Have A Child Graduating High School? Finanical Steps To Help Them Take


If your first child is just at the end of their senior year in high school, there are many factors to consider as they get ready to enter a new chapter in their life. Not only will they be looking at possibly going to college, but they will officially be becoming an adult and heading out into the world on their own. However, before that happens, you will want to try to instill a little bit of advice and guidance into them if you can. After all, they are about to be adults, but they still have a lot to learn about managing their finances and being on their own. Get to know a few of the financial steps you may want to help them take before they fly free from the nest so that you can be sure you have given them the tools and the know-how to make smart financial choices.

Help Them Set Up Checking and Savings Accounts

When your child is out on their own, they will no longer be able to just come to you every time they need a few extra dollars to go to the mall or to get food with friends. While they may be authorized users on your accounts now, it is important that they have their own checking and savings accounts when they head out into the world on their own. This will give them access to their own money and force them to begin to budget the money that they have and that they earn as well as balance a checkbook (or checking balance sheet online) and the like.

If your child happens to know where they are going to college already, be sure that you help them find a financial institution that has a branch in the area in which they will be attending college. That way, if they have any issues, need additional checking services, or need other financial services, they will be able to talk directly with bank employees in person rather than having to try to deal with everything online or over the phone.

Show Them How To File Taxes

One of the issues that many young adults run into when they head out on their own in the world occurs when they first have to file income taxes on their own. Filing taxes can be a complicated and confusing process, especially the first time a young person does it.

Be sure that you walk them through the basics of filing taxes and completing a tax return at least once when they are still living under your roof. Explain W-2 forms, a basic 1040, the basics of deductions, and the like so that when the time comes for them to work through the process themselves, they have at least a basic understanding of what to do and what to fill out. This can save your child a great deal of time and frustration and can help prevent them from making serious mistakes on their taxes.

By guiding your child through these important financial steps, you can be sure that you are doing everything in your power to give your child the financial tools and know-how they need to be successful out in the world.


26 April 2017

Learning to Invest Your Money Wisely

If you suddenly come into a lot of money through an inheritance or state lottery, you need to invest it wisely, or you lose it. But finding an investment firm that looks out for your best interests isn't easy. My blog is a great resource you can use to find an investment firm and other financial help. You learn about different types of real estate ventures and business prospects that increase your investments. In addition, I show you how to avoid scams and other unscrupulous entities that take your money and run. If you're ready to invest your money wisely, keep reading my blog. Thanks for reading and good luck with your investments.