Soon thousands of young adults will head to college, many for the first time. As parents, what is it that you hope they’ll learn from the college experience? Personally, I ‘rolled’ into college, through college, and out of college without giving the whole process much thought. Fortunately, once I graduated and got a job, I taught myself money management and investing but it was an ugly process filled with costly mistakes. What if you could use your child’s college experience to give him or her a head start on mastering the skill of money management? Here are 5 tips for providing your child a personal finance education:
Don’t be surprised if this turns out to be the most important part of their college education or that you learn something useful too!
Stewart H. Welch, III, CFP®, AEP, is the founder of THE WELCH GROUP, LLC and WELCH INVESTMENTS, LLC, which specialize in providing fee-only investment management and financial advice to families throughout the United States. He is the co-author of 100 Tips for Creating a Champagne Retirement on a Shoestring Budget; J.K. Lasser's New Rules for Estate, Retirement and Tax Planning (John Wiley & Sons, Inc.) and THINK Like a Self-Made Millionaire. Visit his Web Site www.welchgroup.com. Consult your financial advisor before acting on comments in this article. The preceding is a re-print of a prior article.