Chapter 1: Introduction to College Challenges

While my college years were some of the most rewarding, I encountered several missteps that I would rectify if given the chance. Transitioning into this new life phase, away from home and parental guidance, often leads to uncertainty and anxiety about the right choices and whom to trust for support. However, college serves as a valuable learning environment, both in and out of the classroom, where you can grow from your experiences.

By sharing my journey, I hope to help others steer clear of the mistakes I made.

Section 1.1: The Importance of a Savings Account

Despite enrolling in personal finance courses and viewing countless tutorials, I fell into the trap of impulsive spending instead of saving for essential needs. I perceived money merely as a means to cover daily expenses, rather than a tool for financial freedom post-graduation, such as paying off student loans or buying a car.

To build a solid financial foundation, it’s crucial to open a savings account. Opt for a high-yield account, like those offered by SoFi or Goldman Sachs, which can provide an APY close to 5%. While that might seem modest, accumulating funds in a high-yield account can significantly increase your interest earnings.

Section 1.2: The Role of Investing in Your Future

Investing can enhance your financial future and potentially provide extra income during your college years. For beginners, platforms like Acorns and Robinhood present low-risk opportunities to start investing. Acorns allows you to invest spare change from transactions, while Robinhood is ideal for those interested in exploring the stock market.

However, bear in mind that all investments carry some risk. It’s essential to keep a close eye on market trends, as they can greatly influence stock values. Personally, I learned the hard way about over-investing, which ultimately led me to withdraw my funds due to poor spending habits. Ensure you invest when you can afford to take risks.

Chapter 2: Vehicle Maintenance Lessons

In high school, I acquired a 2006 Hummer H3 with significant mileage, naively believing that minimal maintenance would suffice. This mindset resulted in frequent, costly repairs and persistent issues, like a dying battery. Proper vehicle upkeep is essential, especially when traveling home during holidays. Regular maintenance is typically less than $100, which is far more economical than dealing with preventable repairs that could cost thousands.

It's also relatively simple to handle minor tasks, such as changing windshield wipers, car batteries, and air filters. Taking care of your vehicle can alleviate unnecessary stress, allowing you to focus on studies and exams without the worry of unexpected breakdowns.

In the video titled 8 Mistakes I Made as a Student, I reflect on the common pitfalls that can hinder your college experience. These insights can be invaluable for current students aiming to maximize their time in academia.