Frugaling

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4 Top Ways to Save Money As a Student

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Going to college is going to be a big change for you. As a young adult, you are now responsible for keeping a budget, and managing your life on your own! While this is exciting, this is also a lot of responsibility. And if there is one thing you should pay attention to, it is the amount of debt you are getting into in order to pay for college. The less debt you have when you graduate, the easier it will be for you to build a strong financial future. So how do you save money as a college student?

1. Paying less for college

The one big ticket item when you go to college is college itself. Tuition fees, books, extra credits, … the list goes on. You can save on tuition by applying for all the scholarships you find. Be thorough in your research, as spending a few days filling up application forms, even if that leads to say “only” $2,000 in scholarships, is a great return on investment. Think about how long it would take to earn that kind of money flipping burgers!

There are many more ways to save money on college expenses, from paying less for essays, or for books by buying second hand ones, going to a state college or a community college for a few years, then transfer to your college of choice with higher tuition only for a year or two.

Of course, where to attend school is perhaps the biggest decision affecting cost. You could choose to attend a community college, then transfer to your college of choice after two years to save a ton of money. Another option is to go to a college in your state to avoid costly out of state tuition fees. And finally, you could pursue your entire degree online to save far more than you would in traditional, in-person degree programs.

2. Spending less time in college

The sooner you graduate, the sooner you can get a real job and start earning real money. People are often conflicted about unpaid internships because they may add value to your job application, but the truth is, if you can get a normal paying job, the earlier the better. Every extra month you spend in college is a month you pay rent, food, transportation, and all the extra expenses associated with being a student.

To spend less time in college, you can take college credits in high school, take extra credit while you are in college, or favor employment and experience rather than an extra year in college. Say you can spend three years in college and expect a $30,000 starting salary, or spend four years in college and expect $40,000. You can chose to start at $30,000, and work hard to get a promotion the next year, and hopefully $40,000. Even if you don’t, you will still have spent one less year in college, and have less student debt.

3. Saving on daily life

Life as a college student doesn’t have to be that expensive. The saying “live like a student” exists for a reason! You are young, and living with roommates, not having a car, having a basic phone plan, etc. are not such big sacrifices when you think about the benefit of graduating with little or no debt.

Every time you are about to swipe your card, ask yourself: “Do I need that? Can I get it cheaper somewhere else? Can I do without it?”. Shop at thrift stores or at the end of the market for discounted vegetables, turn the thermostat down, spend less time in the shower, turn off the light when you leave a room. Little amounts do add up.

4. Making more money

There are tons of jobs you can get around your college schedule. You can work on campus for reduced tuition, which is usually a great return on investment, you can work a classic student job such as a hospitality job, or you can work in a field you want to be in later, to gain valuable experience.

Once again, every dollar you make before graduating will reduce your student debt and help you get a great start for your adult life.

The Coming Growth of Marijuana Stocks

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The Coming Growth of Marijuana Stocks

As the green revolution takes over more and more states the beneficiaries of relaxed marijuana laws will be long-suffering patients, legal weed enthusiasts and the investors with the foresight to see what companies will thrive in this new environment. There is no ceiling to the growth that marijuana stocks can display over the next decade and it is up to dedicated traders to put in the time and effort to capitalize on it.

 

Finding marijuana stocks to invest in is not very hard, no matter what style of investing you favor. For the long-term, buy and hold crowd, there are companies in Canada and the international market that have gained a foothold in their respective weed sectors, from cultivation to distribution. And industries in Colorado and California are shooting up as well.

 

For the active traders that are looking to capitalize on volatility, you can look to the newer states that have legalized or are about to legalize. Because of the intense interest of the market and the uncertain nature of the governmental regulatory environment, there is plenty of opportunity for prices spikes and dips. Day traders live for that kind of long volatility. There is not much more that excites day traders than day to day volatility.

 

There are more and more legitimate signs of the weed markets becoming entrenched in the United States. Conferences for entrepreneurs in the marijuana business are popping up all over the North America. There is a greater public acceptance of cannabis as a legitimate pain medication as well as a recreational drug on the same level as alcohol. With the way the world is moving, there will be a great need for support businesses for the cultivators, growers and producers to rely on.

 

Not only do you need the product to sell, you need legal outfits with experience in dealing with the mix of laws, regulations and norms that govern cannabist business in this country and abroad. You need those firms to keep up with the changes as well, because the environment is so uncertain.

 

And the media business rising up around the marijuana industry is robust. There is a great market for digital and print publications that cover the industry and how consumers are using cannabis. That means that the ad industry surrounding these places is growing as well. That all means more money flowing into and around marijuana stocks.

