Newbie & Need Advices

[eearly35]

Hi everyone! I'm new to here and read lots of amazing posts of advices; and I would love to get some advices on my financial situation.

Just some brief info and background of me: I just turned 20, and came to the US six years ago. I am going to start my freshman year in a private college very soon, since I "dropped down" two year when I fist got here. Due to low-income, I don't need to take any student loan.

I am going to live in dorm and my family won't (couldn't) support me anything.

My prospect income would be around $10K per year, and my average expense would be around $5K (as the my financial aid package already cover my room & board). I couldn't get a job to increase my income since I couldn't claim myself as independence - if I have higher income I might need to pay more for my college.

So far, I had around $23K in bank, but no passive income or any sort of assets.

What and how should I do to build assets that, at the same time, won't increase my college tuition or expense?

I really want to retire early and begin a "new" life. Please help!

 

[REWahoo]

Age 20, starting college, income $10k, annual expenses $5k. Almost beyond my ability to remember back that far...

Your first year in school, take half the $5k left after your expenses are paid and add it to your $23k in savings. Keep that in something very safe like certificates of deposit. The other half of your $5k should be spent having a good time and enjoying your youth. Trust me, you can't get it back once it is gone.

Repeat each year until you graduate and get a full-time job...

Oh, and while you are in school, read some of the investing books on this list so you'll know how you want to start growing your assets once you have your education and are employed: Recommended reading list

 

[eearly35]

Repeat each year until you graduate and get a full-time job...

Thanks so much for your quick respond. I am going to major in Entrepreneurship and Finance, so, I hope, I would have my own business at the time when I graduated or get into Investment Banking. However....I truly want to do something, as I am still in college, for my future financial freedom. I am thinking exchanging 80% of my saving to Chinese Yuan for Bond as the interest is much higher there. I am also thinking investing some money on stock or get a partner, together, to buy a house for rent. It just that I don't know how to start...
I am actually strat finding and building an "advisory board", but it's, indeed, hard for me, who has no solid family background.

 

[Aiming_4_55]

...having a good time and enjoying your youth. Trust me, you can't get it back once it is gone.

Repeat each year until you graduate and get a full-time job...

Oh, and while you are in school, read some of the investing books on this list so you'll know how you want to start growing your assets once you have your education and are employed: Recommended reading list

+1 be sure to enjoy your college years, it was the best time of my life even tho I worked fulltime and took heavy class loads.

Consider side jobs (what ever skills u have or labor) for cash, or barter your labor for something u need, sometimes better than cash.

good luck

 

[Meadbh]

Thanks so much for your quick respond. I am going to major in Entrepreneurship and Finance, so, I hope, I would have my own business at the time when I graduated or get into Investment Banking. However....I truly want to do something, as I am still in college, for my future financial freedom. I am thinking exchanging 80% of my saving to Chinese Yuan for Bond as the interest is much higher there. I am also thinking investing some money on stock or get a partner, together, to buy a house for rent. It just that I don't know how to start...
I am actually strat finding and building an "advisory board", but it's, indeed, hard for me, who has no solid family background.

Good for you, thinking about this so early in your career! Your time horizon to ER is long enough that you can invest in some higher risk vehicles, but before you get into any of them, read as much as you can about the basics. You will find many good suggestions by using the Search function on the forum. Personally, in your situation, I would start with an emergency fund, and as REWahoo said, put that money in something safe, ie. guaranteed. It will be a while before you are ready to put a deposit on a house for rent, and there are many pitfalls in being a landlord. Meanwhile there is time to study!