This month’s theme of “Family Financial Education” could probably be every month’s theme for the rest of my life. In the past, we’ve talked about some technical situations, but we are going to switch gears a bit and take a look at having tough financial conversations, as it relates heavily to the tough conversations our society is having at this time also.
Enjoy this month’s OC Wealth Coach reading!
The last few months have led to heated discussions about public health and public policy. These issues are polarizing, patience is dwindling, and the stakes are high. But that doesn’t mean we should retreat from these topics. Difficult conversations are very often worth having. They can be opportunities for improvement and understanding.
Conversations in the past few months have been harder than I ever remember. We have received a lot of phone calls from people who feel financially overwhelmed or uncertain. Thank you for reaching out with those questions and for thinking about us when talking with your friends and loved ones. We continue to equip ourselves with useful info to bring clarity to those conversations. The most that we can do with some financial questions is to use the information we have available for now and give our most thoughtful effort to today’s decisions. And then, tomorrow, make the most thoughtful decisions again. A methodology of constant improvement is how we, hopefully, continue to get closer to our goals.
Difficult discussions about money can be polarizing, the patience required can be exhausting, and the attacks can get personal. If you have seen an aging loved one who gets genuinely infuriated about the lost tv remote, you can probably guess how difficult it might be to let them know they aren’t thinking clearly with their finances anymore and need to allow some assistance. These conversations can be heart-wrenching and pull families apart. Or they can bring relief and pull people closer together.
Here are some common topics that come to mind:
…to parents about beneficiaries.
…to parents about estate planning.
…to parents about their cash flow.
…to kids about college decisions.
…to kids about not doing an expensive trip.
…to a sibling about caring for parents.
…to a loved one about their diminishing mental capacity.
…to someone after the death of a loved one.
…to someone with different opinions than you.
Or…….to a spouse about many of these things.
Have you needed to confront any of these tough conversations? We will be sending another email next week with some ideas that may help. And, of course, please feel encouraged to forward this to anyone who might benefit from it as well!