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Money and Finances
Reply to "Helping Setting Kids up for long term Financial Stability"
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[quote=Anonymous]My 22 year old is getting ready to graduate from college. We’ve been working toward setting him up: 100% match of his summer job salaries with a Roth we funded (he made under the limit). College was prepaid through Virginia so we only had to come out of pocket for room and board. He’ll be graduating debt free. I’ll be inheriting a townhouse in a decent area with good schools in the next few years. For now the plan is, if my own financial situation is set, to put that townhouse into my trust- he is the sole beneficiary- and let him live there and only have to pay the taxes and utilities and maintenance so he can save the majority of his salary. He’s graduating with close to $200k in a brokerage account due to gifts from grandparents over his lifetime that he never touched. We had him sit down with the financial advisor to go over what compound interest looks like so the current plan is for him to leave it and let it grow. [/quote]
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