5 Sensitive Money Issues Families Avoid Talking About

There's some topics we avoid with family--but money shouldn't have to be one of them. Learn the top 5 sensitive money issues you SHOULD be discussing!

We generally avoid talking about money with our loved ones, because we all know that financial discussions have separated many people over the centuries. Even though talk about inheritance, social security and insurance policies sounds distasteful, it is extremely important that we discuss these things openly with those we care for to plan for the future.

Here are some of the most pressing issues you should not avoid talking about:

  1. Your General Financial Situation

Unless finances are always rosy in your family, you should always be open to discuss problems that might arise. As soon as you are facing budget restrictions and debt, you should tell your close family, so that any major trouble can be avoided.

Our family can help in many ways to get us out of debt, either with financial help or emotional support. It is best not to bottle up worries and stress inside. The people that love us deserve to know what it going on.

  1. Your Will

It might be frightening to think about what happens after we pass away, but you should certainly sit down and have a good talk about your will, both with your financial advisor and your family.

Many families have broken apart over the lack of a will and clear agreements of who gets what. Make sure that your adult children all agree on the terms to avoid future hostilities in the extended family.

  1. Childcare Costs

Most of us are very open to the idea of taking care of our grandchildren while their parents work or take a much needed break. The problem is that childcare, especially if it is for an extended amount of time, can be very expensive.

If you can’t or won’t handle such a financial burden, you should be open to the parents of the children. Taking some money for babysitting can still be cheaper than daycare for the parents!

  1. Retirement Plans

Your children should know where you want to retire to and what kind of facility you prefer. It is a big burden for your children to leave the choice to them and chances are they won’t make the ideal choice for you.

That’s why you need to think about where you wish to retire to and what kind of hobbies and facilities you want access to in your future. It will make everyone feel better if they know that they acted in your best interest.

  1. Scams and Bad Financial Decisions

Finally, one of the hardest things to admit to our family is when we get scammed or we make a very bad financial decision. It might be a payday loan that has bloated into full blown debt, or someone has coaxed money from you in immoral ways. Whatever the issue, you should immediately share it with those closest to you.

When you face serious trouble, it is always best to seek professional advice from an expert financial planner, like Dominique Brown, who has saved hundreds from debt!

What About You?

Are there sensitive money issues you’re worried to discuss with your family?

 

 

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