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Acquire Knowledge and Budget

It is important that your student be prepared for the cost realities of attending college so they do not wind up maxing out their credit cards, spending all of their grant, scholarship and savings money, and have to ask for an emergency loan before the first semester is even over.  Therefore an understanding of money principles and values is critical.

Begin by encouraging your future student to learn basic accounting, budgeting and investing knowledge as these are key elements to financial success.  It’s not necessary for you or your student to become an accountant or a banker.  For instance, you may be fortunate to study with and learn from those who have become financially successful and are willing to teach others to do the same.

There are many resources including financial classes offered at local colleges; from qualified friends and associates as well as good self-help books and the internet.  Financial intelligence is just as important as any course work they may take in their chosen career field.

Establish your goals, pay yourself first and stick like flue to a budget.

Budgeting is the one area of financial planning that most people avoid.  However it’s the one which will pay the greatest dividends because when you can see and actually know where your money is going, then you are in control.  Its flawed reasoning to assume you can build a substantial savings, retirement or college account without knowing exactly what is happening with your money and expenses.

Without a budget to guide you and your future graduate, you are gambling with your family’s future.  And in gambling, the odds always favor the house and not the player.

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