Personal Finance

Coco just ran through the same process as his brother.  Once you turn 18, you become a legal adult, so it’s time for your own bank account.  This helps with going off to college.  It is also another step towards being aware of your finances.  Sure he probably could have stayed with BOA, but I can’t stand that bank and he gets Fidelity accounts for free, while I work there,

     As part of the process, we talked  about what each account is for.  We talked about general investing and finances.  We opened an IRA.  We talked about the importance of saving now.  Coco understood he long term investment horizon, risk tolerance and investment models.  He will also get an infusion cash to that IRA, since I opened a minor custodial account years ago, on his behalf.

     This is just another important topic to have in regular conversations.  Talk about it early and often.  These kids need to understand financial obligations and responsibilities.   I feel like I would fail them, if I stayed quiet.