Kareen MillsFounder & CEO, Friendsgiving Live® · Most Influential Filipina ’23 🏆 Founder of the World’s Largest Friendsgiving Festival for Women | Angel | Keynote | Sugar Mommy™ Media | Psalm 25:1 ✞

Got an 18-Year Old Child? What to do with them #personalfinance

31 Jul 2024 · 1 min

Watch on YouTube

1:01

In this short personal‑finance video, the speaker—who references her own son turning 18—outlines three concrete actions parents should take to help their newly adult children manage money responsibly. First, she advises taking the teen to a bank to open an adult checking account, establishing a basic financial hub. Second, she recommends starting credit building early: a student credit card for college‑going kids or a secured credit card for those not attending college. Third, she suggests setting up a high‑yield savings account (HYSA) for any part‑time earnings, emphasizing the benefit of earning interest. The speaker frames these steps as essential milestones at the legal age of majority and invites viewers to comment “HYSA” to learn which account she uses.

Chapters

What to do to help your child that just turned 18. The top 3 things my son and I did together after he turned 18 this month. When our kids turn 18, there are several things we as parents need to do to guide them. The law calls it age of majority. Number 1, I took him to the bank to open his own adult checking account. If your child is going to college like mine, number 2, get them a student credit card. You need to help them build credit as soon as possible and get their own trade line started. Our kids have options that they don't need to go to college. If they're not going to college, you can help them get a secured credit card. You betcha my son is getting that one too. Number 3, if they have a part-time job like my son, Make sure that they set up a high-yield savings account. If you want to know the high-yield savings account we use, comment the acronym HYSA.