Help Your Children Launch

Published: July 8, 2022

It’s the time of year when many new college graduates are beginning the next phase of their lives and starting their first full-time jobs. Although this is an exciting time with newfound independence, it may be the first time they are responsible for their own finances. Klingenstein Fields Advisors (KF Advisors) is a resource your family can rely on to help build their financial knowledge. Our financial planning experts have developed a special guide tailored to the specific needs of those just starting out, and we encourage you and your family to reach out for a copy to review with us. Some of the financial topics we cover include:
Banking: Setting up a bank account is a first step towards financial independence and provides a convenient way to pay bills online. However, banks offer different features in terms of services, interest rates, fees and branch locations. We help them understand their options before making their selection.
Budgeting: When developing a budget, new graduates should understand how much they will take home each month, how to monitor their spending and the importance of setting aside a portion of their paycheck for an emergency fund in case of unexpected circumstances. We assist them in distinguishing between wants and needs and help build an achievable budget.
Understanding one’s paycheck: We help those who are newly employed interpret their paychecks. Many newly employed grads are quite surprised when they learn that their take-home pay is significantly less than their gross pay! We review the deductions for taxes, such as federal, state, and local income tax withholding, as well as Medicare, social security tax, and deductions for retirement plan contributions.
Debit and credit cards: Many young adults are confused by the differences between debit and credit cards. We help them understand that with debit cards, ATM withdrawals or purchases are immediately deducted from one’s checking account versus a credit card, which represents a loan which can carry a high rate of interest if not paid by the monthly due date. Consumer protections differ as well.
Building strong credit: We review how a low credit score can affect the cost of and their ability to obtain large loans, such as a mortgage, and their ability to rent an apartment and/or lease a car. We review the factors that impact a credit score and show them how to obtain their current credit score for free through Experian, one of the three U.S. major credit reporting companies, at
Retirement planning: It’s never too early to begin to save for retirement. We help those just starting off understand the benefits of starting to save early for retirement, how retirement savings plans work, the associated tax and other benefits, and the pros and cons of different plan types.
Investment fundamentals: We explain the different investment asset classes and what they entail in terms of risk and return potential, including cash, bonds, stocks, and less traditional assets, such as private investing, art, or real estate. And we review KF Advisors approach to long-term investing and constructing portfolios customized to each individual’s unique goals and needs.
Klingenstein Fields Advisors hope you and family will consider us as a trusted resource to help build financial knowledge and independence. For more information, please contact us directly by phone at 212.492.7000 or email us at You’ll find News and Insights on our website and can view our educational webinars on a variety of financial topics on our YouTube channel. And please don’t forget to follow us on LinkedInInstagram, and Twitter.

Important Disclosures

This material is provided for informational or educational purposes only and should not be construed as investment, accounting, tax or legal advice. Always consult a financial, tax and/or legal professional regarding your specific situation. This communication is not intended as a recommendation or as investment advice of any kind. It is not provided in a fiduciary capacity and may not be relied upon for or in connection with the making of investment decisions. Nothing herein constitutes or should be construed as an offering of advisory services or an offer to sell or a solicitation to buy any securities or a recommendation to invest in any specific investment strategy. Investing involves risk, including the possible loss of principal. Past performance is not indicative of future returns. The views expressed herein are as of a particular point in time and are subject to change without notice. The information and opinions presented herein are general in nature and have been obtained from, or are based on, sources believed by Klingenstein Fields Advisors (“KF Advisors’) to be reliable, but KF Advisors makes no representation as to their accuracy or completeness. Although the information provided is carefully reviewed, KF Advisors cannot be held responsible for any direct or incidental loss resulting from applying any of the information provided. KF Advisors represents two investment advisers registered with the Securities and Exchange Commission: Klingenstein, Fields & Co., L.P. and KF Group, LP. If you are a KF Advisors client, please remember that it remains your responsibility to advise KF Advisors, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services.