5 KEY MONEY STEPS FOR YOUR HIGH SCHOOL STUDENT'S SUCCESS
Article by Suzy Vance
Philosophy of People
Magazine: Issue #18
Is your high school student - your young adult - ready to deal with money issues?
20 million young adults attend college each year. 60% of them are borrowing money to support their choice. Given the financial state our world is in, it’s more critical than ever for young adults to be aware of what their post-high school choices might mean.
Talking about money with your child can be difficult. And it’s really easy to find ways to avoid talking about it. Then before you know it, your child is making one of the most important financial choices in life: what to do following high school. Yikes! If you want your teenager to succeed, now is the time to talk.
If you did teach your child about earning, spending and saving money, congratulations! Now is the time to put those skills to the test.
These 5 steps will help your student be clear about the financial implications of their choices arising when high school ends. With them you create a “planning partnership” for his or her future..
Step 1. Imagine all post-high school possibilities:
- trade school
- being an entrepreneur
- back packing around the world...
and collect details, including costs, about each. Be sure to discover the hidden costs of each possibility.
Step 2. Explore what he or she can contribute to make each possibility happen:
- Work after school
- A summer job
- Work while traveling the world...
Step 3. Explore the potential benefits of each possibility:
- What doors could each choice open?
- What opportunities could be lost?
Step 4. For each option, determine possible:
- Family contributions
- Child contributions
- Necessary borrowing.
These key steps support a young adult heading out into the world. They can lead to a celebration for everyone.
Philosophy of People is a compilation of self-improvement articles written by entrepreneurs seeking to bring holistic solutions to everyday problems. Read more articles from our 2nd Year Anniversary issue.
Suzy Vance is the creator of Power of Money 101 A born-again lawyer turned Life Coach, Suzy draws from her legal career and her experience of developing and managing a highly successful mentoring program for high school students. Working with young adults, she became aware of the stunning lack of preparation in high school for soon-to-be-adults in the area of money management. Learn more at Power of Money 101.