the next generation

My first-born, Jude, has officially entered the workforce! He is slinging pizza at a Wisconsin-based company with a crew of employees who are treated like family. Sending my child out to make his own decisions is a very scary feeling. I want to be confident that I’ve prepared him to make choices that will lead to success.

Having worked in Human Resources for the past 11 years, preparing him for the application and interview processes felt like second nature. I effortlessly walked him through new hire paperwork after he accepted the job offer. We reviewed all of the policies, ensuring that he understood the employer’s expectations regarding his new responsibilities. Luckily, he has not been scheduled for a morning shift, because waking that boy up before noon is the only element not covered by my HR training!

The timing of this milestone could not have been better. Project Money has provided fantastic resources and put me in a position to pass along great knowledge to my son. When I review my finances on Financial Fitness Fridays, my son can sit right next to me and examine his own. While his budget has far fewer expenses than mine, the core concepts remain the same and will transfer nicely as his financial picture comes into focus over the years. I’m not expecting perfection, but I’m looking forward to the process!

When Jude began to show interest in getting a job, we joked about him paying rent. Joking aside, I was serious about him setting aside a portion of each paycheck. After my meeting with Jody, a Summit Financial Advisor, I’m narrowing in on a solid plan for that idea.

Openly discussing retirement savings with my children at a young age is important to me. I neglected to start my retirement planning right away and I’m now struggling to make up for lost time. Jody supported the option of opening a custodial Roth IRA account, with Jude as the benefactor. Rules allow contributions up to the amount a youth earns in a calendar year. I told Jude that if he contributes at least 20% of his earnings to the account, I will attempt to match 100% of his contributions. I’ve made it clear that, while there are limits to my income, I will do everything within my power to better his future.

Passing along financial knowledge to my children was a main goal of my participation in Summit’s Project Money program. I am grateful to be able to provide my family with this awesome learning opportunity!