In today’s society, statistics show that more and more young people are choosing to live together rather than being married. This may be the cost. However, the pros of talking money with your live-in partner, fiancée, family members, or parents about their finances far outweigh the cons and lead to peaceful living.
This isn’t a conversation to put off because the days are wicked, and the earlier you have it, the better you are at helping each other and family members manage their finances. I speak from the experience of my own family members who have died and some who were afraid of bringing up the topic, particularly when they had fallen ill, thus allowing a dishonest family member or strangers to take advantage of the individual’s wealth.
Preparing for a money chat will be helpful before you sit down. What do you know about your parents’, fiancée’s, or family member’s finances? This will help steer the conversation and let you suggest solutions they can manage.
You might also reflect on the roles that your family members tend to play. Your interaction with each one may impact how you talk to them about money. Perhaps one of you, or one of your parents, is more involved in decision-making or more open to talking about finances. Considering these dynamics can help you tailor how you approach this sensitive topic with them.
GETTING ORGANIZE
Ask your parents, live-in partner, and family members to create a binder of all their personal finances. Have at least two family members the individual trust to hold the binder. This may include details about their bank and investment accounts, safety deposit boxes, property taxes, insurance, and routine bills they pay. Also, have them share where they store their online passwords.
Having this information in order and in one place will be helpful when needed.
BENEFITS OF MONEY TALK WHEN PREPARED FOR THE FUTURE
Is to…
- Protect their financial future.
- Get their input while they’re still able to give it.
- Support their retirement goals and
Everyone is less stressed, and most things are done orderly because of advanced organization.
One thing to keep in mind before your approach is that if you expect your parents or any of your family members to open up about their money matters, being open and honest about yours will inspire them to do the same.
Letting them know in order to help you, everyone need to work as a team, you’ll need to focus on each other’s strengths, not weaknesses.
- Talking about money with your partner, relatives, family members and especially your aging parents is essential to help avoid surprises and make sure they are set up for the future they want.
- Encourage them to obtain a living will and Power of Attorney (POA), which are essential in helping ensure their financial and healthcare wishes are honored.
- You can schedule a ‘meet and greet’ with your parents’ financial planner, lawyer, or estate planner so that you know who to contact in the future.
- Ask your partner, family member, or parents about their retirement goals and determine if you have the financial resources to support them.
PSALM 90:10
Nov 29, 2023, reports the expectation of the Social Security Association that 0.55% of men and 1.82% of women will make it to 100 years.
As much as life expectancy is known to be 80 years, some are living longer than ever because of mightiness to the age of 120 years.
Recently, the news was that Mrs. Obama’s mother was 100 years old, and Japan reported the oldest person, Kane Tanaka, who died in 2022. With some having to cope with various diseases, one great way to support them is to help them ensure their finances are on track. It may seem like an awkward talk to have — especially if you don’t feel like a money expert yourself
FRAUD PREVENTION
With fraud on the rise everywhere, even here in Canada, you, your fiancée, your parents, or family members can become targets. This include and not limited to online fraud, it can be illegal entry into your or their homes or apartments. Inform them not to open the door to anyone claiming to be there for maintenance not informed of. Getting a good security software install on their computer will be helpful (although not a safeguard). As well as a security system within the home if living alone
Be sure to tell them about popular scams, such as AI, and the new software that is able to mimic one’s voice that sounds like a person they know. The grandparent scam where a fraudster will pose as a grandchild or loved one in need of help. To be proactive in keeping everyone safe, tell them to:
- Never answer calls from numbers or click on links they don’t recognize.
This has happened to me on a few occasions. After checking the number, I found out it was not the number of my family member. Usually, when a known number within your phone directory calls you, it will list the person’s name that is calling. If you pick up a call and the voice sounds like a person you know, but the number doesn’t have the person’s name, it is most likely a cross number within the system with the voice disguised.
Another of my experience was noticing emails written I would encounter the information was known by others before the recipient, and had even told this to one person during our meeting that seemed to have been orchestrated. And after signing up for an internet pilot project, the computer will constantly kick me off the connection. All along I kept thinking it was due to the aged computer so, I made some changes, update my Apps and still experience issues, to the point of hearing the sound when I would take the electrical cord away from the computer or from the outlet. Oh yes, someone was definitely piloting my ship. Then I found out about Scrapy.
Scrcpy (short for screen copy) is a free and open-source screen mirroring application that allows control of an Android device from a desktop computer. The software is developed by Genymobile SAS, a company which develops Android emulator Genymotion connected via USB or TCP/IP and allows to control the device with the keyboard and the mouse of the computer, it does not require any root access. It works on Linux, Windows and macOS
- Never offer personal or banking information, particularly don’t provide financial information including credit card number, and One Time Passwords over the phone or internet. Financial institutions won’t call or email you to ask you to disclose this information.
- Never post financial details on social media
- Review their monthly bank statements for unusual transactions.
If they think they have been scammed, be sure they report it to their bank and credit card providers, the Canadian Anti-Fraud Centre and their local police services
NOT PROUD OF FINANCIAL STATUS
If your fiancée, parents or relatives are embarrassed about their financial situation, you could — without meaning to — resurface past issues they’ve faced with money. Try to make it clear that your goal is only to help them better prepare for later in life.
If their savings aren’t what they want them to be, they’re not alone. A 2023 study found that one in five Canadian workers aged 55 to 64 hasn’t set aside any money for retirement, and 44% have less than $5,000 in savings.
Let your loved ones know they don’t have to feel alone — a support team can be created that includes other family members to assist. I can speak on my nephew’s behalf when my sister died the help he got from me, and my other siblings were greatly appreciated; for he often does express how grateful he is. Creating a support team is a great help, it takes the pressure off and helps in all members of the family to enjoy life.
Before you wrap up your money talk, ask about their retirement and financial goals. Discuss where you and yours would prefer to remain after retirement, in another state, country, or where you are at, as you ask the same of your parents or family member, in their own home, instead of moving to an assisted living. Knowing what they want will help you figure out a financial plan to meet those goals.
If they haven’t fully figured things out yet, that’s okay, every so often bring up the topic to help them decide what they want their future lifestyle to look like.
Read more: Supporting Family Financial Management: Preventing Fraud and Building a Secure Future How to talk to your parents about money | Posts (scotiabank.com): Supporting Family Financial Management: Preventing Fraud and Building a Secure Future Read more: Supporting Family Financial Management: Preventing Fraud and Building a Secure Future
Until My Dying Day by B.M Lustol. Chapter 23-Seeking Truth. purchase by calling: 1800-788-7654, or at the website http://www.dorrancebookstore.com
Better The End 