One of the things I remember best about being in college is having very little money. Although that was quite a few years ago I don’t think much has changed on that front. In fact, it’s a pretty common condition for most college students now days.
Obviously there are exceptions to this rule though. Students who have full scholarships or paid tuition from mom and dad may not experience money struggles.
For everyone else, though, having a tight budget in college means doing without some things. Nice clothes, newer cars, and other wants must be put on the back burner for a few years.
But what if you want to invest? The good news is that you may not have to put this item off. It is possible to invest while you are still in college or just after graduating.
1. Invest Fractionally
If you want to invest while you are still in college try fractional investing. This is a way to begin building wealth now rather than waiting until after graduation.
Let’s face it, once you graduation you will need time to settle into a new place to live. Then there’s also paying for a place to live as well as appliances and other needs.
Putting off investing is a bad idea. Before you know it, five, ten, or even more years have passed and you won’t have invested a dime.
To invest fractionally, check out stocks that interest you. Don’t worry if they are hundreds or thousands of dollars per share. Regardless, you can still invest in them.
Use apps such as Stockpile to get started. You only need $5 to begin and signing up is free.
There are no monthly fees and no minimums. That makes Stockpile a great way to dip your toe into investing and test the waters. It’s an easy and fun way you can begin to invest without risking huge sums of money.
2. Micro Invest
An additional method to invest while you are still in college is micro investing. Using this avenue to invest simply makes sense if you’re a college student.
With micro investing you can begin growing your money without a lot of start-up cash. Try the app through Acorns.com and you’ll barely notice you’re investing at all.
The app links to your bank account and any credit cards you choose. Then, as you buy necessities, Acorns rounds purchases to the nearest dollar. Those amounts are invested for you to increase your wealth.
By micro investing in this manner you never miss the money in your budget. You don’t have to take a lot of time out of your busy schedule for investing either. Acorns does the hard part for you.
3. Use a Robo-advisor
Need another way to invest while you are still in college? Try using a robo-advisor. They are convenient and do most of the hard work so you don’t have to.
Most of the robo-advisors you find will have low trading fees with helps out when your budget is tight. But they have low minimum investment requirements as well. Actually, some have no minimums at all.
Accessing your account can be done through the app when installed on your smart phone. Anytime you have a couple of minutes in your schedule just pull it up and check your investments.
Additional Investing Thoughts
Of course the sooner you invest the faster you will build wealth for your future goals. But investment tracking is also a part of that as is money management.
You must learn to budget and handle money wisely. If you don’t have the skills or knowledge, ask a friend, relative, or professor for help. Or, take a class or research about it. There are plenty of ways to learn about money management.
When you are in college, or just after graduation, your budget is probably tight. However, that doesn’t have to prevent you from investing your money for the future. Use these tips to invest while you are still in college, or just after graduation, and meet your future goals.
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Have you ever thought about investing while you are still in college?