I've seen a lot of pain between children and family when they keep money secrets from each other. The less children know about their parents' financial situations, the less empowered they will be when it comes time for them to step up and take control on parents' behalf. Today's guest Erin Lowry writes about how children should approach money conversations with parents. She writes about this and other tough topics on BrokeMillennial.com.
Erin's parents were deliberate about raising their children with sound fiscal principles. Her dad was intentional about exposing Erin to financial concepts like taxes, expenses, and net profit so that she would grow up “enabled, but not entitled”. She grew up abroad and lived in a very wealthy community, but she managed to emerge as a down-to-earth individual with her priorities intact when it comes to money. Lessons about giving back and conserving wealth were common themes in Erin's world growing up.
End of life conversations can be difficult, and the conversation about handling financial affairs when you pass away can be an especially touchy topic. Erin has practical tips for children to approach their parents so that conversations about money can be positive. Conversely, parents will find this advice helpful as well if your adult children resist the idea of thinking through end-of-life planning issues.
Listen To The Full Interview:
What You'll Learn From This Episode:
Erin shares her touchstone story – the financial lesson her father taught her that keeps her feet on the ground (but her head in the clouds) to this day.
Erin tells us the financial details her parents shared with her that every kid should know about their parents, and why.
How to broach tough conversations.
Hard lessons learned from actual people who haven’t shared openly with their kids, and ended up causing more suffering because of this.
The point when parents should talk to their children and teens about life insurance, and what young children should know.
Featured On The Show:
Why You Should Tell Your Children How Much You Make by Ron Lieber for The New York Times
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- Broke Millennial: Stop Scraping By and Get Your Financial Life Together by Erin Lowry
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