HCR Wealth Advisors is a registered investment advisory firm that serves its clients with trust and educates them on how to achieve their financial goals. The firm says that an increasing number of its clients fit into what is called the “sandwich generation.” That is a group of people who have the dual responsibility of trying to help out their aging parents with healthcare costs and at the same time helping out their grown children with college expenses.
HCR Wealth Advisors always wants to create a personalized financial strategy that works for the individual person who comes through their door. However, there are some basic tenets that they do not deviate from on a regular basis. For example, the professionals working at HCR Wealth want their clients to focus on their own retirement before they get into the business of trying to help out their loved ones.
No one is questioning that helping out loved ones is a sweet thing to do. It is also undoubtedly a tough conversation to have to tell a loved one that you might not be able to help them out financially as much as you might like to. However, these are conversations that do need to happen. They are your family, so they should be understanding of whatever it is that you have to tell them.
The next thing to do is talk with your kids about their school choices. They may not be able to go to the fanciest school in the world even if they are accepted to that school. The simple reality is that those schools cost a huge amount of money, and that is not money that every family has. Therefore, going to a cost-effective college may be the way to go.
Finally, helping with parent’s healthcare costs is another great thing to do. But in order to do so effectively, you will have to know the details of your parent’s healthcare situation. You may not feel like you can approach this topic with them, but it is an absolute necessity that you do. They need to be upfront with you about what is going on in with their health so that you can provide whatever amount of support possible to them.
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