We continually look for ways to grow as individuals and establish ourselves. The world we live in now revolves around us going to school, getting a job, buying a car, buying a home, getting married, and possibly creating a family. We are surrounded by our family, friends, and millions of businesses. A business is considered an entity that is either commercial, industrial, or professional. When we hear the word ‘business,’ we typically think of an organization that offers a product or service. But has anyone ever thought of themselves as their own business? As an entrepreneur? We go our whole life trying to make a living to take that next step towards our short and long term goals. We generalize ideas, take steps, create a process, and attempt to follow through with those ideas like any business would. To successfully be your own business or an entrepreneur, you must think logically and take careful considerations when thinking about your financial position and how to obtain your goals.
To be your own business or an entrepreneur, one must start early to plan their short and long term goals. Develop a realistic plan of how you want to obtain your goals and when it could possibly be reached. For an example, if you have student loans, you can start paying them off now while in school and become that much closer to paying your debt off. The closer you are to that, the closer you are to buying that first home, or the car you have always dreamed of.
Start thinking early about your credit. To get any kind of loan, one needs good credit. Some employers even look at your credit to see if you are financially responsible. That one number can say a lot about someone and can even be a factor that contributes to your employability. To start establishing credit, you can ask to be added to a relative’s source of credit until you have enough to get a credit card of your own, or you can apply for a secured credit card.
Although you are young at this point in your life, you also need to start thinking about retirement and savings for the future. Start contributing a small amount of your paycheck to your savings each month, or make sure to max out the contribution your employer will offer to your 401(k) plan when you get a job.
If you need help to get on the right track of becoming your own business or an entrepreneur, Powercat Financial Counseling will assist you in a free, friendly, and confidential environment. You can create an appointment at http://www.k-state.edu/pfc/services.
Peer Counselor I
Powercat Financial Counseling