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Educating kids about financial and money management is something that many parents have brushed off, thinking that their children are either too young, won’t understand, or aren’t interested. However, according to HCR Wealth Advisors, this idea is inaccurate because the smarter children are when it comes to money management, the better the financial decisions they’ll likely make when they are grown. Fortunately, HCR Wealth Advisors guides parents who have no idea about where to start a financial education by sharing tips on how they can teach their child about finance. These tips are found below.
Payments for Everyday Errands
Many parents just give cash to their kids whenever they ask for it. HCR Wealth Advisors advise against this and suggest that parents should pay their kids for completing chores. This way they will begin to understand that there is no free money in this world from early on. They’ll grow up knowing that you cannot subsist on handouts as an adult, but you have to work and earn it. This mindset can help turn them into responsible adults.
Equip Them with Budgeting Tips
If you pay them for chores done well and neglect to teach them about budgeting, they will be unaware of how to create savings and instead spend all of their money as soon as they earn it. Teach them about the essence of budgeting. Tell them to make a list of their expenses and the cost of each on one side and then divide the allowance you gave them to suit their list. This will not only help them learn to cater to the essential expenses over luxuries, but they’ll learn to save the money they don’t have to spend.
Other tips include opening a savings account with them where they can save the extra money they have after they budget and teaching them about the essence of investing and how they can do it.
About HCR Wealth Advisors
Established in 1988, according to glassdoor.com, HCR Wealth Advisors is an experienced registered investment advisory firm that has been helping clients achieve their financial objectives through various investment approaches. For over two decades, the firm has been delivering quality service to its clientele by creating personalized financial plans and investment strategies which are customized to suit the requirements of the client.
That means the strategies used to help one customer may be different from any other and, as such, it has helped many different types of clients achieve financial stability without having to break the bank. HCR Wealth Advisors focuses on creating lifelong bonds with each and every client, establishing trust by delivering high-quality service.
Get your personalized financial solutions from HCR Wealth Advisors: http://analystoffinance.com/2018/04/hcr-wealth-advisors-making-volatility-friend-personalized-financial-solutions/
HCR Wealth Advisors is not affiliated with this website.