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Excerpts featuring David Haase quotes in green from The Balance article:
Financial Planning Tips for High School Students
BY MIRIAM CALDWELL Updated March 23, 2022
REVIEWED BY SOMER G. ANDERSON
Merely creating a budget is not enough to achieve your financial goals, and sticking to it not easy either. Emergencies aside, it is important to talk to your children about prioritizing their expenses. The difference between essential expenses for needs and non-essential expenses for wants, maybe a good way to classify spending.
Another approach to doing that is setting financial goals. You could help them set short-term goals such as saving up for the deposit on their first apartment or for the down payment on a car, and then encourage them to put money aside for those.
"Reviewing expenses can be a valuable process and you may be pleasantly surprised as your [child] gains more independence and becomes more mature," said David Haase, a private wealth planner at New Jersey-based retirement planning company RPT Wealth Strategies, in an email to The Balance.
Creating An Emergency Fund
Your child will incur expenses that they do not expect—from car repairs to medical bills. As parents you may be willing to chip in on this, but they are now ultimately responsible for these expenses.
An emergency fund can help them cover the unexpected and take the pressure off. You could suggest them starting out by saving one or two months of income and, then work towards building it up to a year’s salary as they work on meeting other financial goals.
"If the student is working a part-time job, share with them that they need to put aside some money each pay period (at least 10%) into a savings account for emergencies," said Haase.
But he added a word of caution for the parents as well. "I will leave it up to you to determine if the emergency is truly an emergency. Usually, a midnight pizza is not an emergency," Haase said.
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November 2021. Having a great time seeing Ed Slott again learning about tax strategies for retirement planning that can be implemented before the end of the year and preparing for a great 2022.
October 2019. Another fantastic financial planning learning session taught by Dr. Wade Pfau, Professor of Retirement Income with the American College. He has helped me hone my financial planning skills to identify the nuances of proper planning which can have dramatic affects.
October 2019. It was a joy to meet 2 time New York Giants Super Bowl Champion Sean Landeta as he discussed the importance of focus, collaboration, perseverance and teamwork. Great advice that will be incorporated into my financial planning practice. I was delighted to have had the opportunity to wear his Super Bowl Ring.