Written by Alex Seleznev, MBA, CFP®, CFA | Nov 21, 2023
Many of our clients wish to initiate positive conversations with their family members about finances but are not sure where to start.
Talking about money in a positive way helps families share values and build strong financial habits.
Explore the possibility of introducing the following financial topics at this year's Thanksgiving gathering.
Gratitude
As you express appreciation for one another, your health, and all your other blessings, remember to include your financial blessings.
Highlighting appreciation for your family's financial situation can make your loved ones feel more content and reduce stress about what might be missing.
Financial Accomplishments
Your cousin just bought his first home. Your parents finally went on a long-awaited trip to Europe. Your sister and brother-in-law started a college savings account for their baby girl.
These are all money victories that deserve a celebration!
Estate Plans
Discussing what happens to your assets after you're gone can be tough, but it's crucial to avoid surprises or hurt feelings.
If you have older family members, you can ask them about their wishes and how you can make sure those wishes come true.
This conversation is not only about estate planning but also a chance to talk about the legacy and values you want your loved ones to carry on.
Charitable Donations
Many people want to pass down a tradition of giving to future generations. You can set an example by talking about how you support causes you care about financially.
Share tips on making the most of charitable donations or talk about ways the family can volunteer together.
Long-Term Savings
Here's where the older generation can inspire hope and share wisdom by discussing strategies that helped them save successfully over time.
Share some laughs about the mistakes made along the way and emphasize the importance of staying consistent.
Your success story could be the motivation your younger relatives need to stay dedicated to their long-term saving plan.
Extended families often tread carefully through potential conversational minefields during Thanksgiving dinners, but discussing finances doesn't have to be one of them.
Be prepared and thoughtful, and use the time with your family to enhance their lives and leave a lasting legacy!
Happy Thanksgiving to you and your family!