My oldest son will soon be making the transition from child/student to adult. In less than a month he will finish college and come back home. He has a full time job already, but he has a lot of financial decisions to make. Like most people graduating from their post-secondary education, he has student loans that he needs to start paying on. He also needs to buy a car and save money so he can get his own place, and his mother thinks it would be great if he started saving for his retirement now. Imagine how young he could retire and what a great future he could have if he started saving for retirement at twenty years old?
Obviously he needs a financial plan in order to meet all of these goals. He’s nearly 21 years old and he’s been living independently and making his own decisions for awhile, so I know he doesn’t want his mother telling him what to do (and I hate to admit it, but I may not know the best financial plans either). It’s time that he start finding a financial planner like the ones at Genworth Financial. His own Financial Planner can objectively help him meet his goals so that he has the best future possible.
A financial planner can help him figure out how much he can afford to spend on a car and they can make a plan towards home ownership, if that is the best move for him. They can figure out the most practical method for repaying those student loans, and the financial planner can show my son just how easy it is to plan for retirement when you start young. I wish I had sat down with a financial planner when I was his age. It is information and education that we all need to be learning at a young age.
Information for this post is sourced from Genworth Financial in partnership with the SheHeard Influencer Network. All opinions are my own.
Anne Taylor says
Oh, how I wish that we had started saving when we were younger. I’ve tried to tell my daughters how important this is, but I don’t know if they are listening to me.
Victoria Ess says
How differently you see things when you’re looking back, right? I wish I had started saving for retirement in my twenties, and my mother was definitely telling me to do so. It’s a great idea to have your son talk to a financial advisor.
Jennifer The Quirky Momma says
Sometimes I think it would be better to open up retirement accounts for children over college savings accounts. My nephew is actually doing that for his children.
Stephanie LaPlante says
My brother is 20 and started talking about saving for his retirement. Smart boy he is.