Money. A necessary resource for the modern life that affects just about every decision. The world functions on billions of financial transactions all day every day. Yet, most of us aren’t given the proper knowledge on how it all works– unless, your formal education is in finance or accounting.
Throughout any typical college career, students spend the majority of their educational hours learning about topics that relate to their academic major, with the exception of the hours of general education intended to teach us how to be professionals. The idea is that upon graduation, the average student has learned a little about everything with the last few years focused on advanced material related to the degree.
As an engineering student, I dipped my feet into philosophy, art, and history, but most of my time was spent learning advanced circuit techniques with projects and exams for assessment. After graduating, I could talk about things like analog circuits, embedded systems, and even how to acquire EEG signals, but what was lacking on my list of “skills” was basic money management and growth techniques.
When most students graduate, they only ever learn about investing when it comes to retirement and how much they should contribute to their 401(k), Unless you are required to take finance classes, the majority of students have to acquire money managing skills on their own. Investing time to develop healthy financial habits could be one of the best investments anyone can make. In the next few weeks, I’ll post a three-part series based on tips that have been helpful for me in managing and growing investments.
I. Savings and Budgeting Tools
Developing a savings plan is essential for anyone who has an income, no matter the amount. Simply choosing to store away extra money every month can be extremely helpful when making a large purchase or creating an emergency savings account reserved for when life throws you curve balls. I’ll share some tools that I have found to be useful in monitoring my spending habits with some safe and passive ways to increase your savings account.
II. Investing Platforms
Once your savings account is thriving, investing allows you to beat the ever dreadful “inflation” that detracts the value of your savings account as time passes. I’ll talk about several different investing strategies and platforms that I’ve tried, and some that I haven’t tried. I’ll give some examples of both passive and active investing platforms, the risks involved, and the associated time spent managing investments.
III. Money Hacking Extras
Here I’ll share some tips that have become helpful in reducing my overall expenses, as well as some information on utilizing credit cards in a way that can return some of your spent money.
I’m excited to share some of my experiences and I hope relaying this wisdom can shed some light on money management. Stay tuned over the next few weeks!
I am not a certified financial planner or advisor nor am I affiliated with any companies or financial institutions mentioned. All given information is from my personal research and experience. I am simply a person curious about money matters and hope these articles are helpful for those who read them.