Some parents resist the idea of letting their kids plan their own higher education because they feel it’s too early to get involved. However, research shows that if kids are actively engaged in the planning process, they will be more committed to college. In fact, if parents can get kids aware of financial aid options and talk about saving for tuition at an early age, this can lead to better experiences for the students in college, ultimately leading to better grades and graduate school acceptance.
Even students in the sixth, seventh, or eighth grade can begin to earn money, learn about sources of financial aid and research potential colleges. Students in middle school can start to learn about how to manage their own finances. They can work odd jobs, purchase a savings account and look into federal and state aid. This is also a great time to look into college and start researching where or what college they might want to attend.
Plenty of activities are available to help build children’s appreciation for planning for the future. Some of these activities include creating a vision board, discussing with your child their priorities as they grow up, and helping them set long-term goals. All of these activities will help prepare them for college.
As you discuss your child’s future plans (for education, career goals, or a home of his or her own), you should emphasize that a good credit score is vital to achieving them. You will be able to help your child prioritize this goal by establishing a college fund that he or she contributes to in order to reach that goal. This will provide the motivation needed for your child to do well in school and be financially responsible.
You can also use this time to dispense some financial advice. Make sure you’re providing relevant, timeless tips, though. If the market is doing great, then teach people about how to maintain their portfolio’s profits — not how to invest in it. And if the market isn’t doing great, then don’t lose you’re cool — instead, provide advice on how to ride out the storm and make a comeback after things have settled down.
At times, it may feel like your company is always short on cash. However, there are some methods for boosting the cash flow in a company’s bank account. Company owners can find ways to invest in their businesses and stay financially afloat. Investing in real estate is a good way to keep the business profitable — as long as investors know what they’re getting into and have concrete plans for future money investments, everything will be okay.
- By pursuing more challenging courses and securing more scholarships, you are demonstrating academic excellence to prospective employers. Contact a scholarship online and apply for a grant from an organization that would match your interests and experience.
- Advanced Placement (AP) and other courses that offer college credits while in high school can be a cost-effective way of reducing the number of courses your student will need to take when at university. By taking these classes in high school, students might be able to get a jumpstart on their first semester as a freshman. This will also allow them to learn at a faster pace due to having all of the prerequisite knowledge that would be taught in the introductory college course.
- Earning money. The world of work is an integral part of high school, and working part-time or during the summer can set students up for success in college and beyond—that’s why it’s so important that they know how to manage their money!
- Getting organized can be a daunting task, especially when you’re already swamped with all the different components of college planning. Visiting schools that might interest you, applying for financial aid and transcripts, and writing letters of recommendation requires a lot of time and effort. Fortunately, there are many tools designed to help ease the burden of college planning.
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