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Lake Forest financial planners will help adults to plan for education costs, retirement and to build wealth. These are all lessons we need to be passing on to our kids. These lessons about being planners are vitally important to teach before our children head off to college, whether its in CA or elsewhere. Speak to your Lake Forest financial planner for ideas as to how to impart this financial wisdom.

Fiscal Responsibility for CA Teens

The first step to teaching teenagers to become fiscally responsible planners is to teach them to determine between wants and needs. Lake Forest financial planners might argue that this lesson should to continue on into adulthood. To a teenager, this is a tough lesson to learn. It may take many tries to successfully hit this lesson home. A good rule of thumb is if you can wear it, listen to it or play with it, its a want and not a need.

While your California teenager is still learning the important financial lessons that will take her into adulthood, you should set some limits. Work with your teen, and your Lake Forest financial planner if necessary, to develop a spending versus saving plan. Since you may have developed a similar plan with the help of Lake Forest financial planners, you may be able to use your California financial planner as a model for your teen.

Now is the time to also set financial limits for your teen. While they may have their own jobs in Lake Forest and be making their own money, college is on the horizon. Teaching your CA teen to become planners who save their money will only benefit them in the future.

In addition to talking to your teenager about being planners when it comes to money, communicate to your teenager how their future freedom is tied to their debt. Those planners with little to no debt will have an easier time securing credit for buying things like cars or homes than their peers with debt. This is an area that your Lake Forest financial planner can help you with.

This is also the time to speak to your Lake Forest teen about credit cards and credit card debt. When your child enters college, they will be bombarded with offers for credit cards. Some teens enter college without an understanding of how credit and credit cards work. Arming your teen with the knowledge that credit isn't free is a valuable lesson that they will need into adulthood.

Teaching your California teenager to be a wise consumer at an early age is also a valuable lesson. Take a cue from a Lake Forest financial planner and challenge your teen to track their spending for a month to show them how much of their funds are spent frivolously. Small purchases add up fast and money can be saved if they are aware of where every dollar is going.

In the interest of saving for college, some Lake Forest parents chose to match their teenagers savings dollar for dollar. This should incentivize your child to start to save. Every one likes free money and your child can look at your savings matching plan as such. Even your Lake Forest financial planner would agree that this is a good plan.

Preparing for college is an exciting time for teenagers in Lake Forest. The school they choose may have an impact on their finances. Encourage your teenager to choose their school wisely, not just for atmosphere or academics but also for cost, especially if they will be taking out student loans. A state school offers as good of an education as a private university but for a fraction of the price.

Continuing the Lesson Into College

Once your Lake Forest teen is in college, whether in California or elsewhere in the country, your work's not done. Teach your child to budget appropriately. Budgeting need not be entirely boring. Your college student can still have fun, as long as its in the budget. You may want to bring your child to speak to some financial planners in Lake Forest to help her to develop a feasible budget for college life.

As a college student your child might think that they have no responsibilities other than going to school. They should also get into the habit of saving and even starting a 401k for the future with the help of a personal financial planner. Even college students need to develop an emergency savings fund in case something should happen.

Lake Forest financial planners help us to make sense of our own financial situation. Acting as your teen's financial planner, while teaching them to handle their own finances, is one responsibility you hold as a parent. Imparting this knowledge on your child will be a gift that will keep on giving.

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Financial Planners in Lake Forest

Simon Reeves
Simon Reeves
30 Enterprise, Suite #190
Aliso Viejo, CA 92656

James Peters
James Peters
18662 Macarthur Blvd
Suite 200
Irvine, CA 92612

Jerry Slusiewicz
Jerry Slusiewicz
30131 Town Center Drive, Suite 105
Laguna Niguel, CA 92677

Tami Simpson
Tami Simpson
650 Town Center Dr #920
Costa Mesa, CA 92626

Lance Blount
Lance Blount
600 Anton Blvd
Suite 1750
Costa Mesa, CA 92626

Corey Fast
Corey Fast
2400 E. Katella Ave.
Suite 410
Anaheim, CA 92806

Joe Azzopardi
Joe Azzopardi
21515 Hawthorne Blvd
Suite 580
Torrance, CA 90503

Sasha Shteyn
Sasha Shteyn
150 South Los Robles Avenue
Suite 880
Pasadena, CA 91101

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