One thing that a lot of parents are displeased with when it comes to high school curriculums is the lack of actual real-life preparations that the students receive. When these kids graduate, they should know what an adult will be responsible for in their daily life. Here, you'll find a shortlist of things to do to help better prepare your teenager for a successful adult life.
Insurance Agent Discussions
Surely, even you don't know everything that there is to know about the different types of insurance that you keep. If you own a vehicle, you have auto insurance. If you own a home, you'll need homeowners insurance, and if you rent, you'll need a good renter's insurance policy. These are just the basic, most common types of insurance that your kid will need to know about.
The best way to educate yourself as well as your teen about the insurance policies that you need to protect yourself from loss is to go visit your insurance agent or set up a call to discuss the options for your needs. He or she will look over your policies and explain what you can do to improve your protections or lower your premiums — whatever your situation warrants.
By the time you're done talking with the agent, not only will you have a better idea of what you're protected against, but your teen will know better about what he or she will expect to pay after he or she has moved out on their own.
Understanding How Credit Works
So many kids come out of high school, get a job, and begin getting those pre-approval letters in the mail. Before you know it, your kid has five high-interest credit cards that they're struggling to keep up the payments on. It can take a while before your teen truly begins to feel the effects of the damage that they've done, but when they go to buy a car in the future, they'll find that their poor credit is stopping them cold.
Before your teen gets too deep into debt, make sure that they understand how the credit system works. Explain the debt-to-income ratio that creditors use to determine if the loan is approved, as well as how well they've kept up with making payments on existing lines of credit. Teens don't understand this, and once the damage is done, it takes a very long time to get out from under.
Talk with a local insurance agent like Hayes McDowell Insurance Agent and begin preparing your teen for a successful and responsible adult life.
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