Many university students refer to themselves as “broke college students,” but this shouldn’t be the norm. Granted, some students are paying for their own education and bills, which makes financial independence even more of a struggle for them. However, let me make something very clear: if your education and bills are paid for, there is no reason why you should be a broke college student.
When I was 17 years old, I made a very clear-cut goal: I wanted to be financially independent before I turned 20. I never wanted to be in the position where I was dependent on someone else for money, not even my parents. Being financially dependent on your parents never seemed attractive to me, but more importantly, it didn’t seem right. When you are dependent on someone, they run the table. If you are financially independent, the ball is in your court. You can make your own decisions because you can provide for yourself. That always seemed appealing to me.
Becoming financially independent is actually relatively simple: get a job and save. In my junior year of high school, I got a job at a Polo Ralph Lauren outlet store. It didn’t pay much, and I didn’t have much availability, but I gave up my weekends to earn a paycheck. I worked there for one and a half years. The money that I made during this time established my base. I saved all the money that I made in high school so that I could spend most or even all of the money I made in college and still have that base left over.
When I was 17, I started investing in the stock market. When I was 18, I started a Roth IRA and began saving for my retirement. This is where I put my base. First off, leaving your savings at the bank does nothing for you: you get no interest and your money does not gain value. Your money isn’t working for you. If you invest, your money always works for you. Currently my account positions (stocks) are up 18 percent in my personal investments. This hasn’t always been the case, as the market has been hitting record highs almost every day; however, my money has still been working for me since I was 17.
I currently work at a Marriott as a guest services representative. I give up my weekends to make a paycheck, just like I did during high school. It’s not always fun when you have to wake up at 4:30 in the morning on the weekends to go to work, but maybe that’s one of the reasons why I am financially independent and why I will never be a “broke college student.”
