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In the past few days there have been a number of excellent blog posts giving financial advice and tips to students heading off to college, pockets overflowing with student loan cash:
- Four Pillars: Back To School - Get Your Educational Finances In Order
- Clever Dude: Work, Life and School for Graduate Students
- Canadian Capitalist: Back to School: Save on Textbooks
- Blunt Money: An Empty Wallet Isn’t Required for Back to School
- Squawkfox: Dorm Room Essentials Checklist
- Money Ning: Frugally and Happily Back to School 9 Different Ways.
- Poorer Than You: Keeping Your Student Loans on a Short Leash
The best advice I can offer is to follow their advice. It’s good, solid information that will put you on a good path.
But to balance things out, here are five pieces of admittedly bad financial advice. But even though my advice will certainly cost you money and make those student loans creep ever higher, they will make for a more enriching educational experience and help you come out of school with more than just a few letters after your name.
- Study Liberal Arts - Many people view university as glorified vocational training. For some people, it may be. But university also offers you the opportunity to learn for the sake of learning. Study history, literature, languages, philosophy. Learn to debate, to argue, to defend. Choose your courses based on what intrigues you rather than what you think will be marketable. In the long run, you’ll come out ahead.
- Pay Your Own Way - Your parents may be wealthy and generous, but your education is your responsibility. They’ve brought you this far, now it’s time to cut the umbilical cord and stand on your own. As much as their money might make things easier for you, there are plenty of things they could use it for as well, such as retirement savings or fun vacations. Have enough pride and courage to pay your own way.
- Travel to a Place That Scares You - University offers countless opportunities for study abroad, international internships, and student exchanges. Never again will you have such freedom and opportunity to relocate your life to a far-flung corner of the globe for a few months. Seize this opportunity and move to somewhere that will put you outside your comfort zone. If your mother wouldn’t approve, it’s probably a good choice.
- Skip Class - Don’t listen to those who would tell you that missing a class is the same as throwing away $100. It’s not. Find out what method of learning works best for you and stick to it. If certain lectures don’t work well for you, skip them- doing so doesn’t cost you any more or less money, but wasting your time watching a professor read her PowerPoint slides costs you time that could be put to much better use.
- Don’t Work Too Hard - Study as much as you need and get a job to help pay for your expenses (see #2), but don’t overdo it. Leave yourself time to get involved around campus. Join student groups and sports, meet people, and socialize. Some of the most valuable things that will come from your education are the connections that you will make.
Does anybody else have any bad financial advice (but good life advice) that they’d like to share?
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Nice post :). I’m with you on every one except #1 - you can learn to debate and argue in any area of study, not just liberal arts. Ever try to get a bunch of engineers to agree on something??
LOL! Bad financial advice, buy your children something that constantly needs MORE. Video games, mp3 downloads, webkinz… The MORE is making me nuts & broke!!!
Thanks for the visit & commenting at The Frugal Momma, bacon is a food group isn’t it???
Bad advice? Nah - this is all solid stuff that doesn’t get said enough!
Hey Lard Black, debating or creating a well constructed argument is much different than the fighting and bickering I remember from Computer Science or Engineering. On the other hand I had a friend in Philosophy and he just said “ism” a lot and used obscure words where simple words would have worked
Thanks for the link. I wish I had done #3 more and not sure I entirely agree with #4 (I’ve skipped my share of classes) because at least for me, “a better use of my time” would have been something like chatting with friends in the cafeteria.
Thanks for the mention. I’ve subscribed to your blog!
Mike
“I know a great lawyer who’ll get you what you need in your divorce”
Even though you’re mortified you need a divorce lawyer and don’t even want to hire one, take your time and talk to a lot of people about who to hire.