Navigating Family Financial Support with Precision
Establishing a sense of financial responsibility in your children is a daunting yet important step in their development. Without it, there’s a risk of hindering a child’s ability to launch and be independent. A health advisor can help build a team of professionals including therapists, wealth advisors, coaches, and others, to develop a smart strategy for spending. Additionally, they can effectively execute the team and family’s wishes to bridge any potential gaps in the process. Here is what you can do:
Create A Budget: Creating a budgeting system that instills the idea of a set “limit” can push children to view money in a more healthy and sustainable way. Establishing lists of expenses and labeling them into different categories such as necessities and entertainment can help organize costs for better financial management. Collaborating to establish financial expectations and goals through a budget can foster more responsible spending.
Educate: Educating your children on financial responsibility allows them to not only become financially literate but achieve greater autonomy. For example, teaching your child about saving for specific goals by implementing delayed gratification and the importance of planning for the future. Through providing resources and guidance, children can become confident in making their own informed decisions.
Consistent Communication: Maintaining consistency in implementing the agreed-upon plan and fulfilling your commitment to support your children is crucial for the future financial well-being of the entire family. Instead of relying solely on financial aid, offering children both support and effective communication to help them achieve their new goals empower them to gain a new independence.
Wellworth helps individuals and families make smarter healthcare choices to mitigate risk. With nearly 100 years of combined patient care experience, our multidisciplinary team provides top-tier guidance and support, covering physical and behavioral health, addiction treatment, and health insurance.
We offer consultative and advisory services in 50-hour retainers for family offices and 12-hour retainers for individuals and families. To learn more, contact us at insights@wellworthadvisors.com or (646) 883-9717.