Some kids have ideas about their dream jobs and what they want to be when they grow up. It is common for teachers and parents to sit down with students and help them create plans that will help achieve their career goals. Although less common, it can be just as helpful for teachers and parents to help their children create financial goals and develop plans that will help them achieve financial success.
When helping students to create a vision for their financial future, parents should ask some key questions: What age do you see yourself retiring? Do you want to be your own boss or do you prefer the security of a salary? How much money would you like to have in savings? Once students have thought about how much money they need to earn to be financially stable, parents and teachers can help them create a plan. The plan should include benchmarks such as desired earnings within the first year of graduation, plans for increasing their earnings over three to five years, and even plans for homeownership. Having a financial plan allows students to examine their career goals and make needed adjustments to achieve their financial freedom. It also incentivizes students to save money, avoid debt, and generate additional streams of income to make their goals a reality.
When students pair their career goals with their financial plans, they are able to make wise decisions and follow a clear path to success.