Today’s fantastic family finance article is:
“Mom, Dad, how much money do you make?”
Awkward? Get used to it. By 9th grade.
Why? Your teen needs to know what to be shooting for when it comes to college. In under 4 years, your child will be making one of the biggest financial decisions of her life. She needs all the financial facts on the table ahead of time to make an intelligent one.
- What are you able and willing to kick in for college?
- How much does your teen need to save, borrow, earn, or win to fill the gap?
- What’s a reasonable target? Community college? Local state school? Private college? Community college followed by a transfer? (Excellent option!)
- How long will it take for her to pay off any student loans after graduating?
Looking for a good resource to help you start framing the awkward money discussions with your kids? Check out Ron Lieber’s bestselling book, The Opposite of Spoiled.
Still worried about divulging your financial info to your teen? Get over it. You’ll be coughing it up for the FAFSA form in 12th grade anyway.
And senior year is too late to start putting together a sensible plan. Start today.
Get tomorrow’s tip here.