A lot of college students have some vague interest in financial matters but do not yet see the relevance of forming a plan without having resources for investment. Some keep looking for shortcuts like "mentors" to tell them what to do. Others keep looking for a way to hit home runs rather than realizing that they have to hit some singles (and make some outs) to work their way around the financial bases. While it's true that anyone can be a millionaire by just working hard (work 60+ hours a week, every week, spend little, and in 40 years you'll have a million dollars, but little else), it's more important to be smart in leading a balanced life that includes financial stability (whatever that means to you).
As a college student, you should realize that time is your ally (though ultimately your nemesis, but it's unlikely you can understand that now). Though it may be too early to worry about diversifying your portfolio, estate planning, and the like, it is not too early to start acting financially responsible. While it's obvious that you shouldn't live beyond your means and should be careful with debt, there are some steps you can and should take now.
First, understand that you need a cushion. Whether it's a couple hundred dollars or whatever, you should have some rainy day money set aside for an emergency that you never ever touch except in the most dire of circumstances. Second, when you have a job, begin methodically putting aside a little bit at a time for retirement (pension, IRA, whatever). Yes, I know. It's too far away to worry about now, and everybody tells you to do this. Study up and just do it. Lastly, when you've got the cushion and retirement covered, it's time to save and invest. As a first and critical step learn your true financial nature. For example, what is your risk tolerance, investment style, financial goals, lifestyle projections during present and future life stages, etc. When you know yourself and have studied the investment world, you'll be ready to grab a bat and get in the game.
