A BOY won’t be a boy forever.
Most young people have entertained the thought of leaving home, being independent, and starting a new chapter in their lives.
Clothes, shoes, beddings and other dorm stuff have been packed for those who plan to go to far-off places for college this August. For many, it will be their first time to live by themselves.
College life will be difficult if one does not know how to spend time and money wisely.
It would be good to ponder these thoughts and tips:
Wisdom
Warren Buffett, one of the world’s most respected finance gurus who has a net worth of $72.3 billion, once said that “someone’s sitting in the shade today because someone planted a tree a long time ago.”
He has more nuggets of wisdom that the youth could learn from.
Having a new car, a lot for a dream house or a vacation overseas after graduation are what most college students want as a gift, not knowing that others acquired those luxuries from their own pockets through savings and investments.
“Do not save after spending, spend
after saving.”
It is normal for teenagers to buy things. Sadly, they also miss the importance of saving that they end up empty-handed after splurging on unnecessary things.
“If you buy things you don’t need, soon you’ll sell the things you need.”
Endless mall promos and offers truly make most of us spend mindlessly, turning needs into wants from such persuasive come-ons as clearance sales, rainy day sales, holiday sales, etc.
Just like visiting a new place, some tend to buy “sobranirs” rather than souvenirs; they go on and on until they fill up their homes with junk.
Being a wise spender doesn’t mean being a tightwad, but rather being a sensible consumer.
Precarious
“Risk comes from not knowing what you’re doing.”
Saving teaches us to have money, investing teaches us to make it. The youth doesn’t find it logical to invest while in
college; they’re too young to handle and know risks. But such an attitude is more precarious.
There are multimillionaire brokers in the money market industry who learned during their young age. And there are small investors who wish they had started long before graduating college.
“No matter how great the talent or efforts, some things just take time. You can’t produce a baby in one month by getting nine women pregnant.”
Instead of piggy banks, it’s advisable to put one’s money in real banks. Money doesn’t grow overnight, but don’t let it sleep for a long time.
Let it increase in value during, say, the four years of a pre-law course. When you get to law school, imagine how big your initial savings could be.
Trust
“Honesty is a very expensive gift, don’t expect it from cheap people.”
Trusting someone is investing a piece of what you have or yourself; they can also make you grow, or downgrade you. Buffett said, “Learn to have friends (who are) better than you, you can’t help but improve,” especially in college.
It’s natural to be fearful when starting a new chapter in one’s life, in taking a 100-kilometer drive away from home, and knowing you won’t be back for a long time.
But there’s wisdom in the thought that you can face fear and deal with it on your own terms.
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