In my spare time today, I did a little bit of thinking about what I wanted to do this summer as far as my finances are concerned.
- I am going to absolutely crush this internship/sales position. I mean crush it! This is the first time in my life that I will get paid on commission meaning every minute I am not working or trying to sell is a wasted minute. That goes beyond the job as well, I also have this blog and an Instagram, and I will continue to expand my social media presence and further build my personal brand.
- I want to move away from the umbrella of financial security of my parents. They have done a fantastic job providing for me all my life and I feel obligated to lighten their load. I am making it a goal of mine to work harder than ever before to obtain scholarships and other means to provide for my schooling. My parents have also paid for my housing during college and pending the results of my friend meeting with his landlord tomorrow I should be moving out the fraternity house and plan to pay my rent and all necessary living expenses. I also came up with my method to do so. I have talked about Lending Club before on this blog but for those of you who haven’t read about it yet you can reference this post about it “Lending Club Review”.
My favorite part about Lending Club is how liquid it is while you are making money. I get funds transferred to my portfolio nearly everyday as I have 110 active notes currently. This pays me about $100 a month in both interest and principal payments. If I own about 400ish notes I will receive about $350 in payments per month which is coincidentally my rent for this next school year again assuming the conversation with the landlord goes as planned tomorrow. That is all while making about a 7% gain as of this moment. This whole school year I have been pulling out my interest and principal payments to cover my expenses (its not enough however I spend more than $100 a month typically). If I can purchase that many notes however that should cover my rent payment which would be a passive income source for me. As of now that is my game plan for this next academic year. My typical food expenses as I have learned from diligently tracking them through my internship and co-op is about $60 a week or $240 a month. I plan to use my savings and any side money to cover that aspect of my expenses.
- I have also began looking at investment properties in my college town, with the hopeful influx of money I make this summer this may finally become a reality and I have also explained some of those plans in a previous post linked *here*.
- This will also be the first summer where I will be relatively free while I have been this interested in improving my life for the years to come. On my co-op I did not start investing until very late and then I returned to school and was again very busy with my other obligations. While on my internship I was taking 9 credit hours of summer class which took a very large toll on my time and extracurricular efforts. I lived an endless cycle of work, working out, and then studying and doing homework during the 5-day work week and then my Sunday’s were typically consumed in school work as well. This is another very exciting aspect of this summer that I can hopefully take advantage of.
- I intend to learn more than I ever have this summer as well. I have an ambitious reading goal this summer of 10 books which is crazy to think about since I have not read for leisure in years but the value that it has been bring to my life is incredible and I have learned so much already and I can’t wait to learn more. If you have any suggestions I am open to them all but I will most likely need to focus in on something related to what I would like to pursue later in my life, namely entrepreneurship, business, investment property and real estate, and investing.
- I would like to make a strong effort to help my fraternities recruitment efforts this summer. Due to the new structure of our recruitment and pledgeship process this summer will be the ultimate factor to our future success and I would like to give my time, effort and talent to this endeavor. Not that I haven’t helped in the past, but I see the high importance of this task, but it will also give a chance to develop my new skills.
- I believe this summer will also allow me to network more than I have in the past and I have given up some of those opportunities for my other obligations in the past. Again, with all that I have learned this school year I believe this will be a key aspect in my ultimate success later in life and the more I can network and connect with the others the more opportunities will present themselves.
I’m sure there are other aspects I am forgetting to include but these are just some highlights. I will do my best to update all my readers on what I am up to this summer. Hopefully this last 2 weeks of school won’t drain me to bad, I had the problem occur on my co-op.
As always, I would love to hear all your comments!