In my work with students, we always consider the role of an inheritance. It's easy to have fun with it when you encourage ugrads to bring up the topic at Thanksgiving dinner. Haha, maybe.
It is important, though, as well as its counterpart, charitable giving. Both play a role in determining a household's highest living standard.
Great post! I really love the question to your friends about whether or not they would take money from their parents.
I've taken money from my parents in the past, but it came with a lot of strings attached (unreasonable expectations, ignoring boundaries, license for bad behaviors, etc.). Then when I've politely declined the money, that was considered to be a moment of crisis for my parents.
Great points. The attached strings can make even life-changing money not worth it. See: weddings. Thanks for sharing your point of view, now I'll definitely have to dive into "would you take the money" in a future issue.
Great stuff and excellent advice. I'm amazed by the connection between Chappell Roan and Financial Planning.
I work with many "sandwich generation" folks, and these conversations get easier with time. Coming at it from a place of love with lots of curiosity (without giving answers or providing judgment) works wonders. Anecdotally, it took years of these chats in small doses with my parents to get them to fully open up (and I'm a financial planner!).
I think you're right that these chats can take years. Even just learning where the pension fund is can be a big step in the right direction. And learning to check your own bias as the "expert" is really hard, I obbbbviously wouldn't know anything about that. wink wink
The statistics about most people under 35 getting family money to buy their home helped this 33-year-old-saving-for-a-downpayment immensely. Thank you 🙏🏻
This is great advice. Being someone that had to untangle and understand a lot right after my father died, knowledge is really such an easy fix in an otherwise life altering moment. Here's to being transparent with your parents!
In my work with students, we always consider the role of an inheritance. It's easy to have fun with it when you encourage ugrads to bring up the topic at Thanksgiving dinner. Haha, maybe.
It is important, though, as well as its counterpart, charitable giving. Both play a role in determining a household's highest living standard.
The more conversations we can have about money...the better. Even if it's painfully awkward. Good on you!
Great post! I really love the question to your friends about whether or not they would take money from their parents.
I've taken money from my parents in the past, but it came with a lot of strings attached (unreasonable expectations, ignoring boundaries, license for bad behaviors, etc.). Then when I've politely declined the money, that was considered to be a moment of crisis for my parents.
Tricky stuff for sure.
Great points. The attached strings can make even life-changing money not worth it. See: weddings. Thanks for sharing your point of view, now I'll definitely have to dive into "would you take the money" in a future issue.
Great stuff and excellent advice. I'm amazed by the connection between Chappell Roan and Financial Planning.
I work with many "sandwich generation" folks, and these conversations get easier with time. Coming at it from a place of love with lots of curiosity (without giving answers or providing judgment) works wonders. Anecdotally, it took years of these chats in small doses with my parents to get them to fully open up (and I'm a financial planner!).
Listening and curiosity are like magic.
I think you're right that these chats can take years. Even just learning where the pension fund is can be a big step in the right direction. And learning to check your own bias as the "expert" is really hard, I obbbbviously wouldn't know anything about that. wink wink
Right! I often find myself wanting to “Jimmy” someone like Jason Segel’s character in Apple TVs Shrinking.
The statistics about most people under 35 getting family money to buy their home helped this 33-year-old-saving-for-a-downpayment immensely. Thank you 🙏🏻
This is great advice. Being someone that had to untangle and understand a lot right after my father died, knowledge is really such an easy fix in an otherwise life altering moment. Here's to being transparent with your parents!
Great advice. Transparency is a magic stress- reducing elixir.
Truly <3