The holidays are a time for gathering with family and friends. As we return to in-person gatherings this holiday season, there will be countless opportunities for meaningful conversations with your family. There are so many important financial planning topics that can and should be discussed. I’m here to share some topics of conversation to have across all generations of the family.
The Patriarchs & Matriarchs (“Grandparents”) of the family to their grown adult children:
Who will help with medical and end-of-life decisions? Do they know where your financial accounts are? Discuss your estate planning wishes with your adult children; share where to locate vital documents (password books, estate documents).
Adults to their Children:
For Young Children – Talk about the importance of saving and giving back to the community in which you live (holidays are about more than just gifts – teach them this lesson while they are young!)
Teenaged Children – What are their goals for the future? Are they considering going to college? Are they working on making varsity on a sports team next season? Listen to them, hear them out, and then share with them knowledge and lessons you have learned in the past.
Young Adult Children – At this period in their life, they have a lot going on – new jobs, maybe a home purchase, starting families of their own – all major life decisions! Discuss the importance of looking into the future and planning for such goals.
Now, once you work through the serious stuff – and the holiday punch has kicked in – here are some fun, thought-provoking conversations to have as a group:
• Start a family book club
• Share family recipes
• Plan a family reunion
Make the most of the holidays and your time together. Life gets busy, and we often don’t have quality time with family, so take advantage of your time with family and friends – don’t wish it away!