{"id":5320,"date":"2021-08-26T14:36:46","date_gmt":"2021-08-26T14:36:46","guid":{"rendered":"https:\/\/frischfinancial.com\/staging\/?p=5320"},"modified":"2021-09-08T15:09:50","modified_gmt":"2021-09-08T15:09:50","slug":"some-important-family-discussions-you-should-consider","status":"publish","type":"post","link":"https:\/\/frischfinancial.com\/staging\/some-important-family-discussions-you-should-consider\/","title":{"rendered":"Some Important Family Discussions You Should Consider"},"content":{"rendered":"\n<p>BUILDING HEALTHY FAMILY FINANCES: Talking About Money<\/p>\n\n\n\n<hr class=\"wp-block-separator\"\/>\n\n\n\n<h4>This is our second article in a 5-part series on Building Healthy Family Finances<\/h4>\n\n\n\n<p>If the thought of <a href=\"https:\/\/frischfinancial.com\/staging\/why-is-it-so-hard-to-talk-about-money\/\">talking about money makes you uncomfortable,<\/a> you\u2019re not alone.&nbsp; Many Americans shy away from discussions about their personal finances for various reasons ranging from the desire to avoid tension or competition in professional and personal relationships, or simply wanting to retain privacy.&nbsp; While it\u2019s certainly understandable you\u2019d want to keep details of your finances discreet, it\u2019s also important to consider bringing your immediate family members into financial discussions which may impact their lives.<\/p>\n\n\n\n<p>If you\u2019ve been raised in a family where money matters are a taboo subject, it may seem that it\u2019s best to continue doing things the way they\u2019ve always been done.&nbsp; One recent market-research survey conducted by the Spectrem Millionaire Corner <a href=\"https:\/\/parenting.blogs.nytimes.com\/2015\/06\/24\/why-affluent-parents-clam-up-about-their-incomes\/\">Why Affluent Parents Clam Up About Their Incomes &#8211; The New York Times (nytimes.com)<\/a> found that 18 percent of parents who make more than $100,000 per year never planned to disclose their income or net worth with their children.&nbsp; Their reasoning?&nbsp; According to 32 percent of the respondents, \u201cIt\u2019s none of their business.\u201d&nbsp; While it\u2019s a personal choice as to how much information you are comfortable sharing with your family, if you pass down a tradition of <em><u>all<\/u><\/em> financial discussions being off-limits, it can work against the goals you are trying to achieve. &nbsp;<\/p>\n\n\n\n<p>New lines of communication can be started over a casual dinner with something as simple as sharing the best piece of financial advice you\u2019ve ever received.&nbsp; Discussions can, and should, become a two-way street in learning from each other.&nbsp; Whether speaking with young children, teens or adults, tailoring the topics accordingly will allow their financial acumen to grow as they learn from older family members.&nbsp; The goal of the conversations is to share insight, guidance, and possible expectations of managing a family\u2019s wealth.<\/p>\n\n\n\n<h2><strong>Some Topics to Discuss<\/strong><\/h2>\n\n\n\n<ul><li><strong>Money and Values. <\/strong>What is important to your family?&nbsp; How has the family made money?&nbsp; As parents and grandparents share their path to acquiring wealth, misguided assumptions younger generations may have can be cleared.&nbsp; Adult children may have grown up in an affluent household and never been privy to why their family\u2019s finances were above average.&nbsp; Valuable lessons of financial planning and deliberate strategies used to achieve success can replace mystery or the belief they \u201cjust got lucky.\u201d<\/li><li><strong>The Definition of Financial Success.&nbsp; <\/strong>This can be a highly personal answer.&nbsp; For one person it may mean continuing the growth of a family-owned business, and for another it might mean the financial ability to retire comfortably.&nbsp; The first step in achieving financial goals is to establish them.&nbsp; Then comes the hard work of making decisions daily that bring you closer to your goals.&nbsp; Sharing your family\u2019s stories can be powerful.<\/li><li><strong>Money Management.&nbsp; <\/strong>No one is born knowing how to budget, save or invest money.&nbsp; A basic financial education is vital to establishing and growing wealth.&nbsp; &nbsp;What better way to enhance lessons already learned in school and business than to hear from family members about the way they have done these things successfully?&nbsp; <\/li><\/ul>\n\n\n\n<h2><strong>Topics More Specific to Your Family\u2019s Plans<\/strong><\/h2>\n\n\n\n<ul><li><strong>Legacy Planning.&nbsp; <\/strong>Older family members may have spent a lifetime building up a family business, preparing for the time when they can pass it down to their children or grandchildren.&nbsp; Or they may have been <a href=\"https:\/\/frischfinancial.com\/staging\/philanthropy-life-lessons\/\">deeply involved in philanthropy <\/a>supporting causes or organizations with charitable missions.&nbsp; By discussing the areas of focus which are important to them, older family members can share their vision for the works they would like to see continued in their name.<\/li><li><strong>Caring for Elders.&nbsp; <\/strong>As parents and grandparents age, their care needs will change.&nbsp; Whether their intention is to remain independent and living in their own home or relocating to a community where assistance is more readily available, is there a plan in place to ensure that health care, legal and financial issues can be addressed while respecting their wishes?