There are young adults all across America graduating from college and getting ready to start their professional careers. They received an excellent education and should be prepared to tackle the new challenges that lie ahead. Unfortunately, the word “should” keeps many parents and grandparents awake at night. So maybe we should ask ourselves: have we done everything we can to help them be prepared for the future?
See also: An F in Economics
As a father, when I think about that question, I can think of a thousand of ways I might answer it. As a financial professional, I have one way in particular that sticks out: how can I help them make better financial decisions?
For many young adults, when they graduate from college, this is the first time they take complete control of their financial life. Many of them have never had to do most of the tasks we take for granted. For example, how many college graduates have never opened a checking or savings account? How many of them know how to balance a check book or understand how interest rates on credit cards work? The list goes on. This is where financial professionals can take an active role in making an immediate impact in their lives.
Maybe now is the time to reach out to your clients, whether they are parents or grandparents, and see if you can add some extra value to the ones they love.
In the end, you will make two tremendous contributions. First, you can help educate people so they can get started on the right foot. Second, you will help your client’s feel better about the financial future of their children and grandchildren.