September is here – and that means it’s back to school time. Of course, it’s not business as usual everywhere. Depending on your age and where you live – you may be at home, in the classroom, or a mixture of both! I’m going to do my own “money school” for the next few months (maybe longer) and teach you about some good decisions I’ve made that have helped put me on good financial footing. I’ll also introduce some basic economic concepts everyone should know.
Here are three of the best money decisions I’ve made:
- Have a part-time job in high school.
- Not blow an inheritance.
- Sign up for a co-op program at university.
1. Having a part-time job in high school
I started babysitting fairly young – and then after that worked at Shoppers Drug Mart, in the bakery of a grocery store, and then McDonald’s. I learned two things from these jobs 1) Working in the service industry is hard. Always be nice to anyone working a service job. 2) I did NOT want to waste my money.
I’d come home from McDonald’s tired and smelling of grease – I even burned myself a few times on the job. Working hard for that money made me value it far more than if it had been handed to me. I used that money to help pay for my first year at university. And since it was MY hard-earned money no way was I was going to waste it and flunk out.
2. Not blowing an inheritance
I was lucky enough to inherit some money from my grandmother that I could legally access once I turned 19. I had just started university, so the good news is – I was too busy to think about going out and blowing it. Instead, my Dad got me to sit down with an advisor and I put it in various investments. Later on, when I was ready to buy a car, I had the money to pay for it flat out. I also let the rest of the money sit and grow – and used it as part of my down payment when I was ready to buy a house.
3. Signing up for a co-op program at school
I went to a university that offered a co-op program – one term at school, then one term working. There were definitely some drawbacks – I moved 10 times over the course of five years! But I also got some great experience, learned out to budget my money during school and while working – and I didn’t have to borrow any money to make it through university.
The Takeaway
The earlier in life you can start making good money decisions, the better! You may be at a period in life it’s a little late for part-time jobs and co-op programs, but you can always pass on this advice to anyone you know who is young enough to benefit from it.
What’s the best financial decision you made while you were fairly young that has benefited you?