Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 8460 GoodLifeFamilyMag.com JULY | AUGUST 2016 goodADVICE Are Your Kids Prepared to Stand On Their Own Two Feet? POST GRADUATION by AliciaWanek You’ve had some time to frame those photos of your children in their cap and gown on that proud day they graduated. Now reality sinks in. They’re going to be off on their own. Are they ready? If your child has finished college and they’re headed out into the real world – getting their own apartment, starting their first “real” job, and (gasp) handling their own finances, it can be a scary prospect for both of you. You hope you’ve prepared them as best you can. If your child has just finished high school and they’re moving off to the dorms you still probably have some control over how they’re handling their money. This is the time to make sure they know the value of a dollar. But how? Chuck Cowell, Dallas Market Chairman, Guaranty Bank & Trust encourages you to work with your child to establish a personal budget. Start as teenagers if you can and continue to evaluate as they move on to college. “Even if all they have is an allowance, let them plan for their weekly/monthly outings and expenses and make sure they plan ahead for the non-standard events they wish to attend,” Chuck says. More importantly, he believes, is that “… when the money is gone… it’s gone. Missing a concert/party/trip due to their inability to properly manage ‘their’ budget is a powerful learning tool for future life situations.” Bryan Camper, certified financial planner with Camper Rogers, agrees, but believes first kids may need help identifying wants vs. needs. As an adult, they need to know, for example to pay the rent first. He recommends breaking down what their expenses will be, and let them know that “If you take care of your responsibilities, we’ll help you with your wants.” That way, they begin to understand that money is “earned” not just “given.” Here are a few more suggestions they offer to help your child on the path to financial independence: Slowly let your children handle more of their money themselves. It might just start with letting them make some of their own decisions about how to spend the funds they have. “Missing a concert/party/trip due to their inability to properly manage‘their’ budget is a powerful learning tool for future life situations.” - Chuck Cowell, Dallas Market Chairman, Guaranty Bank & Trust