Seven Huge Financial Mistakes I Made During My College Career

by Trent of thesimpledollar.com

Here, then, are the seven biggest financial mis-steps of my college career. I sincerely hope that you don’t make the same ones.

1. Going in the door without a clue.
When I went to college, I not only had no idea what I wanted to study, but I had absolutely no idea what the experience would be like. The end result? I wasted a lot of time in classes that I didn’t really need. I spent time blindly involved in activities and social events that never really clicked with me. I built at least three distinctly different groups of friends during my college years – and watched them all dissolve in a blink. I failed to really get involved with anything interesting until very near the end of my college years.

What I should have done More than anything, I wish I had spent my junior and senior year in high school doing some real soul searching to figure out what I wanted to do with my life. I also wish I had asked everyone I knew that had attended college for advice on the experience just so I knew what things people consistently found valuable. I didn’t do either of these things.

2. Extending my stay for two extra years.
After four years, I had actually managed to complete a degree within the years covered by my scholarship. Sounds like a perfect time to start a second one, huh? I spent two more years in school – paying out of pocket via student loans – earning a second degree.

What I should have done Again, if I had properly explored my interests early on, I would have had a much better idea as to what I should have studied in college. Similarly, I should have ignored any and all advice relating to what major you should or shouldn’t have if you want to earn a good income. Earning a good income relies much more on building diverse and marketable skills, not what you majored in – what’s actually important is that you completed a degree and learned some generally useful skills along the way.

3. Failing to take advantage of all of the non-classroom opportunities.
I spent much of my extracurricular time in college wasting time. I played piles of video games, hung out with a lot of people that I barely saw again after college, watched piles of awful movies, and thoroughly explored the outer boundaries of wasting time. While “downtime” is a healthy thing in reasonable amounts, I certainly burned through more than my fair share of it.

What I should have done I don’t entirely regret all of the time I spent involved in such frivolous activities – some total leisure time is good for everyone’s mind. However, I should have spent at least some of that time involved in activities that were simultaneously fun and also enriching in some fashion, such as seeking out interesting organizations to participate in or getting involved with volunteer projects or actually building some connections and friendships with people on some version of my own career path. I didn’t do any of that, and it was a profound misuse of my time and also of my financial investment in school.

4. Signing up for a credit card – then using it with reckless abandon.
During my second year of college, I signed up for a credit card at one of those little booths that credit card companies like to stick up on college campuses. I don’t remember exactly why I signed up – it probably seemed like a good idea at the moment and I likely got a free t-shirt out of the deal. The real problem came later – I decided to start using it a little. And, rather quickly, a little turned into a lot. By the time I left school, I had thousands in built-up credit card debt.

What I should have done Signing up for the card wouldn’t have been a huge mistake if I had a plan in place for using it. I should have simply used the card to pay for textbooks each semester, then lived off of my stipend and the money I made from a part-time job. That way, I could have built up my credit in a positive fashion and not left college with a bunch of needless consumer debt that required me to keep writing fat payment checks for years.

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College 401: Tips for Advanced Students

by Dustin Wax of Lifehack.org

It’s hard to believe, but the Spring semester is upon many of us already – I have colleagues who are already 3 days into the semester, and my own classes start back in just a few days. Outside the US, students are still working on their Fall terms, but they’ll be starting Spring soon enough, too.

At the beginning of the school year, I posted a list of tips for first-year students; with the new semester getting underway, I want to turn my attention to upper-division students, the third- and fourth-year students who have gotten their “sea legs” and begun the advanced coursework that will make up their majors.

If you’re a junior or senior, by now you should have mastered basic stuff like citing references correctly, using evidence to support a thesis, and taking effective notes in class. That was “general education”; the work you’ll be doing over the next year or two is intended to immerse you intensely in the ideas, findings, and ways of looking at the world that make up a particular academic discipline.

Success in upper-division courses depends not so much on your mastery of basic skills or even of the material in your courses, but on what you can make of that material using those skills. While you’re not expected to make significant contributions to the disciplinary body of knowledge – that’s what graduate school, and graduate research, is for – you are expected to be able to apply what is already understood in the discipline to the world you live in.

While to some degree your approach to these years will be dictated by your plans after graduation – do you plan to continue studying in grad school? Or maybe you want to get into the workforce right away? Or teach? – the following tips should apply regardless of your future plans. Even if, as many others in your place are, you don’t have a clue what your future plans are.

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