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Talk To Your Family About Money - We Can Help

Pursuing Success At Every Generation - Learn To Talk To Your Family About Money

on Thursday, January 21st we held a webinar to discuss this sought-after topic.

To watch the replay, click this link.

Talking with loved ones about finances can be tough. Whether you have a lot to pass down or a little, the conversation needs to happen. We know this isn't easy, so we want to lend some tools to help you tackle the discussion. 

Tip #1 Start Simple

In life, sometimes the hardest part of accomplishing something is simply getting started. Get over that first hump by starting off the conversation simply. From there, your dialogue may flow more naturally than you might think. Some simple sample questions may be:

•What’s the most important thing in your life right now?

•What are you most proud of?

•What’s a dream you have for the future?

Tip # 2 Start Early

Start talking about money with children as early as possible. Children who grow up discussing and learning about money with their family develop a comfortability that they carry into their lives. Some ways to get young children thinking about money include:

-Use a piggy bank

-Incorporate an allowance

-Let children watch and listen as you communicate about family finances and pay bills

Tip #3 Tell A Story

Whether you use it to impart a lesson or expand the imagination, storytelling is a key communication tool. When starting to talk about money with family, starting off with a story about a time when you made a financial mistake or achieved a financial milestone may help the conversation deepen to a new level of understanding. Here are a few story ideas:

-Remember a time you saved up for something important to you.

-Recall a sacrifice you had to make in your budget and how it impacted you.

-Think back to a time you had a large unexpected expense to pay for. Were you prepared?

We hope these tips have helped you. What we think will help even more is watching our recorded webinar on this exact topic (see below). You'll learn specifically what topics need to be discussed with family members. Contact our office to receive a take-home workbook to help guide your conversations with loved ones. 

Questions about this content or our next upcoming webinar? Contact lblair@steinfg.com.