<\/li><li><strong>Future Inheritance.<\/strong>&nbsp; The thought of discussing a transfer of wealth, which may or may not be disbursed unevenly between heirs, may seem intimidating.&nbsp; However, not only will this conversation allow further explanation if necessary, it can also help prepare heirs for the responsibilities and opportunities they may have in the future.&nbsp; <\/li><li><strong>Trusted Financial Professionals.<\/strong>&nbsp; Some family members may already have a circle of trusted financial experts including a financial advisor, an accountant, and an estate planner.&nbsp; Adult children or grandchildren may not have experience working with professionals who can help them to create and implement a plan for financial growth.&nbsp; By sharing some of their experiences and explaining the value of working with a financial team, older family members can help younger members prepare for their future.&nbsp; They may even want to share the resources of the specific team who helped them to grow and manage their wealth. &nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<p>Talking with your family about money doesn\u2019t have to be stressful.&nbsp; It may feel uncomfortable at first, but once a rapport has been established, the benefit of lessons and information shared between family members will likely be worth the effort.&nbsp; If you would like more ideas on how to speak with your family about money, please contact us.<\/p>\n\n\n\n<h4><em>BUILDING HEALTHY FAMILY FINANCES<\/em><\/h4>\n\n\n\n<ul><li><a href=\"https:\/\/frischfinancial.com\/staging\/financial-conversations-for-couples-joining-their-lives\/\">Part 1: Financial Conversations for Couples Joining Their Lives<\/a><\/li><li>Part 2: Some Important Family Discussions You Should Consider<\/li><li><a href=\"https:\/\/frischfinancial.com\/staging\/how-to-speak-with-your-senior-parents-about-finances\/\">Part 3: How to Speak with Your Senior Parents About Finances<\/a><\/li><li><a href=\"https:\/\/frischfinancial.com\/staging\/how-to-talk-about-money-with-your-children\/\">Part 4: How to Talk About Money with Your Children<\/a><\/li><li><a href=\"https:\/\/frischfinancial.com\/staging\/couples-communicating-about-money\/\">Part 5: Couples Communicating About Money<\/a><\/li><\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BUILDING HEALTHY FAMILY FINANCES: Talking About Money This is our second article in a 5-part series on Building Healthy Family Finances If the thought of talking about money makes you uncomfortable, you\u2019re not alone.&nbsp; Many Americans shy away from discussions about their personal finances for various reasons ranging from the desire to avoid tension or [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":5322,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"<!-- wp:paragraph -->\n<p>BUILDING HEALTHY FAMILY FINANCES: Talking About Money<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:separator -->\n<hr class=\"wp-block-separator\"\/>\n<!-- \/wp:separator -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4>This is our second article in a 5-part series on Building Healthy Family Finances<\/h4>\n<!-- \/wp:heading -->\n\n<!-- wp:paragraph -->\n<p>If the thought of <a href=\"https:\/\/frischfinancial.com\/staging\/why-is-it-so-hard-to-talk-about-money\/\">talking about money makes you uncomfortable,<\/a> you\u2019re not alone.\u00a0 Many Americans shy away from discussions about their personal finances for various reasons ranging from the desire to avoid tension or competition in professional and personal relationships, or simply wanting to retain privacy.\u00a0 While it\u2019s certainly understandable you\u2019d want to keep details of your finances discreet, it\u2019s also important to consider bringing your immediate family members into financial discussions which may impact their lives.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>If you\u2019ve been raised in a family where money matters are a taboo subject, it may seem that it\u2019s best to continue doing things the way they\u2019ve always been done.\u00a0 One recent market-research survey conducted by the Spectrem Millionaire Corner <a href=\"https:\/\/parenting.blogs.nytimes.com\/2015\/06\/24\/why-affluent-parents-clam-up-about-their-incomes\/\">Why Affluent Parents Clam Up About Their Incomes - The New York Times (nytimes.com)<\/a> found that 18 percent of parents who make more than $100,000 per year never planned to disclose their income or net worth with their children.\u00a0 Their reasoning?\u00a0 According to 32 percent of the respondents, \u201cIt\u2019s none of their business.\u201d\u00a0 While it\u2019s a personal choice as to how much information you are comfortable sharing with your family, if you pass down a tradition of <em><u>all<\/u><\/em> financial discussions being off-limits, it can work against the goals you are trying to achieve. \u00a0<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>New lines of communication can be started over a casual dinner with something as simple as sharing the best piece of financial advice you\u2019ve ever received.\u00a0 Discussions can, and should, become a two-way street in learning from each other.\u00a0 Whether speaking with young children, teens or adults, tailoring the topics accordingly will allow their financial acumen to grow as they learn from older family members.