Openly Discuss Personal Finance With Family

Tuesday, December 11, 2012, AM | Leave Comment

We are living in an era where both spouses often work full time. Teenagers in the family might also be working if not full-time at least part-time. Families very seldom get time to sit with one another and talk about things especially family finances.

However, because it’s holiday times, we must take time out from our busy schedules and talk among each other and what better topic than personal finances.

Parents and even adult children are struggling to talk openly on such key topics as income in retirement, caring for ill parents, estate planning, inheritance, and even gift giving.

As a result, adult children are not only anxious and concerned about their own retirement, but also their parents’ as well.

Almost all experts agree that it’s important to have open and frank conversations with your family members about wills, estate planning, or health care.

People are living longer and it’s important that parents sit down with their family and openly discuss issues and concerns about personal finance.

What topic should you talk about?

Credit, debt, savings, retirement, insurance and whole bunch of other topics about family finance can be discussed at regular intervals in a year.

  • Talk about yourself

    You can discuss your plan about retirement, estate planning in a simple style as in story-telling.

  • Be current of what’s going on in the economy

    You can talk about the healthcare debate that has been going on for sometime and the consistent rising cost of medical care.

  • Death is a fact of life

    Talk to your family about the final arrangement when you are gone. You can be open about it so your family knows exactly what will have to be done when the time comes.

  • Discuss how you recently organized your financial files

    At certain intervals, update your family about estate planning, your will, etc. You can set up a safe location for your documents and share this information with your family members.

In a Nutshell
If you are a responsible person and does not deal in heavy interest and pay your bills on time, then it might be worth your while to share the information with your family.

However, if you are consistently late in paying bills and / or heavily in debt because of your own mistakes, then you may not share any information of your personal finance with family.

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