NY Times: A Financial Checklist for Your Newly Minted High School Graduate

Ron Lieber, NY Times Your Money columnist, published his article, A Financial Checklist for Your Newly Minted High School Graduate. Mr. Lieber’s checklist includes the following items:

  • Budgets: how to create and maintain one.
  • Banking: how to balance a checkbook and maintain a bank account.
  • Mobile Payments: how to be smart about using mobile payments.
  • Information Hygiene: passwords, social security numbers and identity theft.
  • Doctors, insurance cards, meds: how to make a doctor’s appointment, how to use insurance, etc.
  • The W-4 Tax Form. How to fill this out and what it means.
  • Roth IRA. Taking advantage of the eighth wonder of the world, compound interest.
  • Authorized user credit card. Parents can help children establish good credit by getting what’s known as an “authorized user” card in the child’s name.
  • Credit freezes.
  • FAFSA: Free Application for Federal Student Aid form.
  • Student loan spreadsheet.
  • Health data and privacy. Once a child turns 18, parents have no legal right to access the child’s medical records. Children should consider executing a HIPAA and Advance Medical Directive.
  • Grades and disciplinary proceedings. Parents, although usually footing the bill for college tuition, have no right to see grades and disciplinary actions. A release filed with the college is required for this type of access.
  • Insurance. Auto, health etc. Time for child to learn the basics.

See full article at A Financial Checklist for Your Newly Minted High School Graduate, NY Times, June 1, 2019.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal..

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