them off in 10 years here's what your monthly payments would look like and just remember how much your interest increases the total you'll pay over the 10 years so for example if you take out $40,000 in loans at 7% at the monthly payment over 10 years you'll pay fifty five thousand six hundred and eighty dollars that means you pay 39 percent more than what you took out seven percent didn't seem so bad but it's more than you probably think and look at this if you can manage to take out 30k instead and pay it off over ten years you'll pay a total of about $42,000 so look at that by taking out ten thousand dollars less than student loans you spend over thirteen thousand dollars less over the ten years so you see every scholarship every early payment taking that are a job for free room and board or renting the textbooks will seriously help to saving X amount on loans now really means you're saving more later on and just a disclaimer know that there are different types of loans out there and you will likely have many with different interest rates so make sure you know what applies to you in addition students should not take out more student loans than their projected first year annual income when you get to college is a good idea to go to your financial aid center at your school at least one to two times a year so you can stay up-to-date on information about your student loans grants you might be eligible for and scholarships if you are getting student loans you will need to apply for FAFSA every year and lastly it's important to know who your loan provider is what type of loans you're receiving and how much you are taking out every quarter or semester in conclusion it's crucial for students to implement good spending behaviors early no one is going to learn personal finance for you start with these financial tips and grow from here and as a final tip one thing that gets overlooked by young people because retirement feels so far away is that they don't start saving as soon as possible remember if you put $1,000 into a retirement account at 20 years old it will be worth around fifteen thousand dollars that retirement if the market does well doesn't seem like a lot but starting early allows that compounding interest to happen even faster this will be covered extensively in the personal finance books listed before but it is never too early to set aside money for your retirement we live in a time where retirement age is being pushed back and where social security pensions will be a thing of the past the simplest approach to personal finance and savings for retirement is using the 80/20 rule using 80% of your earnings on your bills and expenses then 10% for long term savings and 10% on yourself if you liked this video don't forget to Like and subscribe and I'll see you all next time you

Higher Education Is A Financial Liability (WEIRD MONEY)

**Higher Education Is A Financial Liability (WEIRD MONEY)**



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Have you ever seen a rich teacher?

I have this vague memory of a teacher in elementary school driving a corvette, and this was in the 80’s when owning a corvette meant you were super cool.

Unlike today when it usually means you’re an elderly dentist with a mail order bride.

Robert Kiyosaki always asks, “What did school teach you about money?”

And the answer is, nothing!
Depending on where you live you’re more likely to learn about Jesus riding a dinosaur than you will about managing your money.
Regardless, we don’t really want schools to teach you about money.

Why?!

Find out on this episode of weird money.

Because in general, teachers have zero wealth building experience.

And if they did, most of them probably would probably retire from teaching, thereby eliminating the pool of qualified instructors.

It’s a conundrum, or a catch 22…?
I never finished that book

What was I saying?

Right, teachers shouldn’t teach wealth building because it’s simply not within their area of expertise.

It’s like learning mixed martial art from the Amish or learning particle physics from Gary Busey.

I want to be clear, teachers are amazing, but when it comes to personal finances, well…

…right now 20% of all teachers have to work a second job just to make ends meet.

“But what about higher education?” you ask.

Well, 70 percent of college students, graduate with crippling debt.

Over 44 million Americans hold nearly $1.5 trillion in student debt.

Now, if you know how to use it, debt can be an amazing financial tool.

Unfortunately, 80% of all college degrees never pay for themselves.

So, if we’re still operating under our tool analogy, most of you using a nail gun to clean out your ears.

[Legal disclaimer: THE RICH DAD COMPANY AND ITS AFFILIATED ENTITIES DO NOT CONDONE OR ENDORSE THE USE OF NAIL GUNS TO CLEAN THE HUMAN EAR OR ANY OTHER BIOLOGICAL ORIFICE.”]

Most student loans debt does not yield a job that pays enough to offset the expense. It’s simply not a cash-flowing investment.

So, the average stint in higher education is a liability, not an asset.

One in three college graduates (34%) are underemployed, meaning they work in jobs that do not require a college degree, or any real expertise of any kind

I personally used to work for minimum wage in a department store, with a guy who had a PhD in World History.

(That’s not a joke. That actually happened.)

And it’s getting worse.

Most people attend college to graduate with a degree that will land them a high-paying job. But if your goal is to be wealthy, your best bet is to skip school.

Most of you don’t need it anyway!

You don’t need a six-figure degree to study humanities!

Most new college textbooks cost $300. A year later, it was $4. I don’t know anything about this subject, I’m not in school for it, but I can study all the same information as an Ivy League student for the cost of a bean burrito.

Why has the idea of self-betterment, study and passion for a subject, without the need for a pointless degree and hundreds of thousands of dollars in debt become so weird?

