Talking To Your Parents About Their Money
On this episode of Financially Naked: Stories from The Financial Gym, our host is Jazmin Higgins, a Level 2 Certified Financial Trainer and she is joined by Gym client Mary. It can be challenging to talk about money with your family, so today, they talk about how to start a conversation with your parents. After being a member of The Financial Gym for a while, Mary gifted her parents a membership, and it transformed the way they all think about and manage money.
Podcast Notes
Before working with Financial Gym, Mary had a lot of anxiety about money. Growing up, she was aware of the money stress in the family. They always had the necessities, but in general, money was tight.
Mary’s friend recommended The Financial Gym to her after she had been turned away by a number of traditional financial advisors.
Money is one of the ultimate taboo topics and talking about it with family, especially our parents can be complicated. Mary decided to give her parents a Financial Gym membership, and they work with Jazmin.
They are always laughing, learning, and crossing off the action items on the list. Jazmin assures her it has been a great investment.
As an only child, she knew that she would be responsible for taking care of her parents if they needed it. Helping them get their finances in order helps everyone feel less stressed.
Often when we do learn about money it’s about what NOT to do with it, but it’s never too late to learn what you can do with money.
Don’t be afraid to have a conversation. When you start to take control of your money, you feel more comfortable talking about it.
Talking with our parents about money can be challenging. Before they were members of The Financial Gym money conversations between Mary and her parents felt stressful. She had tried a few different approaches, and The Gym has been the best. Advice from a professional feels different than advice from a daughter.
If membership isn’t an option right now look for other resources out there; blogs, podcasts or the book, Mom and Dad We Need to Talk by Cameron Huddleston. This book has an entire chapter about things NOT to say, which is equally as important.
There are other ways you can take care of your parents financially. Talk to them about scammers, which often target folks who are older.
Do not wait until your parents are retirement age to have the conversation, have it now. There’s more power while they’re still earning money.
It’s better to try and have the conversation than keep ignoring it. If you feel like your parents would benefit from working with a Certified Financial Trainer, send them to FinancialGym.com to schedule a free warmup call or gift them a membership!
Meet The Trainer
Meet Jazmin Higgins, Level 2 Certified Financial Trainer
Resources Mentioned In the Episode:
Mom and Dad, We Need to Talk - Book and Website