Broker Check

Meaningful Conversations about Money

| October 05, 2014

“Do you have a minute?” When you hear those words, especially from someone close to you, you know you’re in for more than just a discussion about what to have for dinner. Usually it means the person wants to talk about something important… family, school, a job, money, or someone’s health. Whatever the topic, it’s not just idle chit chat. And it warrants your attention.

When was the last time you had a meaningful conversation about money with the people closest to you – whether you initiated it or someone else did? Have you discussed your family’s 5-, 10-, or 30-year plan? Do you know when you want to retire, or how much you’ll need to retire? Are you on track? What if you or your aging parents need long term care due to health issues -- how would you address that type of situation? If you have young children, have you considered how to fund their education? Are you confident you have the right insurance coverage for your family?

If you think about it, most of us likely spent more time planning our most recent family vacation than we did discussing our personal financial goals, desires, and passions. It’s easy to get caught up in our day-to-day lives and ignore where we want to be in 5 or 10 years. Sometimes life gets in the way, and sometimes we avoid these topics because it’s hard to know where to start.

As new columnists to The Current/Hub, we’ll address several aspects of personal finance during the coming months... how to become an informed investor, identifying an appropriate path for your children’s education, the financial ramifications of changing health as we age, and yes, planning for a secure retirement. We talk about these things with our clients every day.

This month we encourage you to do two things. First, sit down with the person(s) closest to you and begin a conversation about your goals and passions. Identify what is most important to you and outline how you want to achieve them. Second, share this article with the other important people in your life -- adult children, parents, siblings & friends – and encourage them to begin the conversation as well. You don’t have to go it alone.

Money alone doesn’t buy happiness, but having a plan for your financial future can. Preparation is priceless! We’re here to educate and inform, to inspire, to encourage action, and to help you make prudent choices through meaningful conversations. Life’s a journey. Navigate it wisely.