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7 Best Tips to Become Richer in College

Why did you click on this blog? To become rich. To gain status, fame, or something else. Or maybe you are interested. Interested in whether I know something you don’t. Well, the only way to answer that question for yourself, is to continue reading.

Money and finance are interesting. We don’t get taught about it enough in school. In school, we are told we need to learn a skill, have the knowledge, and then work for a company that will pay us to do a thing, that uses the skills we’ve acquired to make them even more money. 

We never learn how to sell, how to invest, or simple financial skills that barely are to do with math and more to do with people. The culmination of all of this is, how we create value for people. Creating value for a customer means you can sell this value to them in return for, you guessed it, MONEY. 

In this article, I will be listing and explaining the top 7 ways to become richer in your 20s in college. 

  1. Invest, Invest, Invest

In today’s world, everyone is focused on instant gratification. There is seldom emphasis on the long, arduous journey of trials and tribulations to achieve success. Investing is exactly like this. By putting away a certain percentage of your income into an investment that will accrue interest and start to grow exponentially over time. 

The difficult thing about this route is that you must accept that you might not see any improvements for the first few years. If you stay the course and do the daily habits, you will see it grow and compound. Investing takes a lot of faith and trust in yourself. Learning how to trust long-term growth is very important to learn at a young age. 

2. Pay yourself first

Take out a percentage of every check you get and put it into a savings account then invest money from that savings account into whatever you like. You want to invest in things that have a higher interest rate compared to the rate of inflation. Most people receive their paycheck every month and go straight to paying their bills and fulfilling all their desires by purchasing expensive items and meals. I suggest when you get that paycheck, before you pay for any bills you take out 10% of the payment and put it straight into an index fund. You are putting this money into a fund that will give you a return on investment over time. Remember to always pay yourself first. 

3. Create good money habits

This involves budgeting, projecting and measuring what you spend. What gets measured gets managed. This method is very important to what you do. If you have a good eye on your expenses and income you will be able to build wealth. It’s very simple. Keep your income higher than your expenses every month and you will get wealthier. If you don’t believe me. Try it for yourself. 

4. Increase your earning potential 

Go and get a second job and earn more money. Your time is very valuable. Getting another job will increase your income. You may have to sacrifice a few pleasures to work more but the skills and values you learn by working harder will make you a better investor in the long term. If you do choose to work more hours, I suggest you be very smart with how you allocate your income from the extra jobs. Make sure that you start with the end in mind. Use the extra income and invest it so that you eventually can quit that job and work fewer hours and put more time into the things that you love. 

5. Start a side hustle 

Start a side hustle where you can make money right off the bat and learn to sell. Many people get caught up in trying to do things that other people have suggested on the internet or perfect agency models. The truth is that you are probably a beginner and don’t have many skills so I would suggest that you just buy something and try to sell it at a higher price. By doing this you will learn about what people want, how to sell and how to listen. Just go and do it, don’t wait. 

6. Invest in Self-education 

Learning more soft skills on YouTube is sometimes even more important than the knowledge you learn from college. This is the most important investment you can make. Invest in yourself first. By learning new skills in your own time, you will understand that you can use these skills to increase your earning potential either by starting your own business or becoming a part of a big corporation. 

7. Set Goals and be disciplined

If you have a goal, then you will have something to work towards and these slow and methodical improvements towards your goal will bring you a lot of joy and happiness. To achieve these goals, you must be disciplined and stick to your habits. A lot of the time having a disciplined approach to your life and your success will expand into all areas of your life. 

Most of the work to gain wealth is just fixing up and working on all your bad habits in your life. For example, if you start working out every day and improving your fitness this will reverberate through other parts of your life and you will hold yourself to a higher standard. 

Stay the course, you will achieve what you set out to do.