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To prepare for the school year effectively, having the right supplies is crucial. The speaker reflects on their high school experience, noting that they sometimes purchased unnecessary items to feel smarter. In college, they learned to identify the essential supplies needed. While some students may only require an iPad, the speaker prefers using a one-inch binder, loose-leaf paper, binder dividers, .5 millimeter mechanical pencils, a highlighter, and a favored four-color pen.