Gen Z Finances: Building Wealth in College

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I love money. I know, that sounds like Scrooge, but, we live in the USA, so understanding our capitalist economy and how to maneuver through it is essential for financial stability. Coe students come from all over the globe and we have our own ways of dealing with it. One fact we all have in common is that we’re legally adults now, with a ton of new responsibilities. Some of us have cars, and some of us don’t know how to drive. Some of us had a ton of savings set aside by our parents, and some of us had none. No matter your socioeconomic status or the size of your bank account, learning financial talk and how to build wealth are necessary skills to help you make it, or break it. 

The Purpose

These financial posts will be fueled by my own experiences and many different sources (both online and not). I wanted to learn how to handle the little money I have now in the best ways for my needs. Since I'm a novice in the field of finances, I wanted to help other beginners get started with building their financial future. If you're already intermediate, this advice will apply to you too. (I don't consider anyone advanced until they have a salary, and even then it's only a maybe.) To start, think back to your first dollar. It could be from your first birthday or that time your dad gave you a $20 and told you to "have fun". We all have experience with money, even if those experiences aren't shared. From a very young age we are taught the value of money by our parents and other family members. If your mom hands out twenties every time you do a chore, you're going to view this gift differently than your friend who only gets money on her birthday. I have many wonderful "money memories" to share, so keep your eye out for those posts to come. 

The Top Three Topics

When it comes to internet advice, I can lump most things into one of three categories: saving, investing, and budgeting. Saving is all the money you put away in your piggy bank or actual bank, to use another day. There are many ways to save money, and different types of savings accounts to aim for. Investing is money that you set aside to make more money. This can be through stocks, bonds, mutual funds, ETFs, and other methods. Budgeting takes into account how much you have earned and expect to earn, how much you'll put away in savings and how much you'll set aside for investing, as well as your bills, loans, fees, and subscriptions to pay off. Budgeting is probably the hardest one of the three to start, but it's arguably the most important. All of these topics and plenty more will be researched and written about thoroughly in posts to come.

Carrying On From Here

With this page we begin our journey into financial freedom. The world is a different place than when our parents were our age. Technology, the internet, new laws, and new regulations make entering this world easier than ever before. Unfortunately, it can also do the reverse. A simple mistake, a bad break, a horrible boss, a terrible injury, or a sudden death are also factors that influence your financial stability. Hopefully, through research and the resources provided, you'll learn how to make the most of our status as college students, before it's too late.  

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