It shouldn’t be.

It should be mundane, but it’s not.

It’s the same look you give a homeless guy who says he needs your spare change because Colonel Sanders keeps eating his nightmares.

They’ll act like you’re the weird one because you don’t want to blow a hundred grand on information that is free to everyone.

When it comes to money, going to school won’t make you rich.

Heck it won’t even make you especially smart.

Sure, there are careers for which you need expert instruction like surgeons, engineers, or physical therapists.

But if failure in your area of interest would not result in actual damage to human life you can probably read at the library and attend a few classes and still know more than 99% of the planet.

So…

What if, instead of paying school for, at best a 50/50 chance of limited success, you invested your money and time to start a business?

Then, take all that accumulated freedom and revenue to study any number of esoteric humanities subjects.

Or invest in charities and social programs you believe in.

RECAP TIME!

So, what did we learn?

School can’t teach you about money.

Teachers are good people but not the best source for wealth building knowledge.

Higher education is a financial liability and one of the worst investments you can make, especially if you’re studying humanities.

Facebook: @RobertKiyosaki

Twitter: @TheRealKiyosaki

Instagram: @TheRealKiyosaki

have you ever seen a rich teacher I have this vague recollection of a teacher in elementary school driving a Corvette and this was in the 80s when owning a Corvette meant that you were just super cool unlike today when it usually means you're an elderly dentist with a mail-order bride Robert Kiyosaki always asks what did school teach you about money and the answer is usually nothing depending on where you live you're more likely to learn about Jesus riding a dinosaur than managing money and I'm looking at you Texas regardless we don't really want schools to teach you about money why find out in this episode of weird money hi i'm derek ru and in this episode we're gonna learn that teachers basically have zero wealth building experience and if they did most of them would probably retire from teaching anyway thereby eliminating the pool of qualified instructors it's a conundrum or a catch-22 I never read that book teachers shouldn't teach wealth building because it's simply not in their area of expertise it's like learning mixed martial arts from the Amish or learning particle physics from Gary Busey I want to be clear teachers are amazing but right now 20% of all teachers have to work a second job just to make ends meet but what about higher education well today 70% of college students graduate with crippling debt over 44 million Americans hold nearly 1.5 trillion dollars in student debt now if you know how to use debt it can be an amazing tool unfortunately 80% of all college degrees and never pay for themselves so if we're still operating under the tool analogy most of you are using a nail gun to clean out your ears most student loan debts do not yield a job that pays enough to offset the expense that's simply not a cash flowing investment so the average stint in higher education is a liability not an asset one in three college graduates that's thirty four percent are underemployed meaning they work in jobs that do not require a college degree or any real expertise of any kind I personally used to work at a minimum wage job in a department store with a guy who PhD in world history that's not a joke that happened and it's getting worse if your goal is to be wealthy I'm sorry but your best bet is to just skip school most of you don't need it anyway you're passionate about art history awesome get a freaking library card and audit some courses you don't need a six-figure degree to study humanities see this textbook see this right here this costs $300 new and a year later it was 4 bucks I don't know anything about this subject I'm not in school for it at all but I can study all the same information as an Ivy League student for the cost of a bean burrito wait I think that's the plot of Good Will Hunting look I'm not gonna read this why has the idea of self betterment study and passion for a subject without the need for a pointless degree and hundreds of thousands of dollars in debt becomes so weird it shouldn't be it should be mundane but it's not go ahead tell someone you're I don't know studying the history of French literature and when they ask you Oh what school are you going to look them square in the eye and say oh no school I'm just studying it on my own for free watch the look in their eye they'll act like you're weird because you don't want to blow hundred grand on information that is free to everyone when it comes to money going to school won't make you rich heck it won't even make you especially smart sure there are careers for which you need expert instruction surgeons engineers physical therapists but if failure in your area of interest would not result in actual damage to human life you can probably just read at the library and audit a few classes and still no more than 99% of the planet so what if instead of paying school for at best a 50-50 chance of limited success you invested your money and time to start a business then take all that accumulated freedom and revenue to study any number of esoteric humanities subjects or invest in charities and social programs you believe in recap time so what did we learn school can't really teach you about money teachers are good people but not the best source of wealth building knowledge higher education is a financial liability and one of the worst investments you can make especially if you're studying humanities and a library card is exactly as good as a graduate degree from Harvard and about a quarter million dollars cheaper also don't clean out your ears with a nail gun that wraps up this episode of weird money please don't forget to subscribe and leave a comment below tell me a weird money story or share your own regrettable life experiences in higher education in the description I placed a few free ebooks you can download if you're interested in learning more about stock investing real estate or starting a business thanks for watching bye you