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Navigating Financial Independence: A Soon to Be College Freshman's Guide to Smart Money Moves

Navigating Financial Independence: A Soon to Be College Freshman's Guide to Smart Money Moves

February 14, 2024

Note: Anna is currently a senior at Southwest Christian School. She will be attending the McCombs School of Business at the University of Texas, this fall. Anna is a very bright and successful student, so we asked her to share her thoughts about the importance of learning financial independence and responsibility as she starts a new chapter in her life as a college student. Here are her thoughts!

"Hi, Canopy Wealth family! This is Anna Lacy, writing as one of the new interns for Canopy Wealth Strategies. As some of you may know, I am a current senior in high school and am about to start my first year as a college freshman very soon. I will be majoring in business, although I am undecided, but hopefully not for much longer. 


As a future college student, I have been thinking a lot about the newfound independence I will have next year. I can go almost anywhere and do almost anything (not without consequences, though, I might add). But with this exciting change, I am also aware of the change in financial responsibility that needs to happen on my end. I have watched my two older brothers as they began their college experience, and they each had a VERY large learning curve when it came to preparing for life transitions; just ask their financial supporter (my mother). 

 

Through them and through experience, I have seen how taking steps to learn and enhance financial knowledge can be helpful. If anyone is wondering, eating out six days a week and buying new clothes whenever you feel like it may not be the best way to spend your money. 


Especially with these new transitions, I now find comfort in my understanding of proper financial planning, investments, spending, and future planning. Being equipped with the skills to manage your own finances can take a very large weight off of your shoulders as changes come and go in your life. Money can be a burden or just one less thing you have to worry about. Maybe you could even use it to make you more money! It’s all up to you, and making smart, informed decisions is the best way to go about this. 


I would absolutely recommend educating yourself further on topics like investment, retirement, saving, or whatever else may interest you. These skills will come in handy for me in the future (especially when I think I should go to Chick-fil-A for the 5th time this week) and can absolutely help you as you take whatever step is next in your life. 


It is a much better idea to be prepared for financial hardship with education and resources than to be scrambling for air when times inevitably come. So don’t be like my brothers when they first got to college, and make informed choices about your wealth that will support you in the future!"