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re: How is everyone transitioning your children financially after high school?
Posted on 8/25/26 at 2:03 pm to Redstickbaw
Posted on 8/25/26 at 2:03 pm to Redstickbaw
Son started working part-time in high school at age 16. We funded his Roth IRA for the next 2+ years as long as he continued to do well in school, which he did. Just moved him out of state for college on a full ride scholarship for engineering.
While in college, there is no expectation to seek employment outside of internships. His job is school. We will pay for truck insurance + maintenance and phone. He pays for gas and discretionary spending from his savings. As long as he keeps the scholarship and graduates, he will receive the 529 money we saved for him to use for graduate school or to get started in life.
Planning on doing the same with our younger child.
While in college, there is no expectation to seek employment outside of internships. His job is school. We will pay for truck insurance + maintenance and phone. He pays for gas and discretionary spending from his savings. As long as he keeps the scholarship and graduates, he will receive the 529 money we saved for him to use for graduate school or to get started in life.
Planning on doing the same with our younger child.
This post was edited on 8/25/26 at 2:13 pm
Posted on 8/26/26 at 7:59 am to notsince98
quote:
There is no age limit. Any kid with an income can open a Roth IRA. My kids earn cash for babysitting, pet setting, etc. and that counts as earned income. I have opened Roth IRAs for my 12 & 14 y/o. Fidelity is the easiest place to open a minor ROTH IRA. It took about 10 minutes to create an account, transfer money and make the first investment purchase.
This is exactly what I did for my 11yo boy.
Posted on 8/26/26 at 8:28 am to Redstickbaw
quote:
How is everyone transitioning your children
Even the money board has gone woke
Posted on 8/28/26 at 6:37 am to lynxcat
Die with Zero
This board recommended this book and it really changed my views on Inheritance looking at it as NPV.
This board recommended this book and it really changed my views on Inheritance looking at it as NPV.
Posted on 8/28/26 at 11:13 am to DarthRebel
quote:
First one just left for college, what I am paying for
-Tuition - 529
-Housing - 529
-Books - 529
-Campus food - 529
-Gas
-Phone
-Insurance
-Travel home
What I am not paying for
-Anything not listed above.
This but one thing I did say is if she spends her money she earned from summer job on off-campus food or something other than clothes, makeup, concerts, etc. I'd reimburse her in the form of putting it in her investment account.
Posted on 8/28/26 at 2:18 pm to Redstickbaw
let them figure it out like our parents did for us unless you're a rich, spoiled, trust fund baby.
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