Face Money Topics Head-On to Accomplish Your Family Financial GoalsBy Kathy Longo, CFP®, CAP®, CDFA
Monday, 21 September 2020
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.