We all know we need to talk to our parents about money. We all know that we need to get their affairs in order in case something happens, especially as they get older. However, life has a tendency to get in the way, we table these conversations for later, and we sweep them under the rug. This is a problem for many reasons, but no fact drives this home faster than a Fidelity study in which 69% of parents said they expected one of their children to manage their money, yet over a third of the children surveyed had no idea they were expected to fill that role.

Cameron Huddleston is on a mission to help facilitate these tough conversations. He’s the author of Mom and Dad, We Need to Talk: How To Have Essential Conversations with Your Parents About Their Finances. It’s an excellent, step-by-step guide to help you stop stalling and make plans with advice from Cameron’s own experiences as a daughter and financial expert, as well as other financial, legal, and elder care experts.

Today, Cameron joins the podcast to discuss the challenges she faced with her own aging parents that led her to write the book. We talk about why these conversations are so taboo (and what to do if your family pushes back on having them). She also gives a number of resources you can share with your parents to help you get a grasp on what their finances really look like, how to keep them protected from scammers in old age, and how to take action if your parents have already become impaired.

 

Show Notes: RetireWithPurpose.com/100

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