I'm 18 years old, and I'm going to be living in a dorm at college. So far my parents will be paying for everything pretty much. For sophomore year, I would like to move in to an apartment. I have a job, but I only work part time and its not nearly enough money to pay rent. What steps can I take to become financially independent?
2007-08-01 08:52:05 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Financial independence means your investments are enough to support you. I think you mean self supporting which would mean getting enough work to pay the bills.
Independent for student aid is neither of these it means you are over 23 or married. You could have been self supporting for years but still have parental income counted for aid since it is assumed parents don't abandon their children at 18.
2007-08-01 08:57:20 · answer #1 · answered by shipwreck 7 · 2⤊ 0⤋
It's a mature question that you've come out with, but you have to consider that if you are financially independent that you're going to have to work more in order to pay for rent.
If your parents don't mind helping you, then it's wiser to save your money in the mean time so that eventually you might have enough money for whatever life throws at you.
You wouldn't want to risk the possibility of short-changing your own career and College prospects by not concentrating on what matters.
I think saving as much as you can is the best bet. Since you're a student, you should probably look at as many ways as possible to be good with the money that you do have, food, shoppping, etc, in order to improve your savings.
2007-08-01 08:59:29 · answer #2 · answered by pukkagent 3 · 1⤊ 0⤋
Buy a house. The market and interest rates are down, and the stimulus bill includes up to $8000 for people buying their first home. If your bills have been getting paid but you can't figure out how to get ahead, this may your best bet. Half your mortgage will go to helping you out rather than your landlord, and with how low prices are now, a lot of people with good credit and a steady job can now afford a house who never could before.
2016-05-20 01:53:09 · answer #3 · answered by dena 3 · 0⤊ 0⤋
if parents are paying for anything, you're not financially independent - if you can find a roommate, see if the cost for the apt, utilities and food would be close to the cost of the dorm room and board - if it's close, you might have a chance of talking your parents into it - my brother and I convinced our parents the cost would be the same our last 2 yrs at Penn State (5+ yrs ago)
2007-08-01 08:57:00 · answer #4 · answered by Anonymous · 1⤊ 0⤋
there are also jobs you can find online that are fully legit, but those are really hard to find and most stuff online is a scam. Research that for yourself, thats how i found my job. stopinternetscams .net is a site that offers info and tells which jobs are real and about all the new scams out there. good luck.
2007-08-01 08:55:44 · answer #5 · answered by Anonymous · 0⤊ 1⤋
ive got this plan to knock off a bank, wanna help?
2007-08-01 08:55:29 · answer #6 · answered by Anonymous · 0⤊ 1⤋