5 Money Conversations to Have With Your Kids Before They Go to College

With heavy financial burdens like student loans, rent, credit card payments and more, starting “adult life” on the right foot can feel impossible for many Millennials and Gen-Zers. These generations often receive conflicting advice about how to achieve financial stability: Some experts urge them to pay off their debts as quickly as possible, while others tell them to start building their retirement nest egg while they’re young.

While both paths are valid, it shouldn’t be one or the other. Instead, it’s important to create a strategic financial plan that addresses both short-term debt and long-term savings. Below, the experts of Forbes Finance Council share their advice for young professionals seeking a healthy balance.

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When Jill Caponera was 25, she moved from New York to Los Angeles. That’s when the money trouble began.

“The cost of moving and everything that goes along with a move are kind of how my financial pitfalls started,” Caponera says. “I was looking for work for quite a few months, and once I found work, I wasn’t being completely responsible with my credit card.”

Before she knew it, she had $5,000 in credit-card debt, and her credit score had plummeted to 600. “It seemed like out of nowhere it snowballed out of control,” she says. “It made me really stressed out and worried about how long it was going to take me to pay off this debt.”

But now, five years later, Caponera, now a senior PR manager with Promocodes.com, has $20,000 with a credit score of 805. She’s planning to start mortgage shopping soon, and has been told she’s “highly qualified.”

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