5 Things Your Adult Kids Must Do To Kick-start Their Financial Lives

Photo by CoWomen on Unsplash

Getting an early start to one’s financial life is hard but super important. Nearly everyone I know who describes themselves as “financially successful” got that way by starting early and making a commitment to improving their financial security.

Now that your adult kids have graduated from college and summer is over, it’s time for them to get focused on building a strong financial foundation for their future.

Below are 5 things your adult kids must do to kick-start their financial lives:

7 Reasons To Fill Out the FAFSA

September is College Savings Month!

When most people read those words they naturally think about “saving up” for college.

When I talk about college savings, I am specifically referring to all the money you will save by becoming a smart consumer of a college education and actually paying less for your student’s college education.

After all, if a penny saved is a penny earned, then reducing your student’s college expenses, finding ways to increase your financial aid award, and paying less for their education is as good as any savings program out there, if not better.

Parents of high school seniors better act fast. The FAFSA goes live for the 2020/2021 school year on October 1st.

In the meantime, learn why the Free Application For Federal Student Aid (FAFSA) is so important in this guest post from my friend, Jeannie Burlowski, author of the book, Launch: How To Get Your Kids Through College Debt Free and Into Jobs They Love Afterwards.

Important Birthdays Over 50

Photo by Jorge Ibanez on Unsplash

My family has a lot of summer birthdays. My wife and I, both our kids, my dad, two of our siblings, a few aunts and uncles and several cousins all have birthdays within a few weeks of each other.

When my kids were little, they thought everyone had a summer birthday.

This summer my oldest will reach the first of many milestone birthdays: 16! And you know what that means: Vroom, Vroom and Cha Ching!

When you are older, milestone birthdays continue to roll on and eventually even “and-a-half” birthdays start to make a comeback.

In fact, starting at age 50, several birthdays and “half-birthdays” are critical to understand because they have implications regarding your retirement income.

What’s On Your Summer Bucket List?

Photo taken in Banff, Alberta, Canada by Mike Branch

Financial planning isn’t about maximizing investment returns, minimizing taxes, or developing strategies to pay less for college or beef up your Social Security check.

It’s really about structuring your personal and financial resources so you can get more joy and happiness from life. That means making the most of the next 90 days, even if it’s not always very summerlike outside.

Start a list.

As a planner, I am fond of lists. I love to create them and attach them to walls, refrigerators and computer monitors. Sometimes I even get to experience the sweet satisfaction of crossing things off them.

I find that a good list not only helps me define and prioritize my goals, it helps me remember what I wanted to do in the first place.

Without a good list, I am likely to find myself at the MN State Fair wondering how I managed to let another summer slip through my fingers.