Talking to your aging parents about finances can be a difficult conversation to have, but it’s an important one. Here are 10 tips to help make the conversation go smoother:
Choose the right time and place – pick a time when your parents are relaxed and not distracted and choose a private and quiet location to talk.
Be respectful and empathetic – approach the conversation with a positive and respectful attitude and try to put yourself in your parents’ shoes.
Start with an open-ended question – ask your parents how they’re feeling about their finances and let them do most of the talking.
Listen actively – give your parents your full attention, and don’t interrupt or judge them.
Be honest and direct – be clear about your concerns and why you’re having this conversation. Also, alert them to scams and people trying to deceive them.
Avoid making assumptions – don’t assume you know everything about your parents’ finances or what they want.
Focus on the big picture – try to keep the conversation focused on their long-term financial goals and how you can help them achieve them.
Offer concrete solutions – come prepared with specific suggestions for how your parents can improve their financial situation.
Involve other family members if necessary – if your parents are resistant to your suggestions, consider involving other family members or a financial advisor.
Follow up – after the conversation, make sure to follow up with your parents to check in on their progress and offer ongoing support.
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