© 2013 Permission to use freely granted. Distribution for profit not allowed without prior arrangement.
Plan and act today so you have no regrets tomorrow...
In the U.S., banks are licensed on a state-
Most banks have special account for college students that have low or no minimum balance requirements, fees, and extra conveniences. But you are not required to open such accounts. Compare your usage and decide what's the best deal for you.
In college, you are much more likely to withdraw money than to deposit money, and
so you want to pay attention to the locations of ATMs. For safety reasons, you want
to know which banks' ATMs are on campus and in safer locations. Many banks have
contracts with retailers so they always have an ATM at specific stores (e.g., Citibank
ATMs at 7-
If you think you can be financially responsible, then a credit card may be OK for you. Otherwise, skip this section please! Many college students misuse credit cards and dig themselves into a huge hole that takes years to fill!
Getting the very first credit card is hard because you don't have a credit history. There are, however, two guaranteed ways to get your first credit card and build up your credit history. First is the credit cards that your bank offers. In fact, this is likely something that the banks will ask you when you open an account nowadays. They want to sell you a comprehensive package because that makes you less likely to switch to another bank in the future.
The second source is a credit card company affiliated with your school. They may be a bit tougher to get than the one from your bank, but normally they don't turn anyone down unless they see a bad mark on your credit report.
If you get Work Study where government subsidizes your wages, go to the school’s
career center early and start calling those Work Study-
Don’t feel bad if you can only find dorm-
Depending on your school’s policy, it may or may not be legal for you to run a business
out of your dorm, even though many big companies started in college dorms (e.g.,
Facebook and Yahoo!). The way around this is to get a PO Box or have business-
What can you do to make money? Internet has opened many doors for many people. It
may take nothing more than a computer and a bit of time. E-
If you have unique skills, you may be able to make more money faster than your friends can. A friend of mine told me about a friend of his who twists balloons at parties, and taught his kids the same skills. Those kids twists balloons at parties on weekends when they went to college, and paid for their college education that way. Each party can pay hundreds of dollars, depending on the skills and length of the event. That sure beats washing dishes for $8/hour!
Many of you have valuable computer skills without even knowing it. Social media is a big thing now and many companies want people to manage their social media campaigns. Just learn how Facebook really works and learn about the plugins that you can buy, then you are in business. Also learn website creation tools such as WordPress and Joomla that do not really involve a lot of programming. You can be managing websites for several businesses and get monthly compensation for doing so.
If you can create original content (e.g., like this very site) or aggregate useful
content from others, then you can run advertisements such as the big Google AdSense
on the upper right-