It's graduation season, which means that millions of young folks are transitioning from one chapter of their lives to the next. While this presents an opportunity for them to start new lives, it presents an opportunity for the parents, as well.
This is an ideal time to reflect upon your life and set some new goals. If you have children finishing college, you are in the unique position of being able to set yourself on a new course that could bring you into great financial security.
Here's the thing: You've had tremendous resources going to your child for the past 22 years, and ideally, you will soon be in the position of no longer needing to support him or her financially. True, it may take a few months — or perhaps even a few years — before they are entirely financially self-sufficient, but the monthly costs of supporting them will likely be dramatically reduced.