Money Conversations Parents Must Have With Their College Freshmen

by Hank Coleman

Episode #13: Money Conversations Parents Must Have With Their College Freshmen

little-book-of main-street-moneyCollege students are graduating with an alarming amount of debt. They are being saddled with note only student loans but loans from family members and credit cards.

Part of the trouble stems from our inability as parents to prepare our children for the financial realities that they will face as college freshmen. We are simply not having the open and honest communication early enough about our expectations and their expectations as well.

Who will pay for what expenses? Will your child have to work part-time to pay for tuition? Will you give him or her a credit card to use?

These are all important topics that I discuss in this episode of “Your Money: Your Choices” when I interview Jonathan Clements who is the Director of Financial Education for Citi Personal Wealth Management and also the author of “The Little Book of Main Street Money: 21 Simple Truths that Help Real People Make Real Money”. It is a great conversation for parents with children of all ages that you won’t want to miss.

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My Interview With Tim Higgins Author Of “How To Pay For College”

Additionally, I talk to Tim Higgins is the author of the book, “How to Pay for College Without Sacrificing Your Retirement”. Tim and I talk about specific ways that parents can cut down on the cost of college for their children. Tim focuses in his book on college planning with a holistic approach to paying for school.

During our interview, we cover a wide range of topics such as 529 College Savings Plans, choosing the right college major and what a difference it makes, how to pay for college using cash flow, and a host of other great topics. If you have a child in college or one about to go, you will not want to miss this discussion on the podcast.

Download Episode #13 Transcript HERE!! (Right Click Here To Download!)

Or, You can click the “Show” button below to read the podcast’s transcript.

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Past Episodes Of “Your Money  Your Choices”

  • Episode #12 (8-5-13) – Don’t Hide Your Head In The Sand When Planning For Retirement
  • Episode #11 (7-29-13) – Investing In Gold For Your Retirement Accounts
  • Episode #10 (7-15-13) – Interview With Gary Vaynerchuk & Getting Through Burning Out
  • Episode #9 (6-24-13) – What Is Your Magic Retirement Number?
  • Episode #8 (6-10-13) – Life Insurance Policies That You Do Not Need
  • Episode #7 (5-20-13) – Why Everyone Needs To Have A Will And An Estate Plan
  • Episode #6 (5-6-13) – Increase Your Investment Return With Peer-To-Peer Lending
  • Episode #5 (4-22-13) – Living Your Life And Completing Your Bucket List
  • Episode #4 (4-8-13) – How To Incorporate Your Values Into Financial Planning
  • Episode #3 (3-18-13) – You Need A Side Hustle To Earn Extra Income
  • Episode #2 (3-4-13) – Conquering Your Debt With The Debt Movement
  • Episode #1 (2-18-13) – Everyone Should Be An Entrepreneur

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About Hank Coleman

Hank Coleman is the founder of Money Q&A, an Iraq combat veteran, a Dr. Pepper addict, and a self-proclaimed investing junkie. He has written extensively for many nationally known financial websites and publications. Hank holds a Master’s Degree in Finance and a graduate certificate in personal financial planning. Email him directly at Hank[at]MoneyQandA.com.


Hank Coleman has written 577 articles on Money Q&A. Learn more about Money Q&A on Twitter @MoneyQandA and @HankColeman.


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{ 3 comments… read them below or add one }

Kostas

Yet another great hear from you, will be looking forward to checking the mentioned book once I get a chance to do so!

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Jules

I graduated in 2013. If I could go back and change anything, maybe I’d get a part time job to help pay for tuition costs.

But whether you waste the money on beer and girls or are frugal, the most important point is you learn how to manage your money like an adult and both situations can lead to that understanding. Getting work experience while in college is so vital now. Focus on graduating with average to above average grades (get top grades if possible, but its not the most important thing) and then get yourself some serious work experience. If you are a graduate in English and you have no work experience, why would someone hire you instead of someone who graduated English and has 1-2 years work experience? Use the 3-4 years you have in college to get serious industry experience. I got average grades in school probably spending around 10 hours a week studying. Could of worked a full time job if I could have been bothered – so do some extra activities related to your studies so that you graduate and go straight into a job and put yourself in an immediate good financial position. Dwelling in your parents basement sucks.

Reply

SavvyJames

Absolutely agree that one part of the problem is that parents and their children are not having open and honest communication early enough about expectations. I would also suggest that part of the problem is that many college bound students are financially illiterate. Personal finance concepts and money management need to be thought about and taught years before college.

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