Money Talks: Navigating Uncomfortable Conversations with Loved Ones with Erin Lowry
#114: Personal finance expert and and author, Erin Lowry joins Chris to discuss the importance of having financial conversations with your parents, including sharing some specific scripts for initiating the discussion. They also cover financial advisors, estate planning, prenups/postnups, lending money to friends and more!
Erin Lowry (@brokemillennialblog), best know for her three-part ‘Broke Millennial’ book series, is on a mission to help millennials navigate the complex world of personal finance, demystifying everything from budgeting and saving to investing and retirement planning. Erin's work has been featured in major publications such as The New York Times, Wall Street Journal, and Forbes.
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Resources Mentioned
Connect with Erin: Twitter | Instagram | LinkedIn | Website
Erin’s Books:
- Broke Millennial: Stop Scraping By and Get Your Financial Life Together
- Broke Millennial Takes On Investing: A Beginner's Guide to Leveling Up Your Money
- Broke Millennial Talks Money: Scripts, Stories, and Advice to Navigate Awkward Financial Conversations
- Broke Millennial Workbook: Take Control and Get Your Financial Life Together
AARP Report: Family Caregivers Provide $600 Billion in Unpaid Care Across the U.S
Seniors & Medicare and Medicaid Enrollees
Financial Advisory Services: XY Planning Network | CFP Board: Let's Make a Plan
Last Week Tonight on Retirement Plans
Trust & Will: ATH Members get 50% off
1Password: Password Manager for Families & Businesses
Trustworthy: 14-day Free Trial
Ramit Sethi’s Podcast: I Will Teach You To Be Rich
Ramit Sethi’s Netflix Show: How to Get Rich
Erin’s Japan Recommendations:
- Visit: Kobe | Arima (stay in a ryokan)
- Do: Take in a Japanese baseball game
- Eat: Champagne & GYOZA BAR -Tokyo
ATH Episodes Mentioned
- #112: Money + Relationships: Building and Living Your Rich Life Together with Ramit Sethi
- #91: Die With Zero: Net Fulfillment Over Net Worth with with Bill Perkins
Full Show Notes
(03:09) The Importance of Discussing Finances With Your Parents
(04:52) The Role of Children in Caring for Aging Parents
(07:41) Programs Available for Elderly Parents Struggling Financially
(09:56) Overcoming the Taboo: How Rare Are Money Talks?
(14:26) Breaking the Silence: Approaching Money Conversations With Your Parents
(19:43) Financial Discussion Strategies
(22:49) Bringing in Third Parties: Using Mediators in Financial Discussions
(24:08) Scripts for Talking About Money With Your Parents
(27:39) Understