Free Money Finance Guide to College Success

Every once in awhile, I write a short post that summarizes my best thoughts (based on my experience) on a specific personal finance topic. I do this to place all my key thoughts on a subject in one place so I can then refer back to it in later posts. This way, I can link to one post that says it all rather than have to link to four or five every time I address an issue.

If you want examples of this sort of post, see these that I've already completed:

• Why I Like Index Funds

• My Formula for Buying a House

• Maximizing Your Greatest Asset: Why Your Career is So Important

Today I want to add another to the list -- this time dealing with what I consider to be a proper guide to college success. These steps have served me well, and I hope they will benefit some of you out there too.

That said, here are my thoughts on how to get the most out of college:

1. Preparation for a successful college career begins in high school -- really, the start of high school. The key factors for admission to a good college are: 1. Good grades in high school (including strong standardized test scores) and 2. Participation and hopefully leadership in extracurricular activities. I was never that great in sports, but I was a disciplined student and determined to do well. I also was involved and had leadership positions in the speech and drama clubs, debate team, and other activities (by the way, the skills I learned in these extracurricular activities helped me greatly once I got into the working world). These not only helped me get into a good school, but also helped me secure thousands of dollars in financial aid.

2. Apply to a few, good colleges. Don't put all your eggs in one basket, since you may not get into that school. I applied to four, visited three, and selected one. When I went to grad school, I applied to five, but was only selected by three. And what makes a school "good"? There are many thoughts on this, but I'd say the main factor is that the college has a proven track history of moving people to the next level in their career development -- either strong success in placing graduates in companies within their selected field (at good pay) or getting graduates into their choice of graduate schools, law schools, medical schools, and the like.

3. To be successful at college, do the same things that made you successful at high school -- get good grades and be involved in outside activities. Supplement these with meaningful internships in the summer. The combination of these efforts makes both employers and graduate schools salivate, giving you the option of doing whatever you want to do after you graduate.

4. Remember, learning doesn't end. If you want to be successful, you need to continually learn (read, take classes, get advice from a mentor, etc.) and apply what you've learned to get the most out of your career (which is your most valuable financial asset). Doing this can earn you millions of dollars in extra income throughout your lifetime.

Comments

[J.D. @ Get Rich Slowly]

Actually, I think there's quite a difference between high school and college and what is required for success in each. High school has plenty of external motivators teachers, parents, grades, expectations. College has some, too particularly grades but their role is greatly diminished. In fact, I believe the single most important factor to success in higher education is self-motivation.

I got good grades in high school and a full-ride scholarship to a fine private liberal arts school. I got good grades there, too, but not great grades, and I didn't learn as much as I should have. Why? Because I didn't apply myself to my studies. I was very active in campus activities, and focused on developing my social life, something that was lacking in high school. I didn't achieve a balance, though, and now, in midlife, my single greatest regret is that I wasn't more self-directed in college.

So, those heading off to college: take your studies seriously. Push yourself. Do more than is needed to get the grades. You can do this and still have fun. And you'll be glad you did...

[Anonymous]

I absolutely second J.D.'s comment!

During my freshman year in college, my grades were bad. I had two problems. First, I got excellent grades in high school, almost effortlessly. My memory is very good and I test well. So I didn't learn any study skills, although I believed I had.

Secondly, like most freshmen, I was only taking a couple of courses in my major and a bunch of other required courses. I went to class, I did the work, I took the tests, but my heart wasn't in it.

During my sophemore year, just as I reached the point where nearly all of my classes were either in my major (comp sci), closely related to it (math), or electives I wanted (economics), I also started learning the study skills I lacked. My grades went from a C- average to an A- average from one semester to the next, and stayed there. The decisive factor was not that I wanted to improve my grades. I'm glad I did. What motivated me was that I wanted to learn the subject matter.

The best way to get the most out of college is to learn something you really want to know.

[FMF]

I was self-motivated all through school, so that's why I think it's fairly the same. I wasn't one of the "naturally smart" kids who could get an A without studying much, but I'd put in as much time needed as necessary to make sure I got an A -- no matter what the subject. I was determined to do well. As a result, I did BETTER in college than in high school and as good in grad school as in high school.

By the way, I didn't sacrifice a social life to do so either. Yes, there were times I had to miss a party (or come later), but I had a host of friends and outside activities that gave me the full college experience.

[RecentGrad]

In 1.5 weeks I will be finished with college.

I was offered an excellent job today by a very competitive and prestigious employer.

How did I do it? Networking, Networking, Networking.

There is nothing like walking into an interview with the knowledge that 2 of 3 interviewers have previously attended fundraisers you have held and given to causes you presented.

I started a campus organization that interacted with the professional employers in the field in which I was interested in. Few extra-curricular activities on a resume look as good as "Founder and President" of a popular and successful organization.

By all means get A's, but just remember that for the best jobs, straight A's is not enough. You have to show you are innovative and driven beyond the classroom.

[FMF]

RecentGrad --

Congrats! It's an exciting time for you. I'd suggest you enter my free giveaway of Career Intensity this month and next. It'd be a great way to start off your career.

As for your comment:

"By all means get A's, but just remember that for the best jobs, straight A's is not enough. You have to show you are innovative and driven beyond the classroom."

I agree 100%! That's why I talked about extra-curricular activities. I was part of student government, held a position in the alumni office, held offices in various other organizations, and had some great internships. All of these were VERY valuable in getting me into a top grad school and (ultimately) helping me get a job with a Fortune 20 company.