By Dr. Patricia H. Smith
Recently, at a diner I frequently visit, I had the good fortune of meeting a wonderful couple. This couple expressed immense pride in their granddaughter currently attending college and majoring in cyber security. Their desire for their granddaughter to have a successful career, stable future, and financial security was clear.
Parents believe that paying for higher education is a serious financial investment that can lead to children’s financial security. College prepares children for their future, and it is the legacy that keeps giving for a lifetime. According to an article in Forbes magazine, a study conducted by the Postsecondary Commission and Mathematica, going to college typically results in a substantial financial payoff. Since parents and children agree that paying for college is expensive and may deplete the family income and savings, college and career conversations are necessary. Parents may approach these conversations by focusing on the cost of college, budgeting and managing expenses, selecting a college major, and building a college planning team.
These conversations prevent unhealthy dependency and can build a foundation for financial family security. The depth of these conversations varies depending on the ages of the children. For example, with high school children, parents can focus on the cost of college, budgeting to pay for college, and career and skill development (selecting a college major). These conversations are effective when parents are transparent about what they can afford to pay. Budgeting and managing expenses included in the conversation allows for a discussion about parents’ income and savings, children’s potential contributions (summer jobs, work-study programs, or off-campus jobs), scholarships, gift money from grandparents, and student loans.
Selecting a college major is a complex process with many variables to consider, for instance, academic and career satisfaction, happiness, stability, and future income. Research states that roughly 44% to 50% of college graduates, because of low salary potential or lack of career opportunities, regret their college major selection. Using labor and economic data, such as the Bureau of Labor Statistics government website, can help find careers that are in high demand, now and in the future, and find skills that are attractive to employers.
Children often select college majors that align with their interests, hobbies, strengths, and academic offerings but parents select college majors that offer high-pay and stable careers. However, when parents and children work together, they can;
- find satisfying college majors and careers
- alleviate the financial burden of higher education
- support and protect the family income and savings
How do you start these conversations? First step, hold a family meeting to discuss and brainstorm goals and future educational and career plans. During the meeting, include a discussion about;
- job opportunities and earnings
- successful careers
- personal financial security
The second step is to build the right team of professionals to help facilitate the discussions and take appropriate steps for college and career planning. One critical member of your team should be a certified career and college planning consultant. This consultant will help both parents and children with college planning, finding resources to help pay for college, and selecting college majors and careers. Moreover, the consultant will help save time, reduce stress, and provide guidance for successful conversations and decision making.
Bio
Dr. Patricia H. Smith is the CEO/Owner of Holmes Smith Consulting Services, Inc. Holmes Smith Consulting Services is an award-winning firm that offers college planning consulting, career coaching/counseling, and employee development consulting services to families, individuals, and organizations.
Dr. Pat is the current President of the Maryland Career Development Association, a member of the Pennsylvania Career Development Association, National Association for College Admission Counseling, National Association of Career Development, American Counseling Association, Independent Educational Consultants Association, and Organizational Development Network.
For more information call 302-884-6748 or visit HolmesSmithConsulting.com.
Follow on facebook @holmessmithconsultingservices & LinkenIn
