How To Talk To My Parents About Finances

Some people feel very comfortable discussing finances with their family, and others cringe at the idea. But it is an important and necessary conversation for all parents and guardians to have with their children, especially when it comes to after high school. Will you be completely independent after high school or will your family still support you? If you go to college, what will you be expected to contribute to cover tuition, room, board and extra expens es? Based on how the conversation goes, you can plan accordingly. It’s much better to know in advance than to be surprised at the last minute. And, if you need to get a job right after high school graduation, you’ll have time to find one you really want. Honestly, it’s a great idea to at least help out with your expenses after high school—it will definitely give you a sense of independence and responsibility—two of the most important qualities for financial success?

Another important topic to discuss with your family is insurance. How long are they willing and/or able to keep you on their policy? In other words, do you need to get your own policy? This conversation might be able to wait a couple years, but it is still important to keep in mind.

Other topics to discuss include student loans for college, setting up a retirement account, and investing in the stock market—all topics you have been introduced to in this book. If you tell your parent or guardian that you are inter ested in talking about family finances as they relate to you, it’s likely they will listen! Don’t be afraid to ask. These are important topics for your future, and the only way to develop a plan is to know how, when and where to start. Family support of your goals is crucial!