Discussing finances with your parents (or children) can be difficult. I sleep better every night knowing what my parents want me to do any assets that may pass. Was I slightly disappointed they didn’t want me to buy a soccer team? Yes. But in all seriousness, I want my parents to spend what they have worked so hard to accumulate. I imagine most of you are similar. Unfortunately, we just don’t know what may occur in life. My dad has had two heart attacks and thankfully still with us and going strong. He reminds me nearly every day he once made 47/50 free throws when he was in his 30s. It won’t be easy to initiate if money is taboo to discuss in your household, but it will be worth the peace of mind and may result in a stronger family bond. Excited to be doing more videos/podcasts with James and thank you all for tuning in.
There is an acknowledged strategy in conflict resolution or mediation called using a “third party object or reference” which means using a neutral tool to start and guide a difficult conversation. It could be a document or….a video! This video would be a great tool to broach the topic, you can say “Mom/Dad, I saw this video and I thought maybe this is something we should be talking about. Do you want to watch and tell me what you think?”
The first real conversation I had was with my mom after my Dad died. Don’t wait. Have this conversation soon. Now is the time. Because things only get harder when one of your parents die.
9:54 This part! First you are there to help them manage their finances in retirement as they age and need more guidance. Their quality of life has to be first priority, and only bring up inheritance if they have plenty of money to fund their end-of-life care.
🙂i discovered each of you and subscribed independently to you both 🙂 ---- found your independent takes were similar but provided a more comprehensive understanding.
I've started the conversation with our son but it needs to be discussed further; my husband doesn't want to discuss money; I'm very open about it. I grew up in West Virginia and knew I wanted to have a different, better relationship with money/finances. I definitely want whatever we are able to leave to begin generational wealth, it's not a lot, but hopefully, a portion could extend to our grandchildren, great-grandchildren, etc.!
Please make a video about how to discuss money with adult children!! Mine don’t want to have the “morbid” discussion of what to do when I’m gone. And they (all in their 40s) resist any discussion of saving/investing for the future, preferring to live for the moment.
How about the conversation with our children? Our interactions with Root and/or this channel make us well-positioned financially AND situationally to discuss the subject with our heirs including family members who may see themselves as having expectations/responsibilities for our care later in life. I’d hate for my kids to be silently (and needlessly) worrying about this.
As I’ve been assisting my 90 year old Mom with her health and finances, I’ve been thinking about my possibilities in the future. My husband and I will handle this for each other until the first passing. After that I have my sister (but she is only 5 years younger). I don’t have kids or nieces/nephews. Since we have a substantial estate and have a trust with charities as the beneficiary, I believe naming a trust company as trustee will work for the finances. I’m worried about who to name if both my husband and sister are unable to handle the responsibility. Since I moved near Mom, my closest friends are located in other communities and would probably not be good healthcare assistance. Any ideas for me to explore?
Here is what I'd like you both to discuss in this new content approach. My 35 yr old son is single and makes good money. I am going to have him fund a Roth to the max before yr end so he has one established. He has not started saving for retirement but knows he needs to. I'm encouraging him to look into the 401k at his work and get it started. He may make too much money to be eligible for IRAs next year. I feel he needs to: fund 401k to get employer match if there is one and fund to the max if possible; maybe a mega back door roth could be in his future; start funding a brokerage account. How would two suggest I guide him? Thank you James and Ari. Larry
It's not that money is taboo, just private. A need to know basis. Either the parents or the kids could consider bringing it up in that context- what do they need to know? What's the goal?
There’s a third situation that you guys missed; do you have any money saved, or is the surviving one of you going to be living on just a single SS benefit? Even if there’s a trust, directives, and all the other docs Ari mentioned, doesn’t mean the house won’t be in a reverse mortgage within 10 years. Do not assume any aspect of your parents having and keeping their act together, even if they did grow up in the Depression, especially if they refuse to or avoid talking about money. In that case, assume the worst.
one suggestion --- why don't you also say as a child what you feel is of value and where you are thinking of spending some inheritance --- your own children going up, your retirement --- or a family wealth fund to which you also contribute ----- it is not always 'just having free money' but what you value is a priceless conversation. i also think that parents save for their children but know that they can't fund their children's lives and also they are not sure how their own expenses might prevent giving to children. Unless the info from the private bank studies is relevant for families w/ >3M then you have to structure the portfolio /assets from the basic will + trust etc.> as you noted the "estate plan" - as process, beyond initiation.
What about parents who are secretive misers? I just found out they SAVED for retirement (in the bank) ... after 20 years it's almost gone - they never did investments! I put stock assets in our son's name when he was a child. It's easy to talk about the money that you just gave someone & they tend to listen when they have just received another 10k. Now he's 5 years out of college and has financial knowledge, experience, and funds.
I think my parents generation(boomers) it was taboo to talk about money? I still to this day at age 33 don’t know what their income is or how much money they have saved/net worth. I want to teach my kids hands on to show them how to do it themselves. Show them the income/budget/investments and help them with their own.
Discussing finances with your parents (or children) can be difficult. I sleep better every night knowing what my parents want me to do any assets that may pass. Was I slightly disappointed they didn’t want me to buy a soccer team? Yes. But in all seriousness, I want my parents to spend what they have worked so hard to accumulate. I imagine most of you are similar. Unfortunately, we just don’t know what may occur in life. My dad has had two heart attacks and thankfully still with us and going strong. He reminds me nearly every day he once made 47/50 free throws when he was in his 30s. It won’t be easy to initiate if money is taboo to discuss in your household, but it will be worth the peace of mind and may result in a stronger family bond. Excited to be doing more videos/podcasts with James and thank you all for tuning in.
