Do you consider yourself extremely busy and overwhelmed with the obligations you have to meet? I am sure there are a lot more students just like you. Almost everyone has a routine they follow. If you are a student trying to get through classes , hold a part time job, train for an upcoming game, participate actively in Greek life or on campus, and making sure to get that daily workout in, you’re not alone. There is one more item that should be added to your daily schedule, and that is thinking of your financial status. Evaluate where you are now and where you want to be in the future.
Investing in an essential necessity to life. Whether it is investing for a short term or investing for the long term, investing for your financial future is just as important as the investment you have put in yourself to be where you are today. Below are two options to consider. (Powercat Financial Counseling can only inform of investment options, but cannot give direct investment choices).
Trading
To trade, you can choose a traditional brokerage which offers one-on-one advice with a professional broker. It’s a great advantage to have personal advice from a professional that you choose personally. On the other hand, most traditional brokerages require large sums of money to get started and charge higher fees. Online discount brokerages are great tools to get started for new investors. They offer lower prices for start up deposits and have lower fees and charges for trading. Another essential benefit from trading with an online brokerage are their educational tools, guidance, ease of use, customer service, and most of the larger companies have an app to download.
The most common online discount brokerages are:
TD Ameritrade, E*TRADE, OptionsHouse, TradeKing, and Scottrade.
Do watch out for hidden fees and charges in small print. Research all your options before making a decision!
High Yield Online Savings accounts
If you do not have a savings account, it is highly encouraged to open one. If you have a checking account with your local bank, you can still open a savings account with an online bank. Some of the most secure online banks are listed below with their Annual Percentage Rate (APR).
Synchrony Bank 1.05% APR
CITI Bank 1.05% APR
Ally Bank 1.00% APR
Barclays 1.00% APR
Be careful when choosing a bank. Some online banks charge monthly fees for maintenance or if you go below a minimum amount you have to hold in the account. Some banks even require a initial deposit to open an account while others do not.
Are you worried that investing will not fit into your budget? No problem! Powercat Financial Counseling can help you set up a plan to manage your budget in a more efficient manner. If you do not have a budget, but would like to set up one, don’t worry. We can help with that too! You may make an appointment through your KSIS account or visiting our site at k-state.edu/pfc.
Doni Lee
Peer Counselor II
Powercat Financial Counseling
www.ksu.edu/pfc
