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As a college student, it may seem like there’s not much you can invest in while you’re still in school. Contrary to this belief, there are things that you can invest in that will not only make you money but will save you money in the long run and will improve your quality of life. Some of these you may have never even thought of.
#1: Cars
Not just any car, but a good and reliable car. It also doesn’t have to be brand new. Depending on where you live, you may be able to skip this investment and get by with rideshare services, such as Uber and Lyft or campus transportation, but there are also benefits to having your own car. When you have your own car, you have more control: you can come and go as you please, without having to rely on another person. You also don’t have to pay per ride; just for gas and other routine maintenance.
Many people skip an oil change here and there, but in doing so they create more damage to their car. Routine maintenance isn’t too terribly expensive, and when maintenance is done on time and often, you save more money in the long run by avoiding major breakdowns.
#2: Stocks
Stocks can be a very confusing concept to a lot of people, in terms of how to get started and how they actually work. Luckily, there are investing apps for those with limited knowledge on how to invest in and trade stocks.
There are risks to investing in stocks, and it takes some researching too. But investing in stocks is a good way to beat inflation. Stocks are also easy to buy, and in turn, easy to sell. You can make money from stocks in this way, and you can also buy stocks in companies that pay dividends to the owners.
#3: Rental Properties
Many cities require you to obtain a permit before you can list your property as a short-term rental on services like Airbnb. Some college campuses allow for students to sublet specific types of student housing, so it’s important to make sure that you can do this before you try it. If you are able to list your space on Airbnb, this is a good way to make some extra money.
This is an introductory step into the business of rental properties. Though it may seem impossible, some college students have been able to purchase affordable properties and then rent them out to other students seeking a place to live. Buying a rental property may require you to take out a loan, but there is more possibility for a return on investment since living quarters are in high demand among college students. If you are looking for more excellent services on your rental property, Mynd property management is a good choice.
#4: Yourself!
If you’re a college student, chances are you’re already investing in yourself by furthering your education. This is the first and easiest investment you can make. Just be sure that you’re in college because you want to be and that you have a plan. Maybe you know exactly what you want to major in, or maybe you know that you want to try out a few things before committing to one major.
While you’re investing in your education, don’t neglect to invest in your health. This includes your mental health and physical health. Investing in your mental health can be as simple as going to your favorite place for breakfast, or practicing self-care. A part of self-care is exercising and eating a healthy diet. You don’t even have to do strenuous exercises or switch to a vegan diet— you can still benefit from walking more and cutting back on unhealthy foods.
Overall, investing in stocks and in oneself may be the easiest for most college students to achieve. Not everyone will have the means to invest in all of these— at least not at one time. Even starting small can make a huge impact later on down the road.
