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31 Days to Become a Legend Day 7: Own your Finances

31 Days to Become a Legend Day 7: Own your Finances

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Cham­pi­oned by: Scott
Co-authored by: Nevin

DAY 7: Your Money Should Be Work­ing For You, Not the Other Way Around

It’s time to fight for your inde­pen­dence, col­le­gians. We don’t know what your back­ground is; maybe your school­ing is paid for, maybe you’re pay­ing for it, regard­less, it’s time to start own­ing up to a pretty imper­a­tive respon­si­bil­ity… your Finances.

Sure, you could go through col­lege with­out pay­ing (pun intended) any mind to it, all the while rack­ing up an enor­mous amount of stu­dent or credit debt (like most stu­dents do), or you could sit down for a minute and fig­ure this stuff out!

What’s it going to be?

Any­one that says money is the root of all evil… doesn’t have any.” (WARNING: exple­tive lan­guage in video)

If Ben Affleck is the Leg­endary Col­le­gian, then your life is the Epic Lifestyle we’re pro­mot­ing. You’ll work your tail off, but YOU WILL BE A MILLIONAIRE, fig­u­ra­tively and literally.

Trust us, money will make you very happy some­day, or at the very least take care of 90% of the wor­ries you will ever have. We’re going to share a few resources that will get you started on your road to finan­cial freedom!

Sound good? Great:

First, Learn to Cre­ate a Budget

Budgeting Resize 300x225 31 Days to Become a Legend Day 7: Own your Finances

Even if your par­ents are your pri­mary sup­port dur­ing col­lege, it’s still good prac­tice to cre­ate a monthly bud­get of your expenses and monthly income/allowance.

The best free appli­ca­tion to use that we’ve found: www.mint.com. Com­pletely free, it allows you to sync all of your accounts through one web­site and track your spend­ing habits. You can set bud­gets for each area you spend in, and it will auto­mat­i­cally notify you after you exceed your set limit.

Sec­ond, Have at Least a Check­ing and Sav­ings Account to your Name

My New Life Resize 300x200 31 Days to Become a Legend Day 7: Own your Finances

Sev­eral of us used to work for the finan­cial indus­try and in banks — chronic prob­lem for stu­dents is not hav­ing the sim­plest of per­sonal finan­cial struc­tures set up.

How­ever, before you do any of that — I highly rec­om­mend you read into Ramit Sethi’s blog and books. He’s a guru with per­sonal finances and makes it very easy for any­one to under­stand. He’s the author of I Will Teach You To Be Rich 31 Days to Become a Legend Day 7: Own your Finances, very prac­ti­cal advice and pretty funny too — he has a blog too: Ramit Sethi’s Blog

If your local bank­ing branches do not offer stu­dents free accounts, take a look into online bank­ing, specif­i­cally Cap­i­tal One 360 accounts.

If you would like to help the LC out, fol­low this link: Cap­i­tal One 360 Online Bank­ing

They have free accounts that you can access from any­where, and they offer a pretty attrac­tive inter­est rate. I’m a big fan and per­son­ally use their services.

If you have this taken care of already, start look­ing into build­ing your credit. Sit down with a finan­cial rep­re­sen­ta­tive at your local bank to dis­cuss options with them. The sooner you do this, the bet­ter. You’ll want a high credit rat­ing when it comes time to finance your own car, rent an apart­ment, or even pur­chas­ing a house.

BUT, BE CAREFUL! Don’t start spend­ing money you do not have. We’re try­ing to man­age and/or get out of debt, not add to it.

Third, Start Learn­ing About the Market

Market Movers 300x171 31 Days to Become a Legend Day 7: Own your Finances

Hint: under­stand­ing money, busi­nesses, the econ­omy, and the way it all works will help you rule the world one day — need I say more?

If you’re a rookie to the world of finance, I rec­om­mend check­ing out CNBC.com — try to read an arti­cle or two a day, just to be famil­iar with any big eco­nomic shakes. Over time, you’ll learn what makes the mar­ket go up (Bull Mar­ket) and what makes it go down (Bear Mar­ket). Also, pay close atten­tion to the num­ber fluc­tu­a­tions of the DOW, S&P 500, and Nas­daq mar­kets — it will help you under­stand when the market’s inflated or deflated.

For our soon-to-be or sea­soned vet­er­ans, take a look at sev­eral of these:

  • Bloomberg.com — mar­ket and eco­nomic updates, on steroids
  • Har­vard Busi­ness Review — free guides, wis­dom, and other cool resources from Har­vard Busi­ness School’s finest.
  • Seek­ing Alpha — great invest­ing focus, I rec­om­mend sign­ing up for their daily or weekly mar­ket update.

Over the next month, be on the look­out for your new chal­lenge every day — you can also fol­low the updated series of posts here.

Also, be sure to print out and hang up your Chal­lenge Check­list so you can keep track. You’ll get a sneak peak at what’s to come, but can get fur­ther details with the post asso­ci­ated with each day.

The 31 Day Chal­lenge Checklist

Remem­ber, leg­ends are con­stantly improv­ing them­selves, so it’s up to you to work hard in accom­plish­ing each daily task to help you become the leg­end on your campus.

Good Luck!

 

Any tips we missed? What do you use to man­age your finances? We want to hear about it. Please keep us updated on your efforts in the com­ments below! 

 

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