Your child has graduated from college and begun her career – it’s time to celebrate as she becomes financially independent, right? Except two months later, she asks you for money. You thought the Bank of Mom & Dad had closed after she started work!
Too often, recent graduates fall victim to avoidable financial mistakes. Maxing out credit cards, spending more than their take-home pay, delaying saving for retirement, defaulting on debt payments – young professionals make these mistakes because they are thrust into financial adulthood with little direction. One common reason for this lack of guidance is that the subject of money is often off-limits for many families.
To help you prepare your child for financial independence, the Career and Professional Development Center invited Micheal Rutkowski, a CMU alum and wealth management expert for Morgan Stanley, to share his insights on beginning one’s career on solid financial footing. We hope you will view this video and share it with your child to help open the lines of communication.