issue 22 // volume 40 Spend that money wisely » Learn how to manage newfound wealth Aidan Mouellic Staff Writer M oney is weird. It’s weird that bills, coins, and numbers on computer screens can have sucha large impact on our lives. Retro barter systems make more sense to me than contemporary currency but in our modern times, currency is king and you're ruled by it. Considering howimportant : : an essential skill and even if : you don’t have money, it’s still : important to know how to use : it. It’s like driving a car—even if : you don't have one, it’s still good : to know how to drive one. James : Bond doesn’t owna plane, sub- : marine, fighter jet, helicopter, : or spaceship, but look how use- : ful it’s been for him to be able : to manage all these vehicles. money is in our lives, it’s rather shocking how many of us spend it so foolishly. Most of us would like to think that we’re savvy financial experts but that’s not the case for us college students. In an informal poll, I asked over a dozen students on campus if they knew what a TFSA (tax-free savings account) was and only one was able to : tell me. I’m sure if] asked the same dozen or so students : who the most attractive : Kardashian is, I would get the : right answer from the majority. Many young people perhaps have the naive attitude that : it’s best to learn how to spend : and use money wisely when we : have more of it. I’m guilty of this : procrastination. Sometimes : [wonder why I should bother : budgeting funds when I barely : have any funds in the first place. Money management is ES 10 wasons co. 90 to A the semester drags on, you might find yourself in need of an un-sanctioned break. Here at the Other Press, we definitely don’t condone missing class for any reaason— except the following 10 air-tight reasons for missing class! (Just kidding. Go to class.) Broke a nail SkyTrain probably acting up, may as well stay in bed Money isa vehicle that can get us places if we can manage : it. There’s a good chance that : ifyou're reading this you're : in your 20s, and sadly, this is : the time when grandparents : and other elderly family : members begin to perish. : Often grandchildren will : receive inheritances from their : deceased family members. For : most young people, an inher- : itance will often be the most : money they have had at once. Inheriting money from loved ones is not the only way : for students to gain sudden : wealth. Winning the lottery : and receiving student loans : are other instances where folks : might gain lots of money fast. : Both scenarios have something : incommonas well: recipients : are awful with their money. : Studies have shown that close : to go percent of lottery winners : : spend their winnings within five years and that the average : student spends their student : loans within 51 days. Roughly : 16 per cent of students spend : their loans within a month. : : According to research, the rapid : : expenditure of the student : loans is due in part to expensive : alcohol and beauty treatments. : The temptation to spend this ; money immediately can be : strong but it’s important to : be wise in such situations. The most important thing to do when you receive a large : sum of money is to not spend : it too soon. Take the time to : assess your current financial : situation, figure out what your : future goals are, and then see : how the money could be best : spent. Usually the answer is not : a party with free booze for all : your friends or a new sports car. All banks have financial advi- life & style // 11 : sors on hand who would gladly sit down with you and consult : the best options for your funds. : Take advantage of these services : and consider investing your : money in safe and secure ways. When we suddenly get : wealth, we can make it disap- : pear fast. It’s sort of like how : when I haven't had cookies ina : long time, I tend to eat through : a box rather quickly. Take the : time to learn wealth manage- : ment; speak with a financial : advisor at your preferred bank. : When we learn about wealthy : individuals like Bill Gates : or Warren Buffett, we often : ignore the reasons why they : maintain their wealthy status. : One big reason is that they : are frugal and manage their : wealth intelligently. Hopefully : you will do the same if you find : yourself with newfound wealth. STORAGE PAY FOR 3 MONTHS GET 4TH MONTH South Vancouver Self Storage 8866 Laurel St * 604-229-3262 vancouver)sentinel.ca Coquitlam Self Storage 195 Schoolhouse St * 604-229-3260 coquitlam@sentinel.ca Richmond Self Storage 11151 Bridgeport Road * 604-229-3261 richmond@sentinel.ca . Woke up on the right side of the bed, may as well enjoy the day! Visit www.sentinel.ca