Reader Question: With all the economic problems in the country today, what can college students do to avoid money problems in the future?
There are always three or four things smart things you can do to protect yourself financially. One is to live on a budget. When you give every dollar you make a name, and write in down on paper, it helps you know what your money is doing instead of wondering where it went.
Two more good ideas are staying out of debt, and saving as much money as possible. Your money is your biggest wealth-building tool, and when you’re saddled with debt, your money goes to creditors instead of into your pocket. Saving money is what prepares you for the good and bad things life throws at you — whether it’s putting money aside to buy a car, a house or handling unexpected things that always happen.
Another thing is investing. I know you’re young, but a little bit invested now could make you a millionaire when you’re ready to retire. These are all simple things, but they’ll make a huge difference in your financial situation now and in the years to come!