5 Things to Ask Yourself Before Picking Up the Tab for Your Child’s College Education

Giving your teenager a credit card may seem like a scary proposition, but it could be the safest way to teach them about credit. Credit expert John Ulzheimer says it's just like teaching your teenager how to operate a car, but in a controlled environment. “Nobody would just let a teen hop in a car and drive,” says Ulzheimer, who formerly worked with Equifax and FICO. “And nobody should just let their kid get a card on their own someday without some teaching by the parents.”

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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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