Four Wealth Lessons Parents Can Instill in College-Bound Children
by Nancy L. Anderson, CFP®, Senior Financial Planner
Often, college presents the first chance for teens to make major financial decisions. In fact, 1-in-5 advisors see financial conversations start with college-age children, according to the Key Private Bank Advisor Poll on second- and third-generation family financial planning. For parents with college-bound teens, here are four considerations on how to use campus life to instill valuable money and wealth preservations lessons that will last children—who are at the beginning of adulthood—at lifetime.
- Take ownership of financials
- Follow the "hours worked formula"
- Spend where it counts
- Develop monthly budgets