Next Tuesday (at 2pm ET), I’m participating in #AllyBRChat, a joint tweetchat with Ally Bank and Bankrate, and the subject of the chat is teaching new college graduates about the real world, so I thought I’d get myself ready by trying to come up with a few tips I’d give the parents of new graduates. Some of these are actually from our own Tweetchat last week with Jeff Rose , which was investing strategies for new graduates (the many wrinkles of personal finance!), so if you were part of that a few of these may be familiar.
Here were our tips:
- Get your child a consultation with a financial adviser. This is an idea shared during the tweetchat (Thanks Fatwallet !) and I thought it was brilliant. Why not schedule a consultation where the adviser can help your child get their finances in order? Their situation shouldn’t be complicated and it gives them a leg up.
- Help, but don’t support. When you first go out on your own, there are a lot of up front costs. If you had an apartment, the first month’s rent and a security deposit was a big deal. I remember my first month’s rent was a share of $1200. Security deposit was something like $500-800. Give your child a hand but don’t support them for too long.
- Teach them the value of networking. This isn’t directly financial but teaching your child how to network and helping them expand their network is crucial. Whether it’s trying to find a good mechanic for their car or finding their next job, your personal network is invaluable. It can save you a lot of time and a lot of money.
Do you have any suggestions for parents of new graduates?