In a recent video, Mark Cuban said there’s no better time than now to be in college. While larger companies have the ability to implement AI to reduce their workforce, small to mid-sized companies are relying on younger talent to leverage AI.
With more tools and resources than ever at your disposal, college can be a great move for countless young individuals. If going to college is the route you are taking, you don’t have to put off your goals of getting rich.
Here are five ways to get rich when you graduate.
Live Frugally
If you’re like most college students, you’ve had to meticulously budget your funds to stay afloat. Keeping this frugal mentality can help you get a jump start on your wealth-building journey.
Instead of falling victim to lifestyle creep, you can keep your expenses low to pay off debt accumulated during college, like student loans or credit card debt. This short-term sacrifice can build a strong financial foundation for you to get rich.
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Create Side Hustles
Part of becoming wealthy is finding new income streams. If you started a side hustle in college, keep it going. This might be Door Dashing one day a week for extra spending money or working a part-time job at a local company. Keeping up with side hustles can give you extra money to invest or pay down your debt to help you grow your wealth quickly.
Start Investing
While investing doesn’t need to wait until you graduate, it should be a priority once your diploma is in hand. Compound interest is one of the biggest drivers of building wealth. The longer your money has to grow, the more it will accumulate. Prioritize investing after college, even if it’s just $25 per week. You might be surprised at how quickly your accounts start to grow.
Increase Your Income
Increasing your income is another way to get rich after you graduate. When you first start out in the workforce, you might have a low salary or hourly rate. However, after a few months or years, your experience begins to grow, and your income should reflect that. If you aren’t getting regular raises, it might be time to talk to your boss or look for another job. Increasing your income can fast-track your wealth-building journey.
Continue Learning
Your learning doesn’t stop once you graduate. In fact, there are so many things about getting rich and building wealth that you might not know. Take the time to continue your learning. This could be listening to podcasts on your way to work, picking up a new financial book every month or attending seminars from financial experts. The more knowledge you have about getting rich, the easier it will be to find strategies that work for you.
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This article originally appeared on GOBankingRates.com: Mark Cuban Says There’s No Better Time Than Now To Be in College — 5 Ways To Get Rich When You Graduate
