You are to assume the role of a financial advisor meeting with a new client. The client wants you to explain financial responsibilities that should be of concern at this stage in life.
The client you are meeting with is a high school senior that wants to understand the financial concerns of a young person soon going off to college. The client has a part time job and has been able to save half of each paycheck in a savings account. In anticipation of college needs, the client has applied for a credit card and was approved with a $2,500 credit limit. The client will live in the dorms freshman year but wants to move to an off-campus apartment for sophomore year. The client will need to purchase a vehicle sophomore year for transportation to campus.
The client wants you to discuss:
- The need to save and invest
- Financial goals for a student
- Options for financing a college education
- Purposes and importance of credit and risks of a credit card
