From Broke to Boss While in College
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Posted By: Dr. Christian Chambers on April 12, 2024 Hey Kings and Queens! Let's talk about the real tea – college can be financially lit, but let's be honest, it isn’t always sunshine and scholarships. But fear not, my marvelous scholars! Building wealth isn't just for the trust fund babies – we can all get in on the financial freedom game. So, buckle up and get ready to trade ramen noodles for real estate dreams (okay, maybe not yet, but baby steps!). This ain't your uncle’s boring finance lecture, this is OUR hustle 101 – a step-by-step guide to building your financial throne while you slay those grades. Step 1: Credit Check – Building Your Financial Fortress Think of credit as a permission slip to borrow money. Use it responsibly, and it becomes your financial bestie, helping you build a good credit score. That score unlocks doors, like lower interest rates on loans (think car loans or even, gasp, a mortgage someday!). Action Plan: Get a copy of your credit reports. FREE Credit Reports. Federal law allows you to: Get a free copy of your credit report every 12 months from each credit reporting company. Ensure that the information on all of your credit reports are correct and up to date. Grab a secured credit card: It's like training wheels for credit cards. You put down a deposit that becomes your spending limit, and you build a good score by using it responsibly (and paying it off in FULL every month). Become an authorized user: Got a parent or responsible adult with good credit? Ask them to add you as an authorized user on their card. This piggybacks on their good score and gives you a head start on building yours. Step 2: Leverage – Turning Chicken Change into Big Bucks Imagine using a little money to make a LOT more money. That's the magic of leverage. ! Think of it like a financial crowbar, prying open doors to bigger investments. Action Plan: Micro-investing Apps: Apps like Stash or Acorns let you invest spare change or set up automatic deposits. It's like setting your money on autopilot to grow – future you will thank you! Real Estate (Baby Steps): Real estate investing might seem like a distant dream, but here's the twist – look into Real Estate Investment Trusts (REITs). They're like tiny slices of real estate ownership that you can buy with (you guessed it!) smaller amounts of money. Step 3: Stocks – Owning a Piece of the Pie (Without Actually Eating It) Ever wanted to be a part of your favorite clothing brand or that bomb fast-food joint? Stocks let you do just that! You buy a tiny piece of a company (a share), and if the company does well, the value of your share goes up, cha-ching! Think LONG term investing. DIVIDENDS… Action Plan: Stock Simulator Apps: Apps like Investopedia Stock Simulator let you practice buying and selling stocks with fake money. Get your feet wet before diving into the real deal. Fractional Shares: Some brokerages allow you to buy a fraction of a share - perfect for companies with super high stock prices (Hmmm, Apple!). Step 4: Real Estate – Building Your Future Castle (Brick by Brick) Real estate might seem like a pipe dream, but here's the hustle secret – it's all about starting small. Action Plan: House Hacking: Living with roommates while renting out a spare room? That's house hacking! You're using someone else's money (rent) to pay your mortgage and build equity in your own place. Talk about a win-win! Research First, Invest Later: Knowledge is power, boo! Research different real estate markets before you take the plunge. Step 5: Insurance – Adulting Ain't Pretty, But Be Prepared Think of insurance as your financial superhero cape. It protects you from unexpected life events that could derail your financial goals. Action Plan: Student Health Insurance: Don't skip on this – it's a lifesaver (literally) in case of unexpected medical bills. Renter's Insurance: Protects your belongings from theft or damage. Adulting means unexpected things happen, so be prepared! Remember, building wealth is a marathon, not a sprint. Stay focused, keep hustling, and most importantly, celebrate your wins along the way! Now spill the tea, fam! What are your best financial tips to share with your fellow scholars? Let's build this financial empire together, one power move at a time! BONUS: College Cashflow: Easy Breezy Digital Businesses to Launch While You Learn College life – it's a whirlwind of knowledge bombs, late-night study sessions, and maybe, just maybe, an occasional ramen noodle dinner (we've all been there!). But what if you could turn those late nights into a side hustle empire? Enter the world of easy-to-start digital businesses with FunnelFrenzy.co (https://funnelfrenzy.co) Here are some ideas that fit perfectly into your busy college schedule, requiring minimal investment and maximum hustle: 1. Content Creation King/Queen: Got the gift of the gab? Start a YouTube channel or blog focused on a niche you love – gaming, beauty tutorials, or even study hacks for fellow students. Share your knowledge, build a following, and explore monetization options like ad revenue, sponsored content, or even selling your own merch. 2. The Social Media Mastermind: Live and breathe Instagram stories? Offer social media management services to local businesses or student organizations. Help them craft engaging content, schedule posts, and grow their online presence. Bonus points for killer meme creation skills! 3. The Design Dynamo: A whiz with graphic design software? Fiverr and Upwork are your playgrounds! Offer logo creation, social media post templates, or even design printables for online stores. Your design chops can be your ticket to digital cash. 4. The Virtual Tutoring Guru: Aced your biology class with flying colors? Platforms like Chegg or Wyzant connect you with students who need tutoring in your area of expertise. Share your academic wisdom and get paid for it – win-win! 5. The E-commerce Entrepreneur: Got a creative side hustle? Esty is your friend! Sell your handmade jewelry, artwork, or anything your crafty heart desires. The internet is your global marketplace – unleash your inner entrepreneur! Remember: Start small, scale smart: Don't try to do it all at once. Pick a business idea that fits your skills and schedule, and focus on building it gradually. Free resources are your friend: There are tons of free online tutorials and courses to help you learn the ropes of digital marketing, social media management, or even website building. Be patient and persistent: Building a successful digital business takes time and dedication. Don't get discouraged if you don't see results overnight – keep hustling and learning, and success will follow. So, what are you waiting for? Turn that college grind into a digital goldmine! Share your business ideas in the comments, and let's build a community of college student entrepreneurs! #CollegeHustle #DigitalBossLife If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Dr. Christian Chambers
Self Employed, Rich Girl Code - College Not Listed - class of 2024 Member Since March 2024 |
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