Question: What is a good way to start investing? –Rachel, Freshman
Answer:
Rachel, the best way to start investing is to take a look at your expenses and income. Do you have money left over after you have paid for all your essential costs to dedicate to investing? If you find yourself with excess money, how much do you have in savings? The money you have saved should cover at least 1-3 month of living expenses, but some financial advisers will suggest up to 3-6 months. Once you have identified a monetary amount you can allocate to investing, start educating yourself. There are many free resources off- and on-line relating to investing. You may also want to seek out a fee-based financial planner or stock broker to help you. Good luck!
Question: What are your best tips on building credit? –Aminat, Sophomore
Answer:
Aminat,
The first rule to building credit is to determine how credit will function in your life? Do you anticipate financing a car, mortgage, or small business through a loan or a mortgage? If you know at some point you will utilize credit in order to purchase something in the future, building a strong credit history will help you be considered for favorable terms and be approved. One way to establish credit history is by getting a credit card and placing one small transaction on it each month and pay it off when the bills comes. This habit will help you start to build a good credit history. If you feel that you would struggle using a credit card and possibly overspend, then visit the Student Money Management Center to discover alternative ways to build your credit history.