With yourself- You've got to get things straight in your own mind about your money. Whether it's because you wrestle with emotions and spend out of guilt or entitlement, or you allow fear to be your money guide, you have to be clear and, hopefully, balanced in your practices with money before you have any tough conversation. So take yourself out for dinner and adult beverages and have a long chat with yourself.
With your partner- Don't forget you love one another when you have this talk about money with your honey. Talk about your personal financial 'personality', what your money tendencies are, and what makes you feel safe. Share your goals and dreams - and remember you love each other. Meet out at a restaurant if it will help keep the mood less intense. And remember that you can always have a chat like this at the office of your financial advisor who can talk about basic budgets and the general percentages used for various expense categories.
With your children - If the kids are little, regular conversations about money can be part of learning arithmetic, consumer math or important life lessons such as budgeting. The conversations with adult children may be to help them understand your willingness or ability to help them with certain financial goals, or to help them transition from a time of some parental support to being on their own. It could also occur as you age and you set up more detailed estate planning.
With your parents- Emotions can infringe on all these conversations, but balancing your concern with respect is critical when speaking with your parents. This conversation may more often be had with women as they live longer than men and often spend years alone. They may be financially savvy or not. It may be helpful to speak with a third-party to help the conversations be directed on finances. Life is full of surprises, and some them stink. So your parents may have been sidetracked- as may you be - by unexpected trials of life. Their present situation may be rolled up with emotions as they sort through their future. Be respectful and do not be patronizing and remember love, kids.
Citations:
Marion Syversen, MBA
NorumbegaFinancial
207.862.2952
Marion@NorumbegaFinancial.com
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Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial are separate entities, independently owned and operated. (CR8993)
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