A quote we frequently hear is, "Why don't our educators teach our kids the basics of finances – like balancing a checkbook, saving for items they want, minimizing the use of credit cards, etc. – in high school or college?"
We feel that's a fair question to ask and are in complete agreement that these topics should be part of the high school (or at least college) curriculum. I feel our educators do a good job of teaching reading, writing and arithmetic but seem to lack the wherewithal to teach our kids some of the more critical information they'll need as they move into the real world, for example:
• Saving / investing for what you want
• Employee benefits / insurance to ensure they are maximizing what they receive from their employment
• Credit card / debt management
• Renting versus buying a home or how to purchase their first home
Recently, several of our clients have asked us to meet with their college-age or recently graduated children to help ensure they get off on the right financial foot as they enter "the real world". The meeting typically lasts about 1 hour, and we discuss any specific financial questions they have, as well as provide some basic financial knowledge we feel they should have as they look to make short- and intermediate-term decisions regarding their finances.
We also let each of them know that we are available to answer any questions they may have as they face making some decisions "on the fly" and may want some non parental advice about that decision before they commit. Best of all, this meeting is free of charge for all clients as we want to make sure your kids make informed financial decisions, with the best information possible.
If you are interested in having an SWA advisor speak to your child about the basics of finances, please let us know as we are certainly glad to help. After all, sometimes the best advice means more coming from an outsider than from a parent. I'm a parent so I understand completely!