More Than a College Savings Plan: Preparing Our Children for a Career

In our July newsletter, we talked about how to get our children thinking about college: why they want to go, where they go, what kind of school, and how it’s all going to be funded. Those talks are an important first step, but preparation for the future involves more than what college looks like. It also means helping them think about possible career paths and what those mean for their financial security.

Starting the Conversation Early

If we have children entering grades 8 and 9, this is a wonderful time to begin talking about the future. Not with pressure or expectations, but with curiosity.

Instead of asking, "What do you want to be when you grow up?", we can ask questions like:

• What classes do you look forward to?
• What hobbies, sports, or activities do you never get tired of?
• Whose job seems interesting to you?
• Is there something you've always thought would be cool to try or see what it's like?

These discussions aren't meant to steer our kids into choosing a major in ninth grade. They help get them thinking about the direction they may want to pursue though which will, later, help them answer that ‘why’.

Exploring Careers Up Close

None of these conversations require our children to have everything figured out. We want to give them time to explore, ask questions, and get to know their unique qualities and abilities. Recognizing how those may shape their future gives them a clearer sense of the direction they may want to pursue.

One way to add more depth to these career talks is to create chances for them to interact with people already working in fields that interest them. A student drawn to education could talk with one of their favorite teachers about why they chose teaching and what life in the classroom is really like. A child interested in medicine might ask their pediatrician about the realities of practicing medicine and the path that led them there. Even the neighbor down the street who works as an engineer, business owner, attorney, or designer might offer insight into a field they’ve not considered.

The more time we have for these discussions, the more freedom our children have to discover paths that align with their interests and abilities. Preparing our children for what comes during and after college means opening their eyes to the possibilities ahead while also preparing them for the responsibilities that accompany independence.

Preparing for a Different Kind of Summer

For most high school students, summer is a welcome break. It's a season of freedom, time with friends, vacations, and a break from school routines. It's easy for them to assume every summer will look that way until they begin a career.

As our children think about college, we can begin helping them see that summers often take on a different purpose. Summer jobs, volunteer work, internships, camps, mission trips, and other experiences during high school can help them discover interests while becoming comfortable dedicating part of their summer to something beyond themselves.

Depending on a student's field of study, college summers may include coursework, research, study abroad, or internships. Some internships are unpaid, which can seem confusing to a teenager who sees a paid summer job as the better choice, not understanding that internships have become an important stepping stone to employment after graduation.

That's an opportunity for us to explain why internships matter. They often provide benefits that a traditional summer job cannot, including:

• Gaining hands-on experience before entering the workforce.
• Building relationships with professionals who may become mentors or future employers.
• Strengthening a résumé with relevant industry experience.
• Exploring a career field before committing to it full-time.

Talking about things like internships gives us a chance to explain that opportunities that build experience and professional relationships can open doors after graduation.

The Price Tag on Passion

Not every career our children fall in love with comes with a big paycheck. Some jobs pay just enough to cover the bills, with little left over, and that's okay, as long as they find real satisfaction in the work. What counts as "enough" is different for everyone, which is why financial security isn't a fixed number so much as a personal definition worth thinking through early.

Financial security looks different for everyone. Security for some might mean earning enough to pay bills while setting aside a little every month for retirement, charitable giving, savings, and a few extras. Others might not feel financially secure without enough money to live generously, travel regularly, help their children through college, and retire comfortably.

What financial security after college means to them becomes part of the conversation. While we want our kids to study the subject that excites them, they should understand that a professionally fulfilling chosen career doesn’t always lead to an overflowing bank account. Helping them understand this connection allows them to consider both the work they hope to pursue and the financial responsibilities that come with adulthood. A career decision is not only about finding something they enjoy; it is also about understanding how that choice may support the life they hope to build.

Looking Beyond Graduation

Preparing for college and making career choices takes time. The earlier we start these discussions, the more prepared our children will be to make informed decisions about their education and the path they choose afterward.

This is where we as financial advisors can help. College costs and long-term financial planning all factor into the choices ahead for our children. An advisor can help us plan for these expenses and think through the financial side of these decisions, so we can focus on the conversations that only we can have with our kids.