As young adult children graduate from high school and venture into the “real world,” parents and kids alike often worry about money. In fact, as of 2022 more than 80 percent of young Americans were stressed about their finances. One reason is that many people don't know how to manage money. A study conducted in 2022 found that only half of all Americans were financially literate.
However, a young adult just starting out has a unique opportunity to make choices now that can make a big impact on their financial future. The average American will work 90,000 hours during their lifetime—if they learn to make good financial decisions, they should be able to save their money faster and thereby retire earlier.
Where to save their money is an important consideration for young adults when they begin earning an income. On average, Americans work 40 years during their lifetime and earn about $60,000 per year. That equates to over $2 million in lifetime income—income that could be lost if entrusted to the wrong financial institution.
For students heading to college, they also need to be aware of the many ways to pay for higher education. Too many young adults turn to student loans as their only option, which can take a long time to pay back. In 2024, millions of Americans over age 55 were still struggling to pay back their student loans.
Chris Kilmer is a financial advisor who can help you and your children make smart financial choices. If your young adult children would like to learn more about what to know when leaving home, Kilmer will be leading free seminars this fall. Topics include how to keep a budget, lower living expenses, rent a place to live, open a bank account, pay taxes, and pay for college.
Seminars will be held at Dripping Springs High School for graduating public school students and at the Dripping Springs Community Library for graduating homeschool students. Please visit Kilmer’s website for the dates, times, and locations of his upcoming seminars.
KilmerCo.com