HCR Wealth Advisors Suggests Teaching Children Finance and Money Management Early

HCR Wealth Advisors helps investors navigate the world of investing and finance. HCR encourages parents to teach their children to do the same.

Money management is a critically important skill. The professionals at HCR Wealth Advisors are committed to educating their clients on how to achieve financial security. Below, the firm offers some tips to help parents educate the investors of the future.

Give your child compensation for helping around the house. This is also a chance to teach them about working overtime to earn extra money by doing extra chores. Don’t “give” them an allowance, make them earn it.

Demonstrate the value of budgeting. On the left side of a piece of paper have your son or daughter write the heading “Income“. Have the child list the amount of their allowance under the heading. The right-side heading will be “Expenses”. Besides introducing a youngster to budgeting having a visual aid will help them see what purchases they can make right away and which purchases will have to wait.

According to their facebook post, childhood is a good time to be introduced to the world of banking. Open a bank account for your child but take them with you so they can witness the process. Once open, encourage the young account holder to make regular deposits. Make the use of debit cards part of their banking education. Emphasize the security and peace-of-mind that results from having money in the bank.

Explain that investing can be a way to increase wealth. Buy your child a single share of stock but help them research the company first. Show them how to track the stock and understand why the value fluctuates. You can achieve the same goal with play money and imaginary stock purchases.

Having been in the business for 30 years, HCR Wealth Advisors offers investment advice and financial planning to its clients.  The firm helps to guide its clients through life’s many transitions, such as parenthood, marriage, divorce, and retirement. Besides financial services and wealth management, HCR Wealth Advisors also offers business consultation services. The firm customizes financial plans for each client based on their financial situation and their goals.

Know the top holdings of HCR Wealth Advisors: https://www.holdingschannel.com/13f/hcr-wealth-advisors-top-holdings/

HCR Wealth Advisors is not affiliated with this website.

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