As graduation approaches, I’m thinking of what to give the college seniors in my life. I’m a big advocate of teaching young people about personal finance and financial responsibility, and I’m thinking of giving a related present.
What are your thoughts about this? Is college graduation a good time to share this kind of advice? Is a book about finances or a gift certificate to a class like a Society of Grownups class (www.societyofgrownups.com/events#/2016/3) an appropriate gift at this point? Do any parents on here plan on giving their graduating senior something like this? Also, I know that younger people often look online for financial advice—does anybody know of an online class or resource that could be given as a gift?
I’m a fan of Dave Ramsey’s “Total Money Makeover” which has great financial advice for anyone.
BUT I’m not sure that a HS senior would appreciate it as a gift. It does have advice on how to not only get out of debt but how to avoid it altoget
Okay , my long post didn’t make it…
Short story!
Dave is good because he has a detailed plan for getting out of debt, saving and investing no matter your income.
Some don’t like his religious bent but that does not discount his very sound financial advice.
Suzy Orman has some good books too.
Wouldn’t give a class as a present unless it was specifically asked or wished for. Never heard of Society of Grownups
“A Millionaire Next Door” is a classic. Everybody should read it.
And money is always appropriate as a gift for the college grad.
Another option is paying for a consultation with a fee for service financial advisor like a Certified Financial Planner. The graduating senior can lay out their financial situation (salary at job, assuming they’ve found work, any debt, expected living expenses, savings goals), and the financial advisor can, well, advise them.
I have a graduating senior, and I think a class or consultation is totally impractical and not a little bit presumptuous. Not to mention premature – mine has yet to secure a job, so the money management is a moot point right now.
A book, or a bond, is better. There’s “7 habits” of financially wise people out there, but in spring every Barnes & Noble will have a graduation display that includes current titles.
We subscribe to both NYT and WSJ online, so the kids simply know our sign-in info and can read it themselves. Part of money management for me involves sharing services vs paying anew
I am with greenbutton - I have a graduating senior who is still jobless - I think her graduation gift will be footing her living expenses until she is gainfully employed!
D1, who had a job offer in hand, found talking with a professional very helpful, much more so for her than reading a book.