 

The key is to be there as the sector grows in size and importance. The money is waiting for the right place to go. As the capital sits and the capital holders decide, there is opportunity to ride those waves and then find the right long-term spots to park your money. Growth is possible for the bold traders that favor risk and how to make the most of it.

 

Marijuana companies abroad have had more time to develop products and process that lend themselves to a long term industry, because cannabis has gained greater acceptance in Europe and Canada. Look to new biotech and pharmaceutical companies in those spaces in order to place long-term bets

Do you have the best credit score you can?

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This post was sponsored by Lexington Law

I have met so many people who are what you can call penny wise and pound foolish. They will go through great effort to save a little bit of money, yet they will spend tremendous amounts of money on things that do not bring them high value. Like paying interest for example. There are a couple of ways you can reduce the cost of your debt. Did you know almost everything in life is negotiable? I have called lenders and asked them to reduce rate on my credit cards, put me on the new customer offer, or simply switched the debt to another lender, in order to get better terms. If you have decent credit, you can often get 0% balance transfer rates for a low fee.

But one of the best ways you can save a lot of money on borrowed money is if you have great credit. Even good credit will get you decent rates, but that little increment between good and stellar credit can save you thousands of dollars. And contrary to what you may think, it is not so hard to get your credit score up a few points.

First of all, you want to make sure all the records the credit agencies hold under your name are accurate. If that is not the case, you can reach out to them, or hire a company to set things straight. They may hold wrong information, or simply have records you are not even aware of, in the case of identity theft for example. Better avoid the bad surprises when you are in front of your banker trying to get a mortgage.

You can click here to Save $50 off Credit Repair Service – Applies to first-work fee for each spouse sign-up.

Once you have gotten your credit report repaired, the rest of the work relies on you. Building good habits to build a good credit score will help in turn build a solid foundation for your financial life. High interest debt will cripple you and prevent you from achieving other dreams. Yes, it may take a while and require sacrifices, but over the long term, it will be worth it.

There are different debt elimination techniques, such as the snowball or avalanche method, where you start by repaying the smallest debt you owe, or the one that carries the highest interest rate, and work your way from there, as you free up disposable income with every debt repaid. But the underlying goal is to make your payments on time, and pay off as much debt as you possibly can. This will translate as a strong credit history and increase your credit score over time.

If you get a new card, keeping the old one open will also help your credit, because you will have all the years of history on your side. Instead of keeping it inactive, make a small charge on it every month, and pay the balance in full.

Getting your score back up is a great idea before you apply for a mortgage or a personal loan. That will get you a better interest rate, which in turn will reduce the overall amount of debt you’ll have to pay. Remember to keep an eye on your credit regularly, as some information may be added without you knowing, and that can be detrimental to you being approved as a borrower.

Want to learn more? Get your Free E Book and Credit Consultation from Lexington Law

Where to put my stop loss?

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Where to put my stop loss?

A stop loss is an order that simply closes out your position at a specific, predetermined price. It is an excellent risk management tool, which limits your losses on any trade where it is used.

 

This can sometimes feel like the million-dollar question. We all know that horrible feeling when we place a trade, which then drops, hits the stop loss, only to almost immediately reverse and trade significantly higher. However, stop losses should definitely not be placed at random, there is plenty of theory for you to digest before deciding which stop loss strategy is best for you. The best price for a stop is at a level where the market has sufficient rom to fluctuate but  not to get you out before the price trends higher (in a buy example).

What can I risk?

One way of determining the stop loss is to decide how much you are willing to risk on your trade. For example, if you wish to have a maximum loss of $20, you do the calculation to work out where the stop should go. For example, trading GBP/USD trade size 10,000,  the price can move 20 ticks from say $1.4045 to $1.4025 and your position should be closed (with a precise fill) and your loss will be $20.

 

However, this method only takes into account what you are willing to lose and not what the price action in the market might be around that price level, so you could find this method is more counterproductive than useful.

Swing low method

One of the most widely used and simplest ways of deciding where to put a stop loss to put it just below a recent “swing low” (when going long) or a “swing high” when going short. These can be identified when looking at the chart. A swing low is where the price has fallen and then bounced off a certain price. This basically is where the price has found support. A swing high is the reverse.

As an alternative, technical analysis could be another way of finding stop loss levels. Fibonacci retracement levels are often used in this way.

Which Broker?

The most important point here is that you should be clear as to how which strategy you will use for your stop loss placement. This needs to be in your trading plan and followed strictly.

Finally, when considering which broker to use, look for an ECN broker, such as Vantage FX. As an ECN broker they offer some of the tightest spreads in the industry and superior execution. This is important when your stops are being filled, as too many slips could make the difference between a winning and a losing account.

 

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