5 Habits of Financially Responsible College Students

Your responsibility in this 21^st century will hinge on being able to learn from many conceptual frameworks of study. You have to become an all around individual and that can mean being able to learn from many different sources of information. The times have presented themselves where all college students must incorporate finance as a personal minor upon your already tough schedules. Make no mistake that you are responsible for the financial decisions that you make the rest of your stay in college. Just for a second let’s put into context the reality concerning college credits. Just say you need 180 credit hours (requirements for most colleges) of coursework to get a degree in say (accounting). At four years with an average of 45 credit hours per year with a potential of 10-11 classes; and include in that extracurricular activities and in no time you will be well on your way to a college degree. My question is how could you leverage the same formula to invest in your own financial education over the same period of time? One hour a week for 4 years equals 208 hours of potential financial education endeavors; that will last a lifetime and at half the cost of a college degree. Albert Einstein once quoted”If you think education is expensive try ignorance”. Below, I have listed 7 habits that you can use to become “financially responsible” for 208 hours of your college experience.

“It is our responsibilities, not ourselves that we should take serious”
~ Peter Ustinov

Habit 1: Developing a Winning Attitude

Having a goal of developing a successful business, while deep down you despise those who operate successful businesses is self-defeating. Greed, jealousy, bitterness, and envy are attitudes that block personal wealth. You got to understand what stimulates your personal ambition; and make it your mission to Improve upon that concept. Maybe, you feel that you already have a winning attitude, and maybe you do. But, going about ways to strengthen your attitude will help you to soar to heights you may have never thought possible. Find your life purpose and begin discovering what will inspire you to win at life.

Habit 2: Studying about finance & wealth creation

It is ok if you weren’t taught about finances growing up or even in high school; because now is your chance to make up for lost time and soak in as much information as you can concerning growing your finances in a productive manner. Despite the fact that you are studying to pursue your current degree should not hinder your ability to dedicate 1-2 hours a week on your financial education as mentioned above. The library, CD’s, seminars, DVD’s, webinars, and conferences are the tools you will need to be putting to use at this very moment. Learning about finances should not be boring and laborious but a challenge that you embrace; because in your mind you have $50 million coming to you and you need a plan to put that wealth to good use. This will be the most important of all habits in which to focus on because; it makes you constantly understand the dynamics and nature of money as a tool and not a self destructive force that keeps you broke and out of the game of life.

Habit 3: Thinking on another level

Financially responsible college students are always thinking of new ways to grow their money. They understand that life is not about the amount of money you make but how much you keep that makes the greatest difference. So, it is important to develop ideas that generate the results you require. If you want to make $1,000 an hour think $1,000 an hour thoughts and leave the negative and stinking thinking people alone and move forward. You have to possess the innovator mentality that allows you to express your inner artist, entrepreneur or visionary endeavors. Financially responsible college students are thinkers because they have grabbed the fact that they are responsible for their own thoughts.

Habit 4: Learning to communicate effectively about money

One of the biggest challenges in the world today is the notion that money is hard to come by; and thus you have to work very hard to obtain any. In T. Harv Eker’s “Secrets of the Million Mind” his wealth file #15 states that “Rich people have their money work hard for them, But, poor people work hard for their money” Is this a contradictory statement to what you have been raised to think or do millionaires think differently about money? When you first start having these money conversations you must start off small (How much debt will I owe upon leaning college), then gradually begin to gravitate towards (How will I structure my will) (How will I ever save enough money for retirement). Remember, money only magnifies more of what you already are. So, practice this affirmation each and everyday until you begin to only speak positive thoughts about money: “I am advancing & progressing and getting wealthier everyday”.

Habit 5: Automating your savings

Although, you can never underestimate the silent curve balls that life throws at some of the most inopportune moments; you still need a plan in place to automatically save at least $5-$10 a month on the smallest scale. Don’t; get caught between the opportunities to weigh whether or not you can afford to do it at all. Just remember that a bank account with $1 in the savings account is better than a debit card; that gives you easy access to your money which is intended to make you spend more of your money. One of the greatest advantages of automating your savings is that it prevents you from spending the so called “leftovers”; you know the extra $10 or $20 in your pocket after you have paid a few bills and got gas in your car. Whether you are already doing this or have to implement this very effective strategy; make sure you are monitoring what goes in and out. IF you are not careful what could be a gift could also be a curse.

When a think has been said and well, have no scruple. Take it and copy it
~ Anatole France

Becoming a financially responsible individual in life takes time; and is accomplished through a process called patience. This article acts as a springboard in helping you to develop your own ideologies toward becoming a student of your own financial affairs. The main goal in this post was to give you practical wisdom concerning being fiscally responsible for the affairs of your life. You have to constantly evolve and grow into the person you would like to become. While you are studying and preparing to succeed in life make it your business to understand; the responsibility you have to become a wise steward not only of your money, but your relationships, talents, health, education, and community. As, you can see being financially responsible is only one aspect of the equation but deserves most of the attention.

The real freedom of any individual can always be measured by the amount of responsibility which we must assume for his own welfare and security.
~ Robert Welch