Personal Finance (Not Investing) • Rethinking our children's financial well-being?

I'm wondering if there should be a paradigm shift in thinking about our children's financial futures. It was always instilled in my husband and I that higher education was the way to a secure future. But looking at the current generation and how they are saddled with student loan debt in an increasingly expensive world, I wonder if there needs to be more of an emphasis on early compounding interest as opposed to obtaining the best and highest level of education. In addition, high schools and colleges have become increasingly toxic places for young people's mental health-perhaps fueled in part by the rise in smart phone usage- so while adolescence should be a time period for fun and levity along with skill development, many youth are suffering in our current institutions. Here are some of my thoughts about a paradigm shift:

-Teaching children early and often about the magic of compounding interest
-Encouraging a part-time job beginning in high school where half the amount is invested in a ROTH
-Limiting college expenses through dual enrollment in high school/AP exams/military/continued part time job
-College major should result in a job that will payoff on the investment (i.e. nursing, engineering, etc.) or consider trade school/high paying associates degree instead (i.e.sonography)
-Graduate school should be paid by employer or needs to result in a payoff on investment (i.e. top tier law school)
-Emphasis on learning both high tech and soft skills and best navigating around life obstacles that are detrimental to financial and overall well-being


Let me know your thoughts

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Statistics: Posted by seligsoj — Mon Dec 23, 2024 11:01 am — Replies 8 — Views 412

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