Financial freedom while in College may seem like a distant dream. Students have a reputation with empty pockets. In fact, it is not just empty, it’s on the negative – student loans are at an all-time high. Whereas College is a pathway to a job opportunity; sadly, it is also a pathway to the debt trap.
As an alternative to avoid outstanding student loans, you might consider asking your parents to sign a private student loan with you. Later on when you have a steady income, consider a refinancing Parent PLUS loan option that allows the debt to be transferred to you and interest rates can be reduced to help pay off loans sooner.
So, is It possible to achieve financial freedom while in College? Yes, despite the debt you’ve accumulated, one can still attain financial freedom. Besides, the stories you hear of a student making enough money to pay off their college debt are a reality. That should be a motivation.
Here are some suggested tips on how to start achieving financial freedom while in school:
Explore Gig Economy
You can still go to class and have enough time to make some money in the gig economy. You get to work independently and, importantly, for you as a student, flexibly. There are no limits to where you can start. After all, you are a student, and any additional income should be a welcome relief.
From pet sitters, baby sitters, or a waiter for an event as a student, the opportunities are immense. You can even use your knowledge and opt to be a private tutor. Become a freelancer and create an account with popular freelance sites such as Upwork, among others. The earnings you get from such gigs will be a step towards your quest for financial freedom.
Ignore the Fuss
Students are known to spend reckless while in College. The habit partly contributed to the Instagram life that student yearns to live. The reality is that all that fuss and display of magnificence in living are often far from reality. In fact, but rather a plastic lifestyle created by a few millennials. Don’t kill yourself buying the latest Nike shoes.
It even gets worse where some students chose to misuse their student loan money to fund a trip with friends. While you will have some fun now, you are digging a deeper hole for yourself in the future. Ignore the fuss around you that leads to wasteful spending – latest, clothes, electronic devices, and even entertainment – stick to spending your money on necessary living expenses only.
Start a Small Business
Most trailblazers started their company while in College. Facebook and Microsoft, among others, are a few famous examples of billion-dollar companies that started in College. At one time, they were small businesses but have since grown to be listed in the stock exchange.
Running a business takes time, and you may be worried about your grades. However, you can be smart and get help with your term papers by outsourcing the same to competent tutors. Especially maths, which may take much of your time. You no need to worry about bad grades. With the help of tutors such as Homeworkdoer math services, you won’t fall behind in your classes.
A business, not necessarily one like Facebook or Google, can create you a fortune while in College. Quick tip, though; remember to start a business that requires little capital to avoid you eating up on your savings or spending too much of your college money.
Avoid Credit Cards
Credit cards incentives are always appealing. Nevertheless, don’ forget you are in debt (student loans) Why rake in and burden yourself with some more debt? Don’t fall into the trap of spending money that you don’t have.
Credits ecard are useful for building a credit score abut when you accumulate debt and start missing payments because you do not have money, you trash your credit score. It would be better as the first step to financial freedom to be disciplined. Be disciplined and try to pay for items in cash.
These are just a few tips on how you can start achieving financial freedom while in College. However, if you are keen on the matter, you should invest in yourself and learn more e about financial literacy.