22 year old college student with $7k saved, ADVICE?

David619 · 06-20-2009, 10:32 PM

I am 22 years of age and recently decided to go back to college. I'm currently going to community college and still have 1.5-2 years(taking 12 units at a time) left before being able to transfer to SDSU to pursue my BA degree in Business Admin. I am only able to take 3-9 units at a time right now because I work 40-62 hours per week. I have done great since I went back to school earlier this year, getting all As in 3 of my classes(9 units). I currently have $7k saved up right now. I worked my ass off and sacrificed many things to be able to save up that money. My sisters say if I decide to quit work to go to school full time, they will pay my cell phone, rent, and auto insurance. This sounds like a great opportunity for me to quit work this August for the Fall semester and taking 4-5 classes to hurry up and transfer. With my sisters helping me pay bills, plus $7k spending money, I can focus strictly on school(I also get financial aid money). However, there is a side of me that wants my money to make more money for me.

My problem is, I'm not sure which path I should go in. College may potentially push me back another 4-5 years. I would however be more ready after graduating. I don't whether I should invest the money into stocks/mutual funds or starting a franchise with a partner or starting a home based business. I have no plan. There is no specific business that I would like to start. What would you do in my situation?

My plan is to make at least $100k/year within 10 years. If I have a solid plan, with a partner with the same hunger as me, I would work my butt off to guarantee and maximize my success.

feint · 06-21-2009, 07:52 AM

you can start a business while at college. Many have done so. But you need to be passionate.

don't go after Franchises (dead ends).

What are you passionate about? Find a business that relates to your passions.

If you don't invest in a business, you should at the very least put the money into a term deposit so that its not just sitting still.

Here is a link to a blog that is solely about college students who have started businesses: College Mogul | Innovative start-ups, entrepreneurs, & technologies from universities

Remember, even Google and Facebook were founded out of college.

bmiles · 06-21-2009, 08:39 AM

Go to school, because it will help you buy time. I am 22 as well, and I just graduated. I was working on my startup throughout school and now just need a little marketing behind my project to get it running. Luckily I was able to land a good job, which I see as being the last bit of capital infusion that I need. I DID NOT want to go to school, because I am sure you are aware of how entrepreneurs think..... we don't need it. You are getting help from your sister and financial aid, yeah take her up on it. Use the refund checks you get and store them away. If you want to have spending money put may be half away for potential investment. Overall I would say invest in yourself as far as a business... like feint said if you have the passion though. I am telling you this, because I have just completed everything I told you. Yeah school is what it is, but you either come out with a connection/business partner or business idea.

Best of luck

Iamnotsatisfied · 06-21-2009, 09:45 AM

4/5 years at college is a very long time...

If you already had a business in mind and was passionate about it... I wouldve suggested you took a gap year and focused on your business (which I'm doing now).

However you don't ... And you're not

So my advice is to stick with education. Entrepreneurship isn't for everyone and over 90% of businesses fail.

At the end of the day it's your choice.

David619 · 06-21-2009, 02:04 PM

Yea like I stated, I have nothing in mind. I have no specific passion or idea. Two ideas I have had is to start an urban clothing company or starting a mobile detailing business with a friend who doesn't exactly have the money/time. I'm trying to make connections to other entrepreneurs who already have an idea planned out so he/she can school me on it. Then maybe we can pool together our money and get it started.

I guess the most conservative thing for me to do is to just hurry up and finish started and try to land a good job...

ride · 06-21-2009, 02:09 PM

Quote:

Originally Posted by David619

Yea like I stated, I have nothing in mind. I have no specific passion or idea. Two ideas I have had is to start an urban clothing company or starting a mobile detailing business with a friend who doesn't exactly have the money/time. I'm trying to make connections to other entrepreneurs who already have an idea planned out so he/she can school me on it. Then maybe we can pool together our money and get it started.

Making connections is always a good start, but only go into partnership if you really have to, ie. lack of funds...

SunTzu · 06-24-2009, 10:07 AM

good point ride made, stay well clear of partnerships, people who smell that cash in your pocket will love to be your partner to drain a bit of cash.

jonathanfigaro · 06-24-2009, 01:10 PM

I suggest you think about that your interested. What give you the greatest sense of accomplishment when you engage in this activity? What makes you happy? How can you serve people with this interest?

Crysco · 06-24-2009, 03:27 PM

If your comfortable with school right now, stick with it until you find out what you really want to do.

Take advantage of the networking opportunities while your there. Don't be affraid to start talking to people in the industries you want to work with. Even if you work for another company first its worth learning the ropes.

If your looking for opportunity your trying to hard, they are around us everyday. Its your job to take one idea and run with it. You will never fail in business, it is always a learning experience.

Just my thoughts. No one can really tell what is best for you better than you can.

rogercbryan · 06-24-2009, 03:32 PM

Save it... spend more time going to school so you can get done faster... ride the free bus from the dorms to Tijuana for me this weekend as well! I used to have a blast meeting girls in TJ and then going back to the SDSU dorms... ahhhh the good old days!

Deal_Maker · 06-24-2009, 05:53 PM

I agree with Roger. You're getting off to a good start. Finish school then invest in a business.

Ergo1 · 06-24-2009, 07:35 PM

I sent you a PM. I am currently attending SDSU and may be able to help you out with a strategy to stay and school and do business.

LaserSharp · 06-25-2009, 02:41 PM

I am attending SDSU and recently started up an independent marketing firm (focusing on the networking potential of the greek community). I would definitely reccomend that you stay in school and work to start your business in the free time as I did. The networking potential, as mentioned, as well as the college experience is more than worth it in my opinion.

rogercbryan · 06-25-2009, 03:38 PM

I so envy all you fuckers who are in San Diego going to school... when the hell did I get so fn old

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