Money doesn't actually talk. We do.

My So-Called FiLife: Daniel Hay

Personal finance was never really that important to me growing up. Sure, I had an allowance in middle school and a few after-school and summer jobs in high school, but things like budgeting and investing were never really that important.

When I was a senior in high school, I came across a way around my biggest overhead cost: whenever my gas light came on, I’d trade cars with one of my parents for a day or two. It never failed: next time I hopped in my ride, the needle would be hovering somewhere between three-quarters and a full tank.

Then came last August, when I suddenly found myself stranded on the island of Manhattan, attending a private college with no meal plan (and no mother making sure I had three meals a day) in the busiest and most expensive city in the country.

Suddenly, the numbers on my bank statement became a pertinent (and progressively smaller) fact. My parents were gracious enough to subsidize my education and living expenses, but I still needed a student loan and some semblance of a budget.

I remember the first time I got paperwork for my student loan in the mail. APR, principal, terms, minimum payments—I thought these things only appeared in car commercials.

Creating a budget was a trial by error, lots of errors. Fast food is just more convenient than actually cooking something, and $12 for a movie ticket made perfect sense. And don’t even try and tell me $4 isn’t worth it for a grande double-shot Chai latte!

But I survived. I’d like to think I’ve learned from my mistakes and even picked up a few things along the way:

• It’s never too early to refinance school loans
• You don’t have to spend all the money you make over the summer during the summer
• Credit cards can be your friend
• The New York Lotto, the NCAA Tournament, H-O-R-S-E and Hold’Em are not sound investments
• Starbucks is still worth every cent
• Checking accounts that earn a real interest rate really do make a difference
• It pays to eat in, but if you must eat out…
• …always, always, ALWAYS consult the dollar menu

One of my favorite quotes comes from Socrates: “All I know is that I know nothing.” I’d like to think I know a little more than nothing about money now that I’m a sophomore in college and interning at FiLife, but I’ve definitely got a lot more to learn.

I’m guessing that, since you’re here, you’re still learning as well. One thing I’ve learned the hard way is that investing is just as much about not losing money as making money. I for one am ready to stop losing and start finding it.

Are you?

– Daniel Hay

Photo source: here