Tips For Discussing Money With Your Family

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

Aside from your typical day-to-day conversations about work and school, one topic that must be addressed by families is money. Whether it be related to children saving for college, how to properly manage credit cards or what is to happen with financial assets upon a parent's passing, it is extremely important for families to sit down together and have money talk to ensure that everything is taken care of in the best way possible. But since talking about money can be stressful, we've put together the following tips that you can use to make it easier:

Choose the right time: If you're a parent or child who no longer lives with the other, the best time to discuss money is when you are face-to-face. However, that doesn't mean holiday dinner should be the time you dedicate to doing so. Instead, work together to set aside some time where no other activity is taking place. Having everyone's undivided attention on the topic is the best way to guarantee a positive outcome.

Avoid criticism: It can be pretty simple to focus on the "don'ts" of personal finances, but talking about it negatively can put a bad taste about money in everyone's mouths. Therefore, your best bet is to approach the topic in a positive way instead, touching on why certain habits are good to get into rather than why current habits are wrong.

Don't go overboard: While you may have a bunch of topics to discuss, it's important to realize that you may not be able to touch on it all at once. Especially when it comes to situations that are a bit more in-depth, you need to to make sure that everyone is completely focused and on the same page - not scrambling to jump back and forth from one idea to the next. If you have several things to talk about, you may be better off scheduling different days to meet.

Although money can be one of the most difficult things to talk about with your family members, when you take the above into consideration it can ease the burden of doing so greatly. Do you feel ready for the conversation?

After you've met with your family, don't forget that it's important to meet with a professional financial advisor as they can provide you with the most strategic solutions to help with any money related matter. For more information about how we at American Investment Planners LLC can help, check out our website or give us a call at (516) 932-5130 to make an appointment with our team!