There is an acknowledged strategy in conflict resolution or mediation called using a “third party object or reference” which means using a neutral tool to start and guide a difficult conversation. It could be a document or….a video! This video would be a great tool to broach the topic, you can say “Mom/Dad, I saw this video and I thought maybe this is something we should be talking about. Do you want to watch and tell me what you think?”
The first real conversation I had was with my mom after my Dad died. Don’t wait. Have this conversation soon. Now is the time. Because things only get harder when one of your parents die.
9:54 This part! First you are there to help them manage their finances in retirement as they age and need more guidance. Their quality of life has to be first priority, and only bring up inheritance if they have plenty of money to fund their end-of-life care.
🙂i discovered each of you and subscribed independently to you both 🙂 ---- found your independent takes were similar but provided a more comprehensive understanding.
Excellent timing with holidays coming up. Maybe we can talk about that instead of politics!!!!😮
1st comment on the 1st joint podcast. 🙌 The "Ready for (Early) Retirement" podcast
I've started the conversation with our son but it needs to be discussed further; my husband doesn't want to discuss money; I'm very open about it. I grew up in West Virginia and knew I wanted to have a different, better relationship with money/finances. I definitely want whatever we are able to leave to begin generational wealth, it's not a lot, but hopefully, a portion could extend to our grandchildren, great-grandchildren, etc.!
“Curb Your Volatility”
Please make a video about how to discuss money with adult children!! Mine don’t want to have the “morbid” discussion of what to do when I’m gone. And they (all in their 40s) resist any discussion of saving/investing for the future, preferring to live for the moment.
Should do a vid on how you guys met, how Root came about, challenges of building up the business, etc. I would find that an interesting video
Call it Root Financial
How about the conversation with our children? Our interactions with Root and/or this channel make us well-positioned financially AND situationally to discuss the subject with our heirs including family members who may see themselves as having expectations/responsibilities for our care later in life. I’d hate for my kids to be silently (and needlessly) worrying about this.
As I’ve been assisting my 90 year old Mom with her health and finances, I’ve been thinking about my possibilities in the future. My husband and I will handle this for each other until the first passing. After that I have my sister (but she is only 5 years younger). I don’t have kids or nieces/nephews. Since we have a substantial estate and have a trust with charities as the beneficiary, I believe naming a trust company as trustee will work for the finances. I’m worried about who to name if both my husband and sister are unable to handle the responsibility. Since I moved near Mom, my closest friends are located in other communities and would probably not be good healthcare assistance. Any ideas for me to explore?
Have you ever thought about making an episode for American Expats living abroad?
Epic combo
Interesting to see you in one video
Here is what I'd like you both to discuss in this new content approach. My 35 yr old son is single and makes good money. I am going to have him fund a Roth to the max before yr end so he has one established. He has not started saving for retirement but knows he needs to. I'm encouraging him to look into the 401k at his work and get it started. He may make too much money to be eligible for IRAs next year. I feel he needs to: fund 401k to get employer match if there is one and fund to the max if possible; maybe a mega back door roth could be in his future; start funding a brokerage account. How would two suggest I guide him? Thank you James and Ari. Larry
It's not that money is taboo, just private. A need to know basis. Either the parents or the kids could consider bringing it up in that context- what do they need to know? What's the goal?
There’s a third situation that you guys missed; do you have any money saved, or is the surviving one of you going to be living on just a single SS benefit? Even if there’s a trust, directives, and all the other docs Ari mentioned, doesn’t mean the house won’t be in a reverse mortgage within 10 years. Do not assume any aspect of your parents having and keeping their act together, even if they did grow up in the Depression, especially if they refuse to or avoid talking about money. In that case, assume the worst.
Everyone post their parent’s retirement passwords here so you don’t forget!
Retirement made easier!
Retirement Roadmap
Discussion about dollars
one suggestion --- why don't you also say as a child what you feel is of value and where you are thinking of spending some inheritance --- your own children going up, your retirement --- or a family wealth fund to which you also contribute ----- it is not always 'just having free money' but what you value is a priceless conversation.
i also think that parents save for their children but know that they can't fund their children's lives and also they are not sure how their own expenses might prevent giving to children. Unless the info from the private bank studies is relevant for families w/ >3M then you have to structure the portfolio /assets from the basic will + trust etc.> as you noted the "estate plan" - as process, beyond initiation.
What about parents who are secretive misers? I just found out they SAVED for retirement (in the bank) ... after 20 years it's almost gone - they never did investments!
I put stock assets in our son's name when he was a child. It's easy to talk about the money that you just gave someone & they tend to listen when they have just received another 10k.
Now he's 5 years out of college and has financial knowledge, experience, and funds.
Since you own Root Financial, how about calling the channel “Digging into Finance”?
The J and A Show
I think my parents generation(boomers) it was taboo to talk about money? I still to this day at age 33 don’t know what their income is or how much money they have saved/net worth. I want to teach my kids hands on to show them how to do it themselves. Show them the income/budget/investments and help them with their own.
“Twin minds”
James, long time listener, please go back to your original format. I am here to listen to YOU, not your buddy!