What Parents Must Tell College Students
If your teen is heading off to college for the first time this fall, you're probably acutely aware that your "baby" is finally slipping out of your grasp. Once the kids are gone, they're gone!
But if you're still footing part of the bill, you have some influence. Use it, before it's too late.
Here are three tips for a must-have discussion -- one that you must have sometime before you're in the car headed to the airport. The discussion revolves around financial issues, and it's best to get them resolved before things get out of hand.
How Much Is Enough? For How Long?The most obvious discussion revolves around how much money parents will provide, in addition to room and board, and how that money will be paid. Don't assume that a previously responsible student will be able to manage an entire semester's worth of spending in the heady atmosphere of that first year of college. It's best to make support payments once a month, to help the budgeting process. Your student may want to set up a checking account in the college town, since local checks will be more easily accepted. Parents can then set up an automatic monthly wire transfer from their bank to the student's account -- at a specific date each month. An even better solution is found
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV