What I Wish I Did with Money in College

So recently I have begun a partnership with Exceptionally Excellent , a community-based financial literacy group dedicated to informing college students at Columbia University (and other schools) about preparing for their financial future. They invited a financial analyst from Fidelity Investments to speak about the importance of managing your finances. Overall, I think the brother did an excellent job covering the “big picture” of building a financial plan: developing a budget, establishing an emergency fund, and beginning a 401(k), Roth IRA, and 529 Savings Plans.


However, there was a golden opportunity missed near the end of the meeting when a young lady asked a question to the effect of:

“This forum seems to be directed at those entering the job market. What can I as a freshman/sophomore do to prepare for my future?,”

To which he responded (and I’m paraphrasing): “You’re young, so it may not necessarily apply to you right now—but it’s important to stay informed about these things.” [Emphasis Mine].

I disagree. College is a place of discovering independence in thinking and umm, ‘behavior’, but if I were to speak with that young lady (I didn’t out of respect for the presenter), I would tell her that it was very important (at the very least) to start setting aside 10% of every dollar that crossed her bank account and put it into high-interest savings, and not spend it unless a true emergency were to come up. The online banks are FDIC-secured, have no minimum balances, and no fees. Find more details here.

The point being that it teaches responsibility early on and gets people into the habit of saving now so that by the time you do enter the workforce, it will be second nature. Most people will realize that you can live off of 90% of your income just as easily you could 100%. Besides, isn’t it your right to keep some of the money you’ve worked hard to earn? Heck yeah!


When you get your check, Uncle Sam gets a piece, the cell-phone company gets a piece, Papa Johns, Best Buy, Macy’s, etc. all come to the table. And if you run out of money, your rich Uncle Citibank and Uncle Chase are there to bail you out, for a price of course.


But what about you? How much of the money can you keep? These guys won’t tell you. It’s a choice you have to make for yourself. I had quite a bit of student refund money looking back. If I had followed the 10% plan back in college, I probably would’ve had more money to speak about, and less would’ve gone to Wing Zone!

Comments, Criticism, or Questions? Hit up the comments section and let’s rap.