In life there are always going to be material possessions that we desire. But unless you have a large inheritance, win the lottery or a stranger hands you a blank check for no reason (we’re accepting applications), you’re going to have to be smart with your money if you want to accumulate any substantial amount of financial wealth.
Simply knowing how to be smart with your money is half the battle. Unfortunately, however, most people don’t know how to be fiscally wise. There are just too many intricacies involved in saving money for most people to keep up with. So where do you begin? The same place that you learn most things: school.
Smart spending just doesn’t seem to be happening very often on college campuses. For example, did you know that college students this year are two times as likely to spend student loan money on non-educational expenses than the class of 2016 was? In addition, more than a quarter of that money is being spent on clothing, accessories, restaurants and take-out. That’s just the tip of the iceberg.
Once students graduate college they are leaving with an enormous amount of debt. In 2016, the average college graduate had over $37,000 in school debt. That is simply too much of a burden to not be smart financially.
Check out the infographic below for facts on student loans, plus some tips on getting smarter with your wallet.