The Sandwich Generation is a unique group of people that are dealing with a financial situation that is unlike generations in the past. This group is typically classified as individuals that not only are still supporting older children, many of whom are going through college, but also need to support their aging parents. In fact, as many as 1 in 7 working people could fit into this classification.
HCR Wealth Advisors is a registered investment advisory firm that works with individuals to develop strategies to help them reach their financial goals.
Don’t Neglect Your Future
One of the most important things for the Sandwich Generation to do is to not neglect your future. Many people are so focused on helping their parents and children that they no longer are preparing for their own financial future. But you have to keep on putting money in your savings account regardless.
Understand Parents’ Finances
When it comes to helping your parents, you need to better understand their financial situation. You should help them organize their finances and liabilities. From there you can better help them make a plan for their healthcare and long-term living costs.
When you have children in college, you should help to support them the best that you can. Many kids today move back home due to significant debt burdens after college. To minimize this, you should help them find ways to reduce the debt by getting a campus job or finding a more affordable education option.
When you are dealing with these unique financial situations, it could also be a good idea to meet with a professional wealth advisor. One great option would be HCR Wealth Advisors. This wealth management firm can provide you with a variety of services to better manage your personal finances. They will help to provide you with the tools that are necessary to better allocate your finances and prepare for your financial future.
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