Preparing Your Graduate for the Next Steps in Life
You can’t believe it! Your child is going to graduate this spring. As the old saying goes time does fly. What do you think are the most important pieces of advice you can give your graduate? Well, one way to approach it is to come up with a top 5 list of areas to cover. This will keep your discussion focused and easy for your child to receive.
Here is my top 5 list of things you could cover with your graduate to help them prepare for the next steps in their life:
- Finances. As a graduate prepares for the future talk them about finances and the importance of saving. Other things like 401K plans that may offer a match percentage from an employer are great ways to help kick start savings for retirement. Share what you know about your own personal finance situations.
- Term Life Insurance. A great way for your graduate to get started is to have them apply for a term life insurance policy of their own. This helps them to learn about term life insurance and gets them started. As their life continues and needs change they can then determine if they need to apply for more in the future. Just having a policy in place will give them piece of mind and confidence for the future.
- Whole Life Insurance. If it fits into a budget, now is a great time to purchase a small whole life policy. What they will learn with this policy, combined with term (temporary), is that they will have the best of both worlds covered. They will learn that the cash value that grows over time in whole life will allow them to take a loan from that cash value (up to whatever amount has accumulated up to that point) if they ever need to do so.
- Continuing Education. Emphasize the importance of continuing education. Yes it is great to be done with school or college and many people may continue on to obtain other degrees but don’t forget the importance of staying up to date with industry trends in their chosen business field.
- Volunteering. We all have causes and charities we are passionate about and any amount of money you can donate is a great thing! What is also a great thing is volunteering. Getting out in the community or someplace where you can lend your talents or just simply help a group, cause or charity is one of the great things you can do in your life. So find a charity you are passionate about, investigate ways to contribute not only your hard earned money for donations but how you can physically get out there, help and give back. It’s a tremendous feeling when you can make a difference in another person’s life.
About the author: Dan Cody has been in the life insurance business for over 7 years. He loves playing a variety of instruments including the guitar, bass, drums, and piano. He also supports cancer research foundations and volunteers at local pet shelters. Dan enjoys helping customers understand life insurance, so they can find a solid policy that fits their needs. You can reach Dan at 1-800-651-1953 or DCody@Pivot.com.