HCR Wealth Advisors is a registered investment advisory firm established in 1988 to help their clients obtain their financial goals. Even though their main service is to advise their clients on wealth management, they achieve this through various services such as creating personalized financial strategies and informing clients on suitable investment strategies.
They also help to protect their clients against different kinds of financial risks. This is possible because they develop strong relationships with clients based on years of trust, quality service, and regular education. Over the years, HCR Wealth Advisors has sought to build a reputation of transparency and integrity.
HCR Wealth Advisors believes that you can raise the financial IQ of your children by teaching them about money and finance issues at an early age. This will prepare them for adulthood and, as they grow up, they will be able to make good financial decisions on their own. This is a welcome development because many individuals find themselves in debt because of several years of bad financial decisions. If some of these people had received financial guides at the early stage of their lives, chances are good that they could avoid financial difficulties.
HCR Wealth Advisors offers the following tips on how to give your children good financial training at the earliest stage of their lives.
Give Your Children an Allowance for Doing Chores
It is advisable to teach your children that they have to work to earn money. There is no free money anywhere. Teach them how to work for money by paying them a certain allowance for doing household chores. Let them know that it is their responsibility to do household chores, so if they start to neglect their duties, their allowance will reflect that.
Teach them About Budgeting
Let them know that money and other resources are usually not enough for their needs, so they have to decide how to spend the little they have wisely by creating a budget and preparing a scale of preference. Most importantly, let them know that sticking to the budget is more important than creating it.
Open a Savings Account with Your Child
You can also open a savings account with them to cement that habit of saving their income. For any amount they earn, they must save a particular percentage. Over time, they can watch their savings rise. Perhaps set a goal for them to reach, at which point they can buy a big luxury item with the savings that they earned.
Educate Them on the Importance of Investment
Many wealthy people have their savings because they sought investments before luxury and waited to enjoy the returns of their initial investments. Others choose to chase immediate gratification which can leave them in a struggle financially. Teach your children the importance of investment as early as possible.
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