Reply to What life skills to teach kids so that they can be independent at 18?

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[quote=Anonymous]More than basic personal finance, IMO.  They need to know how to do their taxes and also about saving, retirement plans, and 401k.

You would be surprised at the amount of new college grads who have NO idea how to fill out their paperwork when starting a new job.  Many think that the money put in the 401k just magically appears there; they don't realize it needs to be funded on their own to get the company match.

Also, they need to understand the basics of how insurance works.

We had a good chuckle at our office last week when a coworker's son came to visit her.  She's now requiring her kids still on her insurance plan to pay her back for a portion of it so they get used to having to be responsible for insurance (he's almost 21).  Anyway, he said, "can I pay you for October's insurance while I'm here?  I have my checks with me.  How much is it?  $40 or $50?"  My coworker said "no, $150" to which he replied, "oh, so you pay it for the whole year at once?  Or is that a quarter?"  "No, that's a month, Larlo."  He was flabbergasted!  "You pay $150 a month for me to have insurance?"  "No, I pay significantly more than that.  I'm just charging you that amount."  "So this is why everyone is always angry about insurance?" [/quote]

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