9 financial planning rules for women

Set limits on helping the kids
Set limits on helping the kids © gemphoto/

Set limits on helping the kids

According to the Women of Wealth study, more than 80 percent of women who are either married or divorced expect they will have to help one of their children in crisis at some point.

Even if your grown-up kids never ask for a bailout, paying for their college education can be financially draining if you don't plan carefully. Have some conversations early on about what choices will work best for your family situation: whether to select a public or private institution, whether you should pay for graduate school, whether the student should work during college.

"It's not just about running the numbers, it's about facilitating the discussion and managing the expectations of everybody involved," Ettinger says. "A really good adviser is going to be able to help you with that process."

As hard as it may seem, sometimes the best decision is to say "no" to your child's dream school, if the financial resources aren't there.

"Moms don't like to tell their kids no," Scharr-Bykowsky says. "I think sometimes (parents) make the mistake of just letting the kid pick the college based on factors that are nonfinancial. It could really hurt them in the long run."


Show Bankrate's community sharing policy
          Connect with us

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

CDs and Investment

Where should I put my money?

Dear Dr. Don, I would like to begin investing money to use in retirement. I want to be conservative with these investments, and I don't know where to begin. Any advice on retirement investing would be appreciated. Thank... Read more



Dr Don Taylor

Forgo upside to protect your backside

What if you could participate in the market's upside performance while protecting yourself against downside risk? These products exist. They are equity-indexed annuities and equity-linked CDs.  ... Read more

Partner Center

Connect with us