Going off to College
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
23 min
4 speakers
3 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
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Hey, this is Allie, and thanks for listening to the show. Give us a five-star review where you listen and share this episode with someone who might need to hear it. Now, enjoy the show.
Welcome back, ladies and gentlemen. You're listening to another edition of DIY Money.
DIY Money.
So, A. Howard, I want to talk real quick. Tone just changed.
Yeah. This is like sometimes my close friends all call me Al, and occasionally one of them will be like, hey, Ali, and my heart like stops. It's like when your parents are like, Allison, get down here.
So as you know, I have taught at the high school the last year, seniors who are most of them headed off to college. I have one in my house who is headed off to college. I've talked about this ad nauseum. In fact, by the time we air this, we might actually have moved him in or be moving him in. But I've had these conversations with these young people who are moving off to college, and they've wanted to discuss – sort of preparation for these next steps in their life. Like what should they be thinking about or doing with regards to finance in the stage they're in right now?
To all you graduates, as you go out into the world, my advice to you is don't go. It's rough out there. Move back with your parents. Let them worry about it.
Admittedly, I've gotten this question from specifically some people that I've taught in the high school level. Of course, as a parent, you do not get these questions from your own children. However, they seem to pick it up in dialogue and discussion and just sort of conversations we have. So I want to talk to the audience a little bit, and this is going to be – listen, if you're a parent of a young person who's going through the high school years and moving off to college, or maybe you have somebody who's already in college, or maybe you have a niece or nephew or you know someone, and this episode would be right for them. I want to talk specifically – to that 18-year-old going in or in the early years of college about finances and money.
Because despite what you may or may not believe, this is the time you can build some foundational principles in your life to set you up for future success. Whether, this is very important, whether you go into some sort of business or not, that would be my first sort of nugget, right? This is a blanketed statement, right? I don't care what you are going to study. You could go to nursing, engineering. You could go to business.
What financial mindset should students adopt before going to college?
You might want to be a teacher, a doctor. It matters not. You might want to be a plumber, a mechanic, an electrician. I do not care. Money is one of the universal attributes in our society that that candidly, you need to understand in order to be financially successful. I have never met anyone financially successful who doesn't understand money and finances. It's not going to happen, right? I could go to Italy every year for the rest of my life and If I don't ever speak the language, I'm not going to meet a lot of Italians and form relationships. I'm not going to be successful in forming relationships in Italy if I don't speak the language. And I might get all pissed off. Oh my gosh, I can't meet anybody over here.
Like, they're rude. They don't want to talk to me. Um, Quint, you don't speak their language. So I see people... who go through life, and they get angry. They get angry at their financial situation. They get angry that they're broke. They get angry that they're not in a great job. They get angry that they're in debt. They get angry that they can't make a monthly bill, that they can't make a... And I go, well, let's talk about money. I hate money. I can't talk about money. I can't stand it. You're like, then you don't know the language. You've got to know the language. So the first thing I would say to any and all... is that if you want to be financially successful in life, you must begin to learn the language.
And this is not downloading Duolingo and forcing yourself to do an exercise every day. This is simply getting around, ingesting in some form or fashion content such as this,
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