Spring Break
The Daily OrangeStart managing you're finances before you're in over your head
By Naresh Vissa
Posted: 9/9/09, 7:18 PM EST Section: Opinion
Personal savings are the key to financial prosperity. Had we been saving all these years, we would not be in our current economic state. People made bad decisions with money by spending beyond their means. Banks made egregious choices with other people's wealth by encouraging them to live above their standards.
In economics, there is an accounting identity, where savings equals investment. The money available at your disposable serves as an asset to future investment. Spendthrifts may not be able to afford that new television set or PS3. By constantly spending, you will not be able to create much wealth because you will not have the necessary capital to produce innovative ideas in your head. You will find yourself living from paycheck to paycheck.
The best way to make money is to make the money work for you. Invest in yourself. Open a CD at your bank so you can start saving for the future. Spend on automation or technology that can increase your productivity or networking ability. Take classes in web design, finance or the sciences to stimulate your mind.
Use www.mint.com to track all your credit/debit card purchases. At the site, set a budget for various categories: food, leisure and groceries. This is a good way to track spending. Start practicing now, so you will be better prepared when living on your own in the future.
There are great ways to invest and make money at the same time: become a note-taker. Most classes at Syracuse University ask a student to submit notes on a weekly basis for students with disabilities. This practice forces you to pay close attention to lecture material. The only time commitment is making the walk to the Office of Disability Services to drop off your notes (I was actually fired from my only note-taking position because of terrible handwriting).
Seek positions around campus. Share your knowledge and wisdom by becoming a tutor. Try to find something in marketing. Regardless what you end up doing in life, sales is the backbone of any business. Life is a sales call.
In economics, there is an accounting identity, where savings equals investment. The money available at your disposable serves as an asset to future investment. Spendthrifts may not be able to afford that new television set or PS3. By constantly spending, you will not be able to create much wealth because you will not have the necessary capital to produce innovative ideas in your head. You will find yourself living from paycheck to paycheck.
The best way to make money is to make the money work for you. Invest in yourself. Open a CD at your bank so you can start saving for the future. Spend on automation or technology that can increase your productivity or networking ability. Take classes in web design, finance or the sciences to stimulate your mind.
Use www.mint.com to track all your credit/debit card purchases. At the site, set a budget for various categories: food, leisure and groceries. This is a good way to track spending. Start practicing now, so you will be better prepared when living on your own in the future.
There are great ways to invest and make money at the same time: become a note-taker. Most classes at Syracuse University ask a student to submit notes on a weekly basis for students with disabilities. This practice forces you to pay close attention to lecture material. The only time commitment is making the walk to the Office of Disability Services to drop off your notes (I was actually fired from my only note-taking position because of terrible handwriting).
Seek positions around campus. Share your knowledge and wisdom by becoming a tutor. Try to find something in marketing. Regardless what you end up doing in life, sales is the backbone of any business. Life is a sales call.
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