Questions Every College Student Should Ask Themselves Before Leaving the “Nest” - Part 2
“Do not be conformed to this world, but be transformed by the renewal of your mind, that by testing you may discern what is the will of God, what is good and acceptable and perfect” (>Romans 12:2).
Q: Can I say “NO” to my wants?
According to Stanford University research, those who practice delayed gratification have much greater chance at succeeding in life. You can acquire that habit by instituting a 30-day waiting rule on purchases. Any new item will go on a 30-day waiting list. This will help you develop patience, will give you the time to consider “do I really need it?” and will give you room to compare prices and look for bargains or sales. You’ll also have to say “no” once in a while, especially when the purchase does not fit your budget.
Q: How can I start establishing my credit history?
A: Consumer credit scores will become very important to you very soon, so learn about credit scores and what can help you establish or destroy your credit. Depending on how responsible and teachable you are, you may consider asking your parents to add you as a user on one of their credit cards to help you develop a habit of responsible use of credit. You can also go to one of the three major credit bureau’s websites (Trans Union, Equifax or Experian) to find out what type of activities are helping or hurting your score. Being responsible with student loans, car loans, paying all of your bills (cell phone, apartment, utilities, etc.) will help you start establishing a positive credit history.
Q. Should I start thinking about investing?
A: Investing often seems so complicated, but in all honestly, it is simpler than you think and it’s never too early for you to start investing. Start with simple, low interest earning options like opening up a CD or ROTH IRA. Ask your personal banker to explain those two options to you. You could start a simple investment account through one of the major investment firms. You don’t have to have thousands of dollars to start investing, but you do need to have a basic knowledge of the risks that come with different investing options.
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