The Mental Wealth Show with Rich Jones artwork

Talking Money With Your Parents ft. Cameron Huddleston - PB127

The Mental Wealth Show with Rich Jones

English - May 21, 2019 04:00 - 52 minutes - 35.9 MB - ★★★★★ - 977 ratings
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We’re all trying to get our finances under control, but have you ever thought about your parents financial situation? In this episode, we sit down with Cameron Huddleston and discuss how we can help our parents with financial issues such as retirement, long term care insurance, debt, wills, and much more. Huddleston is the author of “Mom and Dad, We Need to Talk: How to Have Essential Conversations with Your Parents About Their Finances,” which is set to be released on June 25th, and outlines how you can have productive conversations with your parents regarding money. Throughout her book, Huddleston breaks down the step-by-step process of how you can approach the taboo topic of your parents financial situation. While these conversations may be awkward, there are huge consequences to not having these conversations at all.

 

While it may take some time to get through to your parents, it’s essential to have a financial plan in place before an emergency occurs. If your parents are reluctant to speak about their finances, you can start by treading lightly regarding the topic, offering to help in small ways, and asking a trusted third party to get involved.

 

Highlights:

Cameron’s past in journalism and her extensive experience when it comes to covering topics relating to personal finance. Some universal advice when it comes to money management, is that you need to be saving more money for retirement. How to cut your spending to save more for retirement. While money is a taboo topic, Huddleston’s book “Mom and Dad We Need to Talk” breaks down these conversations and how you can speak with your parents about their finances, retirement plans, long term care insurance, wills, and more. While talking about money with your parents can feel awkward, it’ll be much worse if you don’t have these conversations. Even happy families can end up fighting and bickering over belongings if a loved one passes away without a will. Speak about issues relating to long term care, legal documents, the power of acting attorney, finances, debt, retirement, etc. 58% of Americans have less than $1,000 in savings, and less than 10% have long term care insurance. Timing is a big component to consider when you approach your parents about money issues. Instead of talking with them around the holidays, save this conversation for the summer time. It also might be a good decision to approach this topic slowly, and schedule specific days. Huddleston breaks down different techniques and methods that can be used when trying to get through to reluctant parents.

 

Key Takeaway: It can be difficult and awkward to speak to your parents about their finances, but there are huge consequences to not having these conversations at all. If your parents refuse to speak about these issues, you can start by approaching them respectfully, offering to help in small ways, and asking a trusted third party to get involved.

 

Paychecks & Balances

Website: https://paychecksandbalances.com/

https://www.patreon.com/paybalances

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Cameron Huddleston:

Website: https://cameronhuddleston.com/

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