Parents spend a lot of time and effort preparing their children academically and socially to live healthy, productive adult lives. Many times, parent’s efforts do not include ensuring their kids are financially literate. Financial literacy goes beyond spreadsheets, calculators, retirement, and savings. Many areas of our lives impact the financial path we travel. The following non-exhaustive list includes important topics teens need to learn to adult successfully.
College is a time when most kids have one foot out the door toward independence. Once they graduate college, and obtain their first job, the hope is they will move out and become financially independent. One way to help them toward that goal is to begin preparing them before they enter their college years. The following list will get you started to that end; although, the list is not exhaustive. You may discover other financial areas where they need guidance and training.
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We are excited to be attending our second convention as exhibitors. This one is at the TD Convention Center in Greenville, SC, for the Southeast Homeschool Convention organized by Great Homeschool Conventions. We had quite a few people sign up our Newsletter and receive some questions for our next podcast. One of the questions is,
Our family has four of us currently enrolled in college. Two are full-time students working on their undergraduate degrees (two oldest boys), one is working on their doctorate (that's me), and one is taking dual enrollment courses (our daughter, a high school junior). College is expensive, and we have tried all sorts of tricks, such as dual enrollment, to lower the costs. One area that has resulted in lackluster results is scholarships.
Goal setting and working hard hasn't ever been an issue. During my sophomore year in high school, I got a job cleaning the dining area at a Carl's Jr. Restaurant. I didn't want a job, but a friend of mine talked me into applying. By my senior year, I had earned the position of Assistant Manager and was awarded the uniform and title on my 18th birthday. I worked hard and accomplished my goal. Sadly, upon graduation, I had about $30 to my name. That's it.
The beginning of the new year is a great time to set new goals. Everyone is usually talking about their resolutions for the new year. The most common resolutions are exercising, save more and spend less, losing weight, eating healthier, enjoy life, and spend more time with family. Personal finance resolutions that aren’t common among teens, though. No matter time than now to start a new trend! Take a look at these suggested resolutions:
Our oldest son, who will be 22 years old in a few months, will be graduating in June of 2017. This has led him to begin planning the transition of becoming financially independent from his father and I. While he takes care of many of his own expenses, he is fully aware he will be incurring a substantial amount of financial responsibility when he moves out next year; rent, utilities, and food.