<p>We are teaching our son to do the laundry, LOL. Yes, we should have done it earlier, but better late than never. We did no better with our daughter as far as laundry goes: she also learned just before heading off to college. </p>
<p>Seriously, though: as we did for daughter, this summer we are teaching son how to do a Monthly Financial Health Review. We will make a document together to record all his personal expected/incoming bills and due dates, dates bills are paid, income earned, amount put to savings, and any important deadlines (for upcoming insurance payments, etc). </p>
<p>The sheet shows running totals for net debt (shouldnt be any, but if he were taking student loans, they would be tracked here) as well as net savings, which are tracked as savings accrue as a result of small monthly additions from his job (and soon work study). </p>
<p>All of this fits on a 1/2 page and takes only ten minutes a month to review and maintain. I’ve tracked our family’s financials this way for 20 years and every month we sit down to review it together. It’s very low tech and very effective. There is no possibility of taking on debt without <em>deliberate</em> foreknowledge. There is no head-in-the-sand avoidance. As a result, very little debt accrues. It strongly encourages saving, as one can see the progress made month to month. Very motivating! </p>
<p>Our now 24 year old daughter developed good habits early as a result of starting her own Financial Health Plan at age 18 when she left for college. We showed her how to do this for herself and kept it up. She has a 750 FICO score already. :)</p>
<p>We will now do the same for son, who is off to college in August. He will be doing his own laundry and have a simple system for maintaining his financial health for a lifetime.</p>
<p>I agree with the lawyer here-get your kids set up with this stuff before they leave for college…I have even heard of parents giving their kids a gift of Estate planning. It sounds strange to do something like that for a young person but can make life easier if something does happen. </p>
<p>I guess it would also be the time to teach your kids certain skills that we all know, that they haven’t learned yet. I had mine washing her own clothes at 14. But she has not learned about having a checking account yet. If you will be giving your child money or the school will then you need to get them to understand about scheduling or budgeting how they will be spending it.</p>
<p>For instance there will be financial aid money that goes out most likely twice per semester. Once in the beginning of classes and then again in the middle of the semester. If they know how much that they can spend that they won’t run out before they get more it can make life easier.</p>
<p>Bravo. But please be aware that BC pills only protect against pregnancy, not against a whole host of other extremely unpleasant conditions. Don’t rely on the guy to carry condoms either, but please insist upon their use, and keep a few on hand yourself so that you are never tempted to rely solely on birth control-even if your partner insists he is monogamous.</p>
<p>Regarding passports… if you kid has one, check the date. For children they expire after 5 years. It is much easier to renew if unexpired - make a mental note of when that needs to be done. Then you will be prepared for semester abroad or other travel opportunities.</p>
<p>Great information. Thanks for updating this thread. However, there is bad wording in one piece of advice that should be cleared up.
You buy a life insurance policy on yourself, not the kid.
Life insurance is meant to supply money when the source of the money is gone. It is not to be an investment. Only term life is worth it.
Examples:<br>
A parent who makes money and provides for their children. If the parent dies, the children will still need money.
A parent who makes money and provides some of it for their youngest child, who is still in college. All that is needed in this case is the same amount of money provided for college. That would be a very small policy. And it need not last longer than college. Once the child is out of college, they will no longer be getting money from a live parent.
Once all the children are out of college, if both parents work, life insurance is no longer needed. Why? If one spouse dies, the other will suddenly be a single person with a job and therefore not need money from anyone else just like all other single people.
And don’t be taken in by policies talking about how you need life insurance to pay for your funeral. That’s what an emergency fund is for. It costs less to have an emergency fund than it does to pay for life insurance for a funeral.</p>
<p>But you also need life insurance on the kid if the kid has student loans that don’t come with it. Way back when the Stafford loan came with life insureance so if the student died the loan went away (was paid by insurance.) That doesn’t appear to be true any more. Anybody with any kind of financial obligations needs life insurance. If you get married and are supporting your spouse you need life insurance. If you have dependant children you need life insurance. If you died and your co-signer would be stuck paying off your loan you need life insurance. If you are business partners with somebody who would go out of business if you died then the partnership needs life insurance. And it gets even worse if you become disabled, comatose, etc.</p>
<p>If your child is moving to California, Florida or any coastal U, make sure they know to stay calm and how to swim out of a rip tide. This Memorial Day weekend in CA brings with it an extreme rip current advisory. It’s important for kids know how to handle it and what NOT to do.
(I assume rip tides happen in Florida, etc., too)</p>
<p>I would never have thought to give that as advice to kids before they go to college. However, after being caught in a rip tide with no clue what was happening to me, I think that is sage counsel. The only reason I didn’t drown that day was that I happened to see a man on the beach gesturing to me to swim parallel to the shore. I was in such a panic, and kept getting overcome by waves splashing into me; I don’t know how I happened to see him suddenly. I did what he told me to do, and in moments, I was back on the shore, sputtering and coughing and very grateful that my kids didn’t lose a mother that day. I don’t know if I have ever been that frightened before. I thought I’d made that “fatal mistake” you always read about in the newspaper when they talk about some sad tragedy that befalls someone on vacation.</p>
<p>^NrdSb4: Thank goodness your story ended well. Most (but not all) kids raised swimming in the ocean have been told at some point what to do if caught in a rip current. But every year we read about vacationers, immigrants, or OOS students loosing their lives this way. </p>
<p>The undertows can be phenomenally powerful and even the strongest swimmer will be swept out to sea if they fight against it: tell your kids to stay calm and swim parallel to the shore until the rip current relents, then swim in.</p>
<p>Be sure your kiddo and you trade emergency contacts, so each of you can be in touch as needed.</p>
<p>Good if ALL kids know how to swim well enough to save their lives in any case, and also not to fight riptides.</p>
<p>Getting authorization from kiddos regarding medical and financial issues is very important, so you can help with the finances and medical issues as they arise. Durable power of attorney is also an excellent idea, as is “Five Wishes” funded by Robert Wood Johnson. Good to have that conversation and for the entire family to make their wishes known to one another and execute any needed documents.</p>
<p>Life insurance on parents and kids to cover all outstanding & projected educational loans is an excellent idea.</p>
<p>As I began to trudge out of the water onto the beach, he turned and walked off.</p>
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<p>I grew up in North Texas, but certainly have been to many beaches before, but my exposure had always been limited to calm, Caribbean seas. I had heard the word “rip tide,” but really never gave its meaning any thought, and went more than 40 years without ever encountering one. I certainly never went further and investigated what to do if confronted with one. Now I know.</p>
<p>I want to have a DPOA and MPOA for my DD who is an 18 yo Aspie and not able to converse well enough to get through her college life – psychologist says she is about 3 years behind in many respects but light years ahead in math and science. </p>
<p>I want to be able to help her if needed in all respects – forms, teacher interactions, see grades, academic performance, financial situations (usually in a DPOA) , etc. and I think the Disability Services people will not be enough to help her.</p>
<p>What specific additional wording is needed in the DPOA so I can “represent” my DD and speak up for her?</p>
<p>Will an MPOA allow me consult with Disability Services at the CC on DD’s behalf?</p>
It strongly encourages saving, as one can see the progress made month to month. Very motivating! </p>