Money Conversations You Should Be Having
August 02, 2022
Although you may be reluctant to talk about money with loved ones, constructive financial conversations can have a beneficial impact on their futures, and yours, too.
We share ideas about conversations you may want to have with:
Your Children and Grandchildren:Children from affluent families take vacations, attend summer camp, eat out in fancy restaurants, and participate in travel sports programs, often without an understanding of where the money comes from to pay for it. You can help provide and share with your children and grandchildren your perspective on wealth and wealth creation through money lessons for all ages including how to earn a living, identify needs versus wants, invest for the future, and give philanthropically. A family’s legacy transcends dollars and cents where you play an important role in preparing the next generation for the responsibilities that come along with financial success. |
| Conversation Tip: Young children learn best through play. And teens and pre-teens often open up more during conversations in the car, when they don’t have to look you in the eye. |
Your Parents:Do you know the resources your parents have set aside to support themselves as they age? For example, do they have company retirement plan assets, IRAs, or a pension, or have they purchased long-term care insurance? Although it may seem awkward or intrusive, you need to prepare for the role you may play in their caregiving in the future. A basic understanding of the details of their estate plan, including their healthcare wishes, is a good place to start. |
Conversation Tip: |
Your Spouse:Money troubles and lack of communication are two of the most commonly cited reasons for divorce.* Connecting regularly with your spouse to discuss your life goals can help you get on the same page, spiritually and financially, and work cooperatively. |
| Conversation Tip: Dedicate time for conversations about your financial future. Agree in advance on a topic and venue and keep conversations goals-oriented and positive. |
In addition, your Washington Trust Wealth Advisor is a resource you can count on for guidance on money conversations, as well as facilitating the process. Contact us to learn more!
*10 Most Common Reasons for Divorce, marriage.com, September 30, 2021
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