My son JumpStart Jack is a little over 18 years and 3 months old. I am not an obnoxious parent that states their kid’s age in months. The plan is to put together a snapshot every 3 months to monitor progress. JS Jack started from scratch with nothing at age 18 building his financial future.
My goal as a parent is to help him with a JumpStart in building his finances. That JumpStart includes a college degree with low debt, high credit scores, and sound financial tools/habits. I also want to take advantage of credit card bonuses and perks in order to collect cashback, frequent flyer miles, and hotel points.
JS Jack’s progress snapshot is recorded in the graphic above and the list below.
- High school graduation is weeks away.
- He earned acceptance to 5 schools and chose to attend Radford University.
- RU was the most affordable choice and money for freshman year is already banked.
- Working 2 jobs.
- 30 hours per week at a busy Asian restaurant.
- 10 hours per week at a shop that sells snow cones and ice cream.
- Adult checking and savings accounts established.
- $1000 saved.
- Authorized user cards on 2 of my AMEX credit cards.
- Acceptance for his first personal credit card from Discover.
- Not cosigned and not secured.
- $1000 credit limit.
- One credit card rejection from Bank of America.
- Latest credit scores from creditkarma .com.
- Transunion rates him 710 and “good”.
- Equifax rates him 755 and “excellent”.
My hope is that within a couple of years, the credit scores will climb, the list of credit cards will grow, and a tally of airline miles, hotel points, and cashback will appear. At this time, due to RU’s bargain price, a bachelor’s degree with no debt seems possible.
Over the next quarter, I’ll make the first tuition payment, monitor credit scores, choose some credit cards for applications, and watch for saving and checking account bonus opportunities.