Earlier this afternoon, I asked my "Facebook" friends to pose questions to me that will challenge me to come up with workable solutions. I am pleased to say that they did not disappoint. Get ready to get a whole lot of information because these people are really coming at me with some serious issues! Now here comes the disclaimer ... I am not guaranteeing that my answers/suggestions will be easy to implement. In fact, I WILL guarantee that they will be difficult. SO WHAT?! No risk - no reward. No guts - no glory ... do you really want me to go on?I will be spending the next couple of days just working on the first few issues posed to me! Below is the first issue posed, and my answer. Enjoy!
Omaar Kareem:
What do responsible adults need to consider after the comfort of momma’s and daddy’s shelter, and after 4 years of college? Speak in terms of paying off loans, paying your taxes; budgeting (on a new graduate salary), and perhaps buying a home rather than renting for the rest of your life. There’s so much info that was not mentioned to students in that four years that you can’t teach. Life has to kick you down to figure it out or finding solutions to make the best of a situation.
The issue here is PREPARATION, and proper preparation is something that is not necessarily taught in school. Parents & teens need to begin preparing for college somewhere in the spring of their sophomore year of high school. By 15-16 years, teens should have SOME idea of what they MIGHT want to do, and if their parents are playing an active role in their choices and development that idea might have even more firm roots.
Parents should be teaching their teens how to open a checking account and how to balance their checkbook. Parents should (first learn & implement for themselves) “the First Rule of Gold,” which is “PAY YOURSELF FIRST.” This is where you save at least 10% of your pay & teach your children to do the same. Next, in “preparing” children for “the real world,” parents should “tax” their teens’ allowances to prepare them for what’s going to happen when they start getting a real paycheck. The only significant difference in that preparation is that the parents should then put that “tax” money into a family activity/vacation account. That way, when the family goes on a trip or just to the movies or Six Flags, the teen can take pride in having contributed to something that the entire family enjoys. In any case, such preparation will assist that teen when they enter into college. Now, even though the teen may be away from home while in school and due a significant amount of independence from his/her parents, the preparation does not cease completely – it’s just less “hands-on.” I think the most important piece of “farewell advice” that parents can give their teens as they head off to college is to STAY AWAY FROM THOSE CREDIT CARD TABLES!
Now, just like that teen was preparing for college in the spring of his/her sophomore year in high school, the same should apply for what’s coming in the following two years after college. What better time to begin focusing on a major and “preparing” for if that major will require post-graduate studies; or if the chosen field will require, or offers internships. This level of preparation also involves finding out what the requirements and benefits are for whatever career fields are up for consideration.
Regarding the issues that one must face after graduating; “in terms of paying off loans, paying your taxes, budgeting (on a new graduate salary),” one should not be waiting until graduation to begin dealing with them. Students who plan on taking out student loans should begin concerning themselves with repaying those loans at the exact same time they are signing their names at the bottom of the loan papers. Student loans will follow you for the rest of your life if not taken care of ... just like an arrest warrant for unpaid tickets! As for getting a house ... well, if all of the above saving and preparation were put into place EARLY ON, having a nice little stash of cash for a down payment and closing costs might not be so hard.
Now, if you’re reading this, chances are it might be too late for YOU to benefit from ALL of the afore-mentioned “preparation.” However, if you have children; or if you’re still in high school; or starting college, you can BEGIN implementing it for yourself and or your children when you DO have them. The journey of a thousand miles begins with the first step, so it doesn’t necessarily matter when you take that first step. What matters most is THAT you take that first step. It’s the ONLY way you will ever wind up where you want to be as opposed to finding yourself where you are and have always been just because you never ventured to take that first step.
Proper Pre-Planning Prevents Piss-Poor Performance!
What do responsible adults need to consider after the comfort of momma’s and daddy’s shelter, and after 4 years of college? Speak in terms of paying off loans, paying your taxes; budgeting (on a new graduate salary), and perhaps buying a home rather than renting for the rest of your life. There’s so much info that was not mentioned to students in that four years that you can’t teach. Life has to kick you down to figure it out or finding solutions to make the best of a situation.
The issue here is PREPARATION, and proper preparation is something that is not necessarily taught in school. Parents & teens need to begin preparing for college somewhere in the spring of their sophomore year of high school. By 15-16 years, teens should have SOME idea of what they MIGHT want to do, and if their parents are playing an active role in their choices and development that idea might have even more firm roots.
Parents should be teaching their teens how to open a checking account and how to balance their checkbook. Parents should (first learn & implement for themselves) “the First Rule of Gold,” which is “PAY YOURSELF FIRST.” This is where you save at least 10% of your pay & teach your children to do the same. Next, in “preparing” children for “the real world,” parents should “tax” their teens’ allowances to prepare them for what’s going to happen when they start getting a real paycheck. The only significant difference in that preparation is that the parents should then put that “tax” money into a family activity/vacation account. That way, when the family goes on a trip or just to the movies or Six Flags, the teen can take pride in having contributed to something that the entire family enjoys. In any case, such preparation will assist that teen when they enter into college. Now, even though the teen may be away from home while in school and due a significant amount of independence from his/her parents, the preparation does not cease completely – it’s just less “hands-on.” I think the most important piece of “farewell advice” that parents can give their teens as they head off to college is to STAY AWAY FROM THOSE CREDIT CARD TABLES!
Now, just like that teen was preparing for college in the spring of his/her sophomore year in high school, the same should apply for what’s coming in the following two years after college. What better time to begin focusing on a major and “preparing” for if that major will require post-graduate studies; or if the chosen field will require, or offers internships. This level of preparation also involves finding out what the requirements and benefits are for whatever career fields are up for consideration.
Regarding the issues that one must face after graduating; “in terms of paying off loans, paying your taxes, budgeting (on a new graduate salary),” one should not be waiting until graduation to begin dealing with them. Students who plan on taking out student loans should begin concerning themselves with repaying those loans at the exact same time they are signing their names at the bottom of the loan papers. Student loans will follow you for the rest of your life if not taken care of ... just like an arrest warrant for unpaid tickets! As for getting a house ... well, if all of the above saving and preparation were put into place EARLY ON, having a nice little stash of cash for a down payment and closing costs might not be so hard.
Now, if you’re reading this, chances are it might be too late for YOU to benefit from ALL of the afore-mentioned “preparation.” However, if you have children; or if you’re still in high school; or starting college, you can BEGIN implementing it for yourself and or your children when you DO have them. The journey of a thousand miles begins with the first step, so it doesn’t necessarily matter when you take that first step. What matters most is THAT you take that first step. It’s the ONLY way you will ever wind up where you want to be as opposed to finding yourself where you are and have always been just because you never ventured to take that first step.
Proper Pre-Planning Prevents Piss-Poor Performance!
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