Before delving deep into this topic, it is vital that you understand what a Return on Investment, also known as ROI, is. ROI can also be interpreted as a return on costs. It is a ratio of net income to investment. A high ROI indicates that the benefits of the investment outweigh the costs. ROI is used as a performance indicator to evaluate an investment’s efficiency or compare the efficiencies of several investments.
People often ask, “Is attending college worth it?” As we all know, college education is becoming increasingly expensive. It is becoming less common for students to graduate college debt free. Students must pay not only for their tuition, but also for additional resources like room and board, transportation fees (if necessary), and school supplies.
It is even more challenging for students who must take out student loans when they have been given no instruction on how to repay them. The appropriate question to be asking here is whether college is now an expense or an investment. We’re here to show you that you can create your own luck because you can control making college worth it.
The best way to increase your return on a college investment is to go to school for free. However, to maximize your benefit, you should also aim to get the highest-paid job your college degree and university network will allow.
Earning a college degree is beneficial to graduates who are seeking high-paying jobs. The average bachelor’s degree recipient can expect to earn about 66% more income during a 40-year work life than your average high school graduate would over the same period.
Attending college and taking care not to slack off in classes can set you apart from other students. Aside from this, proper planning during and after college can make a significant difference in your available career opportunities, network exposure, and lifetime earnings.
This article will cover five helpful steps that will guide you to getting your best ROI from college by going to school for free and planning for a career with the highest income possible.
Step One: Assess
You can get your financial aid package and accurate education expense details from Bursar. Find out whether you may already have student loans and what your repayment status currently is. It is vital for you to know where you stand financially with your college; knowing this will enable you to make better plans regarding repayment and maximize your ROI.
A financial aid package is the total amount of financial aid, whether it be federal or nonfederal, a student is offered by their university. Accepting a package of financial assistance will help meet the student’s educational costs.
Step Two: Plan your Funding Sources
There are several avenues you can pursue to help you pay for your college education. There are even ways that students can fund their college education for free.
Receiving Scholarships and Grants
Grants and scholarships, unlike student loans, generally do not have to be repaid. Instead, they are usually based on financial need, academic or athletic performance.
Signing up with StartNoo
StartNoo has created an optimal service that allows students and alumni to exchange their community service hours as payment towards their tuition and student loans.
Serving your Country
Aѕ thе US military serves іtѕ country, thе individuals thаt mаkе uр іtѕ membership base are also granted educational benefits for the sacrifices mаdе during thеіr tours on duty.
Having your Employer Pay for your Tuition
A tuition assistance/reimbursement program offered by many employers also аllоw уоu tо tаkе classes whіlе уоur company pays for your college costs. Generally, in these cases your college classes have to serve a direct benefit to the line of business you’re working in.
American Honors Program
This program hаѕ а network оf leading community colleges асrоѕѕ thе United States committed tо helping hardworking students achieve thеіr goal оf hаvіng а degree аt а lоwеr cost.
College students should ensure that they identify and carefully plan out the different ways to pay for school. They should craft a careful approach to calculate how many scholarships and grants they want to receive and cover. Apart from scholarships and grants, they should also explore every creative means available to help them pay for school.
The 10X Rule by Grant Cardone, which we recommend all students read, states that you should set targets for yourself that are ten times greater than what you believe you can achieve. In addition, he always posits that you should take actions that are ten times greater than what you think will be necessary to achieve your goals. Most people’s biggest mistakes in life are not planning enough and not setting their goals high enough. Additionally, preemptive action is the best way to fulfill your true potential.
Step Three: Plan Your Career Prospects
Your career should ideally be used as a tool to achieve the life you want. It should not just be a means to survive and pay bills. Do you want to travel? Or is your life dedicated to serving others? Do you want to impact policies? Do you want an office job for the rest of your life?
These are a few critical questions you can ask yourself. Asking yourself these questions will help you visualize exactly where you want to be in the future and help you figure out what you have to put into place to ensure you achieve your goals. As Stephen Covey , author of The 7 Habits of Highly Effective People, would agree, the tools that yield the most significant success are:
- Being Proactive
- Beginning with the End in Mind
- Putting First Things First
- Thinking Win-Win
- Seeking First to Understand, Then to Be Understood
- Synergizing
- Sharpening the Saw
From there, you have to examine whether your current profile will help you achieve the life you want. What is your current major, if any? What do you plan to do when you graduate? These are a few essential questions to consider when planning your future career.
It can also be beneficial to meet with a career counselor to see what your options are after graduation depending on your selected major. Ask yourself what your dreams and passions are as well, and how you can monetize these as business opportunities.
How much money do you want to make? What kind of life do you want to achieve with this income? These are the aspects that you need to write down to get specific about the life you want. Don’t forget to factor in taxes; the more income you make, the more taxes you pay!
When you finish exploring all of your options, you should make a list of career options that includes the company name and the application link. If some of your career options include private enterprises, you should also have the business type written and registration link. For example, it might be the YouTube Channel registration link if you are interested in starting a YouTube channel. If you are creating an Amazon affiliate business, the link might lead to signing up as an Amazon partner. If you are registering a blog, it might be a combination of those and more.
This step’s main goal is to get as specific as possible so that you know how to get easily started with each opportunity.
Afterward, you can find out what the estimated entry-level salary or revenue is for each business opportunity. You can use PayScale for career options or websites such as InfluencerMarketingHub for social media revenue estimates.
When you know how much the entry level will be, ask yourself, am I willing to live with this amount of income to work in that field? Will I be happy? Will I be living my best life?
Step Four: Execute – Get Out There and Hustle
The 7 Habits of Highly Effective People’s second habit is, “begin with the end in mind”. Now that you have your two most essential lists: your list of funding sources and your list of post-college careers – it is time to get out there and start the hustle.
You are going to need a go-getter mentality to execute this to your best at this point.
Networking in college is your best friend. Being an active member of a club or society is an excellent way of getting you involved with the college community. These social interactions can help to shape your future.
You can build networks in your everyday routine by visiting your campus career center or building your online presence (social media). However, establishing a network connection can happen anywhere. Do not be afraid to make new connections anywhere. These connections that you form can be the perfect people to help you out in the future, whether you are applying for a new job or starting your own business.
Now that you have your lists, it is time to apply Grant Cardone’s 10X mindset across the board. First, you will need to be prepared as if you needed to apply for ten times the amount of funding that you need each school year. Then, you will think ten times above the top jobs you selected to get multiple offers and choose your ideal career.
Step Five: Give Back
College is about community. Giving back to the community and society, in general, is vital. Many college students can attest that their community played an integral part in furthering and improving their college education.
Giving back also gives you a higher sense of purpose. It adds value to your community and can be a life-changing experience for you and those on the receiving end of your generosity. In addition to this, giving back widens your network and helps you grow both mentally and emotionally, as you help grow the people around you.
StartNoo is devoted to serving the community and allows students and alumni to exchange community service for payment towards their student loans. Through our platform, students, alumni, nonprofits, and donors work together to abolish the growing financial burden of higher education.
You have executed your vision, and you are now ready to get the best ROI on college that it has to offer! If StartNoo is not on your campus already, consider signing your university’s petition or applying to become a Campus Manager to bring StartNoo to your school. Join StartNoo today!