\u00a0 The goal of the conversations is to share insight, guidance, and possible expectations of managing a family\u2019s wealth.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading -->\n<h2><strong>Some Topics to Discuss<\/strong><\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:list -->\n<ul><li><strong>Money and Values. <\/strong>What is important to your family?\u00a0 How has the family made money?\u00a0 As parents and grandparents share their path to acquiring wealth, misguided assumptions younger generations may have can be cleared.\u00a0 Adult children may have grown up in an affluent household and never been privy to why their family\u2019s finances were above average.\u00a0 Valuable lessons of financial planning and deliberate strategies used to achieve success can replace mystery or the belief they \u201cjust got lucky.\u201d<\/li><li><strong>The Definition of Financial Success.\u00a0 <\/strong>This can be a highly personal answer.\u00a0 For one person it may mean continuing the growth of a family-owned business, and for another it might mean the financial ability to retire comfortably.\u00a0 The first step in achieving financial goals is to establish them.\u00a0 Then comes the hard work of making decisions daily that bring you closer to your goals.\u00a0 Sharing your family\u2019s stories can be powerful.<\/li><li><strong>Money Management.\u00a0 <\/strong>No one is born knowing how to budget, save or invest money.\u00a0 A basic financial education is vital to establishing and growing wealth.\u00a0 \u00a0What better way to enhance lessons already learned in school and business than to hear from family members about the way they have done these things successfully?\u00a0 <\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:heading -->\n<h2><strong>Topics More Specific to Your Family\u2019s Plans<\/strong><\/h2>\n<!-- \/wp:heading -->\n\n<!-- wp:list -->\n<ul><li><strong>Legacy Planning.\u00a0 <\/strong>Older family members may have spent a lifetime building up a family business, preparing for the time when they can pass it down to their children or grandchildren.\u00a0 Or they may have been <a href=\"https:\/\/frischfinancial.com\/staging\/philanthropy-life-lessons\/\">deeply involved in philanthropy <\/a>supporting causes or organizations with charitable missions.\u00a0 By discussing the areas of focus which are important to them, older family members can share their vision for the works they would like to see continued in their name.<\/li><li><strong>Caring for Elders.\u00a0 <\/strong>As parents and grandparents age, their care needs will change.\u00a0 Whether their intention is to remain independent and living in their own home or relocating to a community where assistance is more readily available, is there a plan in place to ensure that health care, legal and financial issues can be addressed while respecting their wishes?<\/li><li><strong>Future Inheritance.<\/strong>\u00a0 The thought of discussing a transfer of wealth, which may or may not be disbursed unevenly between heirs, may seem intimidating.\u00a0 However, not only will this conversation allow further explanation if necessary, it can also help prepare heirs for the responsibilities and opportunities they may have in the future.\u00a0 <\/li><li><strong>Trusted Financial Professionals.<\/strong>\u00a0 Some family members may already have a circle of trusted financial experts including a financial advisor, an accountant, and an estate planner.\u00a0 Adult children or grandchildren may not have experience working with professionals who can help them to create and implement a plan for financial growth.\u00a0 By sharing some of their experiences and explaining the value of working with a financial team, older family members can help younger members prepare for their future.\u00a0 They may even want to share the resources of the specific team who helped them to grow and manage their wealth. \u00a0\u00a0<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p>Talking with your family about money doesn\u2019t have to be stressful.\u00a0 It may feel uncomfortable at first, but once a rapport has been established, the benefit of lessons and information shared between family members will likely be worth the effort.\u00a0 If you would like more ideas on how to speak with your family about money, please contact us.<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:heading {\"level\":4} -->\n<h4><em>BUILDING HEALTHY FAMILY FINANCES<\/em><\/h4>\n<!-- \/wp:heading -->\n\n<!-- wp:list -->\n<ul><li><a href=\"https:\/\/frischfinancial.com\/staging\/financial-conversations-for-couples-joining-their-lives\/\">Part 1: Financial Conversations for Couples Joining Their Lives<\/a><\/li><li>Part 2: Some Important Family Discussions You Should Consider<\/li><li>Part 3: How to Speak with Your Senior Parents About Finances<\/li><li>Part 4: How to Talk About Money with Your Children<\/li><li>Part 5: Couples Communicating About Money<\/li><\/ul>\n<!-- \/wp:list -->\n\n<!-- wp:paragraph -->\n<p><\/p>\n<!-- \/wp:paragraph -->","_et_gb_content_width":"1080"},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Some Important Family Discussions You Should Consider - Frisch Financial Group<\/title>\n<meta name=\"description\" content=\"Building healthy family finances: Talking about money. 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