HCR Wealth Advisors: The Importance of Early Financial Education

 

HCR Wealth Advisors is a registered investment advisory firm. It is dedicated to providing quality service and financial advice to clients. It seeks to establish relationships through a system of education geared towards providing important information regarding financial decision-making to their clients. In this way, they are able to build trust with each individual client. The foundation of the firm’s business is the establishment of lifelong relationships with clients. In this effort, they have provided several key insights that they believe will help you to provide the knowledge necessary to your child on their journey to financial independence as they grow into adults.

If you are able to provide your child with the necessary information at an early age, it will make the process of becoming a financially independent individual much easier. They will be able to understand different financial matters and begin developing strategies to cope with situations as they occur throughout their quest towards independence. HCR Wealth Advisors believes that you can begin by creating an association between work and money as early as possible. Allow your child to complete tasks around the house in order to receive compensation in the form of an allowance. Not only will you benefit by being able to have tasks completed by your child, but they will receive a great benefit as well. As they complete tasks and receive compensation for that work, they will begin to build an association between money and earnings they receive. In the real world, money is not free, and it is important for them to learn early on that they must work in order to receive it.

After your child has developed the ability to associate work with money you can then build on the concepts by helping them develop a plan for budgeting. Have them write out on a piece of paper their source of income and their expenses. In this way, they can see where their money comes from and where their money goes. This will aid them later in life whenever they are developing the budgets that they will need in order to survive adulthood.

A list of HCR Wealth Advisors’ top holdings: https://www.holdingschannel.com/13f/hcr-wealth-advisors-top-holdings/

HCR Wealth Advisors is not affiliated with this website.