Sheryl Garrett Student Quotations

Lending practices have become so aggressive that many people are qualifying for mortgages above and beyond the old guidelines. I think the total house expense shouldn't exceed 28% of net income, and the mortgage plus other debt such as a student and car loan shouldn't be more than 36% of gross income.

Give your student the opportunity to earn money while under your roof. Agree on a reasonable split of your child's earnings--save most for school, but don't forget some fun. Allow your child to make decisions on how to spend some of the money on a car or a trip to Europe. You want to start early so you can guide your children and have some influence over their decisions.

Bailing your kids out of a self-inflicted financial mistake is going backward. A credit card can teach a kid when to stop spending. The lesson will be lost if parents keep bailing the student out.