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.