I Feel This Small...
Dear Gil,Hello. Well,...I am a rising senior in college. I was sitting at home tonight, reading an article online about a guy who started his own successful company at the age of 16. Now, I am thinking to myself, "...ok, this guy has seemingly financially secure future...so what's your plan!!!???"
The first thought that came to mind was stocks. But, I know absolutely nothing about them. I would like to know, where would I begin? What should I do first? Do you have any advice for me?
Signed,
Ms. B
Dear Ms. B.,
As cheesy as this may sound, the words of my father-in-law ring true, "Those who fail to plan, plan to fail". And while life is not completely summed up in those words, it does carry a lot of weight, especially in financial matters.
It is good to know that you asking this question as a risinng senior in college and not a senior citizen. That means you still have time to make the necessary adjustments and some systems in place so that you can enjoy a life of financial security.
Ther first thing I would do is assess where you are financially. As a college student, you probably hav else to invest than you might realize and your earning potential is limited. It's hard to prescribe a financial roadmap for anyone without knowing their specific goals, and while you may have being filthy rich as the end result, that can be achieved in a number of different ways. Are you fearful of taking risks? Do you like long term investing? Are you open to creative investment strategies? Part of knowing how to go about this is knowing about yourself, but I commend you for being stirred up to action. Get with a group of people who have a similiar 'burden' (like those in a BMM Investment Club) and learn all you can.
Ms. B., I think you are going to be just fine. But remember not to rest on your laurels when you make your first million. There will be another group of rising seniors waiting for your guidance.
Sincerely,
Gil