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Families and Finances: Communication is Key

Face Money Topics Head-On to Accomplish Your Family Financial Goals

By Kathy Longo, CFP®, CAP®, CDFA
Monday, 21 September 2020

Families and Finances: Communication is Key

Do families and finances strike you as two words that don’t belong together? If so, you’re not alone. Money is a topic people often avoid discussing with family members – and even with their spouse or partner. It could be because they find it confusing or overwhelming, or because it often leads to disagreements and bad feelings. The fact that personal finance isn’t taught in most schools can also lead people to believe it’s not important.

All of these things are true: money is a charged topic that can leave us feeling confused, overwhelmed, or even angry, and most of us aren’t educated enough about money topics. Yet, these are the exact same reasons it is crucial to maintain open communication about financial issues within your family. Avoiding or ignoring this very real element of family life only sets you up for failure, whereas talking openly with your spouse and children is the best way to accomplish your financial and life goals together.

Below, we’ll discuss why you should consider finances a family affair, and why communication is the foundation of any family’s financial success.

Blended Finances and Family Values

By Kathy Longo, CFP®, CAP®, CDFA

Friday, 30 October 2015

Blended Finances and Family Values

Money conversations with one couple can be complex as each individual brings their unique family history around money, values, financial resources and obligations. Financial conversations take on a whole new meaning when kids are involved as parents wrestle with spending decisions on allowances, education funding, and eventually inheritances. This complexity only increases with blended families as the number of parents and children expand the money conversation. I have personally experienced the financial complexity and extra need for communication with my blended family, having a daughter from my first marriage and two children with my current and “final” husband. From my personal experience, in addition to working with clients, blended families need additional planning for the various life stages.

Time to Talk Money

Monday, 25 August 2014

by Kathleen Longo on August 25, 2014

Last night at dinner, my family was discussing plans to go to the Minnesota State Fair.  This year I told the kids that we are going to put them on a budget for the day to cover their food, drinks, and rides/games.  My son replied with a concerned look, “what is a budget?” 

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