Clients often approach us looking for advice on how to help children with financial planning post-college and beyond. We cannot stress enough how crucial it is to teach your children about the importance of money management and establishing good credit. While teaching your child these fundamental life skills, keep in mind that your main goal should be to provide guidance and support, while respecting your child's decisions and encouraging their independence. Below is a list of 4 practical steps that you and your child can take to get on the path towards financial success.
Establishing good credit involves your child understanding their credit score (if any) and taking steps to build and improve it. Some key steps to take include:
Credit card - When getting a credit card for the first time, your child should keep in mind that building good credit takes time and diligence. Therefore, being patient and consistently adhering to responsible practices is essential for developing positive payment habits and an excellent credit history. Below are several important things to consider.
Another great way to help your child establish good credit is by opening a joint investment account with you. A joint investment account allows two people to combine resources by investing their money into a shared account. Below are a few important considerations.
Consolidating student loans can be a great way to save money and simplify your child's payments. Consolidation is the process of combining multiple loans into a single loan with a new interest rate, payment term, and monthly payment amount. There are several benefits to consolidating student loans, such as:
Questions and/or interested in how this applies to your financial life?
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