So I've been investing from the age of 13 and done well.... most of my time has been spent researching and just following the markets/news. Now I have a problem, I'm going to go to college next year. I don't know where I'm going yet, but hopefully to a top ivy or top public school..... the problem: I can't have any money invested under my name or my parents because I will lose a TON of financial aid.... any advice on how I can progress in my investing career? I'm running a fun on mtec for the last 2 months with a return of 11.8% so far.... hoping to hit 36% on the year. I figure I have about $7000 to invest now.
College has become irrelevant mate... You pay huge sums for 4 years of brainwashing and little else...savy? You've already got the skills to make money, why do you think you need college?
Yup thats what I'm doing. I got all the money that my parents saved for college, they basically said 'well hope you go to college now'. I've paid for 1 year at my UC and still have the same principal amount. If everything goes well I will have at least the same amount of cash plus an econ degree in another year. -Jamaal
Hate to break it to you...but someone is paying for those low interest student loans you are qualifying for. Isn't that the reason you are trying to hide both assets and income?
Last I looked a top Ivy went for about $42,000 or so per year. What is a "TON" of money? Will the $1500 to $2000 you hope to earn on your $7,000 make up for the TON? What does "invested" mean? Is the financial aid based on your earnings or on your and your family's net worth? Is the aid tuition adjustments or loans or both? Do the same rules apply to all the forms of aid? Find out more about the financial aid parameters to determine what you need to do. Do you need to fill out a new financial aid request from year to year or is the package good for the entire four years? I'd certainly stop investing for the first semester or the first year no matter what happens. College is not high school. Many more distractions and far fewer restrictions except those you impose on yourself. Jack
Absolute - I understand what you are trying to ask here as my younger brother just graduated and I remember how those aid forms work. A couple guys here gave you some ideas on where to possibly put the money, but that will cost money to get done right. Are there any other family members that you can put the $ in their name and agree to pay the taxes? Just an idea. You'd obviously have to trust them. If nothing else, go to school, enjoy yourself as it goes by way to fast, paper trade and get your trading down to a science so when you graduate you'll be ready to go. As for why go to college? It's not about what goes on in the classroom, it's outside the classroom that makes it worth it (and that's not JUST a girls/alcohol/sex insinuation... although, those did help!). My last piece of advice - do not tie yourself down to one girl in school...
I wouldn't manage my own money in the first year of college, especially if you are going to an IVY league. The IVY's have a lot a weedout classes, so your first few semesters will be the toughest. (Usually english is a weedout course, along with a few others, higher level maths etc.)