Michael J Porro & Company

Financial Advisors, LLC

180 Old Tappan Road, Old Tappan, NJ 07675-7052

Phone: 201-768-0218

Fax: 201-768-6487

Website: porrofinancialadvisors.com

July/August 2018

Departing Advice for the College-Bound

You spent 18 years looking after almost every aspect of your child’s life. Soon, your child will be off to college and independent. Help your child prepare for a life of independence – and responsibility – by going over some life basics.

Bank Account Basics
College-bound students need to know how to balance a checkbook, and that bounced checks cost a lot of money. Emphasize that an ATM card is not free money but merely simplifies withdrawals from a checking account.

Finally, to encourage saving regularly consider an agreement where you match each dollar saved, even if it’s only $20 per month.

Establish Credit
College students may benefit from establishing their own credit as first-year students. Because high interest charges adds up quickly over time, teach your student to pay off any balance monthly so burgeoning interest charges do not make life difficult. Building good credit while in school can translate into cheaper credit when college students graduate and look to buy vehicles and rent apartments.

Health Insurance
Before your child takes off, make sure you are not automatically charged for college-sponsored health insurance. Generally, you can now add or keep your children on your health insurance policy until they turn 26 years old.

Let Go
Teaching money basics to your child now will allow you to let go and watch your young adult blossom.


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Michael J Porro & Company and LTM Client Marketing, Inc. are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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