Often, when families gather for a holiday dinner, someone brings up a taboo topic: religion, politics, or money. Is there a way to have a civil family conversation about money? Let’s ask our Moneyman, Certified Financial Planner Paul Fain.
PAUL WHY IS TALKING ABOUT MONEY A TABOO TOPIC DURING THE HOLIDAYS?
• Sex and personal finance/money ranked first and second among five “taboo” topics for discussion in a TD Ameritrade survey.
• People worry about causing guilt, embarrassment, resentment or regret.
• Some family members stir the pot.
BUT SOME FINANCIAL DISCUSSIONS MIGHT BE REALLY HELPFUL RIGHT?
Some financial wisdom from an Aunt or Cousin might help a relative, especially young adults, deal with debts, low savings rates, investing 101.
WHAT ARE SOME TIPS TO OFFER HOLIDAY FINANCIAL ADVICE?
• Steer clear of judgmental topics
• Retirement planning and income were the two least-cited taboo topics
• Provide strategies and suggestions in general terms
• Focus on positive, long-term practices: automate bills, save half of a raise, get organized.
• Student loan debt: Strategies to pay it off faster, smarter
• Living paycheck to paycheck,
• Lack of emergency funds.
ANY ADVICE FOR THOSE RECEIVING THE ADVICE?
Consider the source: The person most boastful or opinionated about providing such advice might not be especially well qualified to give it.
FAST MARKET FACT: THE GREEN WEALTH TRANSFER
- Baby Boomers
- Next 25 Years
- $68 Trillion
- Mostly Retirement Accounts
QUESTION FOR OUR MONEYMAN?
Want to learn more about talking money over the Holidays? Do you have other general questions about financial planning or investing? Send your questions to our Knoxville Certified financial planner Paul Fain or directly to Paul@assetplanningcorp.com!
