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Important Financial Family Conversations

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Important Financial Family Conversations

Bob Casarona, MS, CFP®, AWMA®
Financial Advisor

bcasarona@ncafinancial.com


Talking about money can be difficult. In fact, many studies have found that it is one of our least favorite topics of conversation, rivaled only by politics and religion. Yet, here at NCA Financial Planners, we have found that financial conversations are not only important planning tools, but are also highly effective in passing down your values and financial wishes to the next generation. In this short article I would like to focus on three family conversations that we have found success helping clients with.

In chronological order, the first conversation happens rather early on in life – one that relates to college planning. When your children begin to look at schools, we believe the conversation surrounding how much you can afford to pay is an important one. This opens the children’s eyes regarding how much college actually costs, and this is also the first step in the conversation of student loans, and more importantly, a plan to pay back those student loans.

Eventually, the “Bank of Mom and Dad” has to close. This leads us to our next useful conversation. It is always difficult to get the kids off the payroll, but ultimately, doing so will benefit both you and them. This conversation will allow you to better focus on personal retirement goals and they will be able to begin to develop their own financial independence.

Finally, it is a good idea to discuss your end-of-life and legacy wishes with your family. Discussing how and where you would like to age, funeral wishes and financial means to deal with these items (i.e. prepayment of funeral or long-term care insurance) will make the process easier on your children and on you. This conversation also provides an opportunity to bestow some of the values you have developed throughout your life when speaking about your legacy. You can speak of charities and causes that are important to you, along with your life story in creating the wealth you have. This can be a difficult conversation to have, but it can also be very powerful and meaningful.

Bob Casarona, MS, CFP®, AWMA®
Financial Advisor
Featured in the CJN: 9.10.021



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