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Give College Kids Three Money Lessons

There are plenty of things to worry about as your kid heads for college, but in these difficult economic times, money goes to the top of the list.

Helping you deal with that issue are Mark Cohen and Wes Burnett, co-authors of " Lessons to My Children: Simple Life Lessons for Financial Success, Wealth and Abundance," (Hardcover, $24.95)

 "Our book is a simple curriculum of success that every parent should share with their children," says Burnett.

Adds Cohen, "Parents and students often assume the financial basics of life are taught in high school or college. The sad fact is, kids are walking away with degrees, but not necessarily the life skills that will lead them to financial success and, ultimately, financial independence from their parents."

And here are a few of their tips:
 
 
* Students should have just one credit card. Preferably, students should use a bank debit card or a pre-paid credit card to avoid sinking into debt and/or harming their credit rating.  If a student must have a traditional credit card shop for one with a low interest rate and no monthly or annual fee.  Pay off the card in full and before the due date every month to build a solid credit rating.
* Students should write themselves a "reality check."  Know what you can spend - and what you can't - and don't charge anything you can't pay off in full when the credit card comes due.
* Start saving now by paying yourself first.  Putting away just 10% of every paycheck, birthday check, or graduation gift in an interest bearing savings account that isn't linked to your ATM card will pay off in the long run.  The key is to not tap into that account, unless an emergency arises.  Time plus money equals more money - it's as simple as that.

 

 

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