You’ll want to be able to live on a regular budget since you’ll be dealing with the financial and work expenses for a while. You also have to consider how much you’ll be earning from work and how much you’ll be spending. If you’re self-employed and you make anywhere from $1,000 to $5,000 a week from your job, you could be able to live on that income on an annual basis. It’s entirely possible. Many small business owners and managers make money doing this, too.
It’s also possible to invest in short-term assets like stocks, bonds, or other financial instruments. If you’re invested in an online brokerage account with low fees, it’s possible to own stocks and mutual funds without having to work. Some individuals use tax-advantaged mutual funds to save up for retirement, but the tax advantages won’t necessarily work to your advantage if you don’t own the funds.
You can also put aside money for the future, whether through a checking account or some other type of savings account. This is a good option to consider if you have a few years and want to start contributing for the long-term, for example.
2. Can you work part-time or for less pay while attending college?
There are different levels of earnings potential at various levels of education. The College-Ready Wage Project estimates that full-time students can expect to earn $31,400 each year during their career. The unemployment rate for college grads is just 4.5 percent; if those graduates earn the same $31,400 per semester with a 40 hour work schedule, they’d make up $24,800 each week.
This compares with 6.3 percent to 17.5 percent for those who work part-time (i.e., less than 40 hours a week) versus full-time. A high school grad with a bachelor’s degree made $23,000 in 2014, but a new bachelor’s degree student made $39,000. This means that those who go on to a graduate level of education (i.e., post-secondary) have greater financial potential than graduates of other education levels with less earning potential.
Some businesses offer flexible hours, and it makes sense to take some advantage of those hours. If you’re working part-time while attending college, you’ll need to plan for your paychecks. It’s important to maintain a healthy balance of income between your college funds and the more than $50,
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