Having a conversation with your family about money can be challenging but important. Here are some tips on how to approach the topic:
1. Choose the right time and place: Pick a time when everyone is relaxed and free from distractions. Make sure the setting is comfortable and private.
2. Be honest and open: Start the conversation by explaining why you want to talk about money and what you hope to achieve. Be honest about your feelings and concerns.
3. Listen actively: Encourage everyone to share their thoughts and feelings about money. Listen attentively without judgment.
4. Set clear goals: Identify specific topics or issues you want to discuss and set clear goals for the conversation.
5. Be respectful: Remember that everyone has different perspectives and experiences with money. Be respectful of each other's opinions and avoid blaming or shaming.
6. Seek help if needed: If the conversation becomes too difficult or emotional, consider seeking the help of a financial advisor or counselor.
Remember, talking about money with your family can help improve communication and strengthen your relationships.
Reported 4 months ago
Edward Jones Financial Advisor Andy Esser discusses the importance of having intentional, respectful, and trust-based conversations within families about finances to promote healthy financial habits. Esser emphasizes the need to establish financial goals, define success, and discuss topics such as personal finance, college, and retirement plans. By leveraging each other's strengths and perspectives, families can make constructive decisions and build trust for a better financial future. Andy Esser also highlights the value of involving a financial advisor in these conversations to provide guidance and ensure no financial aspects are left unaddressed.