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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 build a team of professionals including therapists, wealth advisors, coaches, and others, to develop a smart strategy for spending. They can manage 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” pushes children to view money in a healthier and sustainable way. Establishing lists of expenses and labeling them into different categories such as necessities and entertainment organizes costs for better financial management. Collaborating to establish financial expectations and goals through a budget fosters responsible spending.
Educate
Educating your children on financial responsibility allows them to not only become financially literate but achieve greater autonomy. For example, teach your child about saving for specific goals by emphasizing delayed gratification and the importance of planning. With resources and guidance, children 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 empowers 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 [email protected] or (646) 883-9717.
John Samuels is founder and CEO of Better Health Advisors, an independent healthcare advisory practice based out of New York City. John served as a senior healthcare leader in New York City’s top hospitals for over 20 years. He uses his extensive healthcare experience and wide network of medical professionals to achieve the best possible care for clients nationwide. He was recently honored by Forbes as one of the Next 1000 entrepreneurs and business leaders who are changing how businesses are run.
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