A question for parents of college kids/recent grads

Katie - posted on 03/04/2016 ( 4 moms have responded )

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Hi! I’m thinking of creating a website focused on helping parents teach their millennial children, especially recent college grads, about personal finance and becoming financially independent adults. I want to provide resources for parents who are trying to set their young adult kids on the path to responsible money management and long-term financial planning. Topics would include teaching your recent grads how to budget, apply for jobs, save for retirement, and repay student loans.

What do you think of this idea? Would you or parents you know find this useful? What would you change?

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♫ Shawnn ♪♫♫ - posted on 03/04/2016

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I did it on my own. My kids learned how to comparison shop as part of our extra curricular learning (reading, math). They learned how to budget by doing chores and planning expenditures based on what they'd earned. They had to fill out their own applications for summer programs, etc, from 4th grade on.

If one integrates teaching their kids into their normal daily routine, it all comes naturally.

Katie - posted on 03/04/2016

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Shawnn and Liz—thank you for your thoughtful responses! I've received some similar feedback. If this were targeted at parents of high schoolers, what would be particularly helpful? Are there similar resources that you already use?

Liz - posted on 03/04/2016

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I think it's a good idea, but I agree with Shawnn. This is something that needs to be instilled in kids way before college. Get them a bank account early, teach them how to save money, how to earn it, teach them the true value of money, etc...

♫ Shawnn ♪♫♫ - posted on 03/04/2016

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Honestly? These are topics that need to be covered with your child BEFORE they even graduate HS. They NEED to be self sufficient, and understand financial matters BEFORE they leave for college, or for life.

Your kids should be learning money management from the first time they ask for money. If its an allowance situation, they can be taught, at the age of 5, to budget, to save for what they want, and to plan expenditures (age appropriately, of course).

Applying for jobs is another topic that should be done EARLY. When they're 15-16, they can learn that, and apply it. Not to mention, most high schools now require life skills classes that introduce these topics to the kids, and, as parents, we need to be in tune with that age group, rather than sending these kids out in the world unprepared.

Your idea is a good one, but you need to implement it at an earlier age.

My kids (one graduated, one will this year) have been taught from the age of 5 how to manage their lives. It works great if you start early.

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