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Your Take: Teaching New Graduates About the Real World

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 [3], 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:

  1. Get your child a consultation with a financial adviser. This is an idea shared during the tweetchat (Thanks Fatwallet [4]!) 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.
  2. 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.
  3. 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?