Tyler Wiechman writes about the challenges the Millennial Generation has overcome and the ones the Millennial Generation still faces.
Parents want what is best for their kids—I don't think anyone would argue this. I preface this post by informing that I do not have kids of my own and this isn't a parental “advice” type of post. No, this will be more of a suggestion or even just something to try. As millennials, we are often referred to as a self-entitled generation, but then again we grew up in a world where everyone got a trophy, everyone was special, and we were constantly reassured of our own importance. I'm not saying there's anything wrong with that (I probably will in a later post—but we'll get there) but I think its set an unfortunate precedent for this generation. Many college students have no idea how their student loans work, even more alarming many of them don't know how to do their taxes, balance their check book, or what the interest on a credit card means.
How alarming is that!? This is a majority of young people entering their adult lives. These kids are signing away four years and tens of thousands of dollars sometimes without conceptually or even monetarily grasping what that means. They sign where there parents tell them to sign, but so many parents don't even talk to their kids about student loans or personal finance.
Parents, I encourage you to let your kids at least be involved if not do some of these things on their own. Yes, I know that most loans need a cosigner with good credit, but that still doesn't mean your son or daughter can't do the research beforehand before choosing a lender. Maybe they'll do a terrible job, but chances are your kids will learn a lot by trying. At this point you can still step in and find the best lender for your child's future, but let them—no make them be involved in this process. One thing study after study shows is that millennials in their young twenties are ill adapted to so many things in society. Its part of the reason they are still living in your house at 25 and can't fill out a job application. Am I stretching this issue—yes a bit, but I think the point is still valid. When your kid's get a job in high school don't do their taxes for them. Encourage them to figure it out—maybe even put incentives in it. Heck it will save you money from H.R. Block.
Involve your kids and they'll be more functional in adulthood and much better off for the education you can provide.
Thanks for reading.
Coming Soon: Millennials in Science—A brief—and alarming secession from academics. Including experts from my post with Research!America