Parents should help children prepare for future financial success

Brian Lockett, CFP® shares with parents how they can prepare their children to be financially responsible before they head off to college.

Many parents may feel like just yesterday you welcomed your children into the world. In the blink of an eye, you’re preparing to send them off to college, the first of many exciting new chapters in their lives and a stepping stone toward adulthood.

After spending months helping a son or daughter fill out admission applications and submit scholarship and financial aid requests, the time has come to enjoy other college preparation activities, like stocking up on dorm room décor — right?

Not quite. Before you embark on that shopping trip, there’s one more conversation worth having with your child, although it might not be as thrilling as picking out a duvet cover. I’m talking about money — not only how they plan to manage their finances during college, but also initiating a broader discussion around how the choices they make now will lay the foundation for their future financial success.

Continue reading the full article published in Puget Sound Business Journal.

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