Student Money Skills: Break Your Spending Habits Before Graduation

Build residual streams of income at a young age… tips for scratching the entrepreneurial spirit of Gen Y.
College students must learn budgeting skills to survive student loans, living costs, and adventures. Most find themselves in heaven when they receive an entry level salary. Some splurge once the letters of commitment are signed. Others find ways to save each dollar for future emergencies, travel, cars, and/or pay their current debts.

Take A Minute To Think
You can do three things when you get your first job: take one minute to decide if you want to spend, save, or invest. A great book to read is Multiple Streams of Income by Robert G. Allen. I read the book a while ago and it gave me wonderful insight on keeping money as well as making it grow. The income potential was $30,000 but I wanted more to travel and save for retirement. In his book, Robert Allen focuses on the issue of valuing the dollar bill. He also outlines the basics of building a strong foundation of income at a young age so it will last into retirement.
What’s your perspective?
Our culture involves buying newer, better, and bigger accessories to make our lives easier. In reality, with an entry level salary will seem like heaven when you have extra income on the side. The media emphasizes on the latest frenzy to make us spend money, but we should know better. How cool is it to be young, fabulous, and broke with a job? You can look around to see that entry level employment opportunities will give you leeway to build a strong financial plan after college.

Avoid Get Rich Quick Schemes
Everyone says you do not have to work to make a good income. STOP believing this. The world would not have as much success if people did not work before us. We would not have entry level employment opportunities if the business founders did not work hard to build their companies. The way you use your money is the way you can build your future.
Extra Income Helps Keep Debts Low
Do not live beyond your means when you get your first entry level salary. Do not live beyond your means if you have multiple streams of income. Make reasonable decisions that help you save for a home, family, travel, and more education opportunities.
Remember, Ramen noodles were a good idea in college but steak is better as long as you can foot the bill. Use your money skills at all times.. then you can invite an employer without fear.