Why is it so difficult to talk about money? Does your family have a budget? Do you have an updated will?  What about a power of attorney?  Listen and learn as experience strategist Kelly Harper shares strategies for talking to your partner, your parents, your children and your friends about money. 

?PODCAST: https://talkabouttalk.com/35-money

?SHOWNOTES in PDF: https://talkabouttalk.com/wp-content/uploads/2019/10/SHOWNOTES-35-TALKING-MONEY-with-Kelly-Harper.pdf

Contents

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SUMMARY: Let’s Talk About MONEY

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References & Links

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Andrea’s Commentary

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Interview Transcript

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Conclusion

SUMMARY: Let’s Talk About MONEY

MONEY IN CONTEXT

* Talking about our personal finances is taboo. Yet at work, corporate budgets are just revenue and expenses. It might help to think objectivity about our personal finances.

Ideas for INITIATING THE CONVERSATION

* Take the cue from a tv show, a movie, or a mutual friend. (“Did you see how they argued…?” or “ Did you hear about what happened to that family down the street?”)

* Mention this podcast! (“I just listened to a great podcast and I learned about some important conversations that we should have…”)

Talking to our CHILDREN about Money:

* Kids will learn about money from social media and their peers, sometimes things that are wrong or inconsistent with family values.

* Consider what is age-appropriate and start by role modeling

* Maybe start Try the NEEDS vs WANTS conversation

* Allowances are a great way to learn about budgeting. Rules for how much and for what are personal for each family.

* If you are saving money for your kids (e.g. an RESP), tell them!

Talking to our PARTNER about Money:

* Conversations should be relationship-stage appropriate.

* Money is a significant stressor in many relationships. One of the biggest money tension points for couples is debt.

* Creating separate “Yours, Mine and Ours” bank accounts can be effective.

Talking to our PARENTS about Money:

* Be respectful of generational differences.

* Wills are a gift to those that you love. The contents of the will should be communicated in advance.

* 3 things you need:

* a will;

* power of attorney for personal; and

* power of attorney for medical decisions.

Talking to our FRIENDS about Money:

* Be respectful, don’t make assumptions, and be grateful. (Good rules for life, yes?)

 

References & Links 

Kelly Harper

LinkedIn:     

* https://www.linkedin.com/in/kelly-harper-7638104/

Recommendations:

* “Daring Greatly” by Brené Brown

* Colleen Dilanschneider “Know Your Own Bones”

Money References

Couples and finances

* https://www.thepennyhoarder.com/budgeting/budget-meeting/?aff_sub2=homepage

* https://www.google.ca/amp/s/www.psychologytoday.com/ca/blog/in-it-together/201807/the-top-4-stressors-couples-today%3famp

* https://www.