Have you had the talk yet? No, not “that talk”. To mix a metaphor, the birds and the bees are already out of the barn at this point! No, this talk is about your financial plan. With the holidays approaching, you may want to consider using this time to enter this conversation. Below are some practical tips you can use to get the conversation started.
1. Don’t Make It Awkward
Appropriate communication of your financial picture is very much a part of a successful financial plan. After all, it is likely that family members will be the recipients of your estate someday. They may even be called upon to help manage your finances should the need arise. It can be a little intimidating for someone thrust into that position without any prior knowledge. Remember to keep calm and have patience. After all this involves money, family, and the future. All the makings of a soap opera! If it helps, have an outline or topic list prepared.
Thanksgiving is a time when families traditionally get together and celebrate the holiday. While spending time with family often involves eating/drinking, and watching football (and the occasional nap if you’re lucky), it also may be a great time to discuss family finances at some point over the extended weekend together. After all, how many times can you rave about those sweet potatoes?