Own Your Wealth

Financial Advice for Parents of Adult Children – Sandwich Money Part 2

Listen Later

Are your kids starting new jobs? Graduating college soon? Getting promoted? Do they listen to you? Do you wish there was a mutual third party to help set them up for financial success? This video is part 2 of a 3 part series called “Sandwich Money”, where Sophie and Mike discuss financial advice for adults who are sandwiched between raising children and caring for aging parents.

Part 1: Financial Advice for Young Parents

Part 2: Financial Advice for Parents of Adult Children

Part 3: Financial Advice for Adults with Aging Parents

Topics in this episode include

  • Financial milestones for young adults
  • What should people consider with their first job offer?
  • Story: max your match, not max your contribution
  • Getting an unbiased third party for financial advice
  • Uncomfortable family conversations about money
  • Quality time instead of financial logistics and numbers
  • How do you introduce your young adult to a financial advisor?
  • What changes financially when you become an empty nester?
  • If you have multiple kids, who do you want to name as the executor?
  • A health scare that ended up positively
  • Cautionary tale: Have written agreements
  • Approaching the Estate conversation with your adult children
  • Ideal sequence of financial conversations for your adult children with an advisory team
  • What happens if you can’t think of someone to be the executor of your will?
  • What’s the scope of a corporate trust?
  • When do lawyers get involved?

    • Connect with Sophie

    • LinkedIn: Sophie Howell
    • Cook Wealth Bio: Sophie Howell

      • Connect with Mike

      • LinkedIn: Michael Holloway, CFP®
      • Cook Wealth Bio: Mike Holloway 
        • ...more
        View all episodesView all episodes
        Download on the App Store
        Own Your WealthBy Jason Deshayes