Have These Money Talks Before Sending Your Teen to College
For many teenagers, college is the first time they make money decisions without parental assistance. But if they don't fully understand how finances work, they leave themselves open to making costly and long-lasting mistakes.
"Many teens don't intuitively know how to manage money. That's why it's critical for parents to sit down with their kids and have an open and honest discussion about financial basics," said Michael Sullivan, a personal financial consultant with Take Charge America, a nonprofit credit counseling and debt management agency. "Providing that foundation will give kids the confidence to better understand the financial choices they make and properly manage money long after they finish college."
Sullivan shares four money talks parents should have with their college-bound teens:
Founded in 1987, Take Charge America, Inc. is a nonprofit agency offering financial education and counseling services including credit counseling, debt management, student loan counseling, housing counseling and bankruptcy counseling. It has helped more than 2 million consumers nationwide manage their personal finances and debts. To learn more, visit takechargeamerica.org or call (888) 822-9193.
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