The issue with college students is not the issue of making money. The mid twenties are a great time to start a new job, meet friends, expand our social network and develop money making skills. The issue with college students today is this...Keeping the money that they have earned. This simple paradigm will turn a average college sucker (yes like a sucker fish) into a college student in charge of their hard earned money. I just read a article today from USA today, saying that 37% of those that received a tax refund will spend it all on consumer goods. Only 19% said they would use it to pay off debt. A even smaller % said they would invest it. Here is the issue fellow students! WE MUST LEARN TO KEEP OUR MONEY AND INVEST IT. The world will tell you that the more "stuff" you have, the "richer" you are. This is FALSE! The key to wealth is the ability to keep the money you earn. So how can we apply this to our lives? The most basic way to begin this new path to saving will be to select a key % to save from each paycheck. Personally my % that I save from each work shift (I work in the restaurant business, taking home tips every night) is roughly 30%. For beginners I recommend saving AT LEAST 10% of your money and putting it aside. If you spend every dollar you make, what will happen if your car breaks down? If you lose your job? If your computer breaks? There are a million different scenarios where having money saved up will save your butt. Going into debt to pay for things is a horrible situation to get into. I feel as though I am ranting now. The main thing I am trying to say is this, stop buying clothes, going out to dinner 4 times a week, buying electronics, and start to save your money. In 10 years where do you want to be? Don't be a sucker, be a WINNER as Charlie Sheen would say. (But don't do drugs like Sheen...Please.)
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