With Sharon Epperson, Senior Personal Finance Correspondent, CNBC
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Sharon Epperson shares her insights on personal financial planning. She talks about the heavy burden of student loans – $29,000 in debt, on average, after they graduate college – and how parents can help their children navigate the heavy cost of an education without breaking retirement accounts and imperiling their own financial futures.
In addition, she sees the high cost of tuition as a great way to educate children on managing their finances. If parents place the financial burden on their kids early on, children learn the value of money and understand how to control their spending to stay within budget and pay off their debts – great future training for when they need to live within their means, save for a house and other household expenses. Don’t hand your children a freebie through life because, frankly, you’ll just be doing them an injustice.
This is also a great opportunity to look into options such as scholarships, ideally a few years before they head to college – so your children have real incentives to academically excel in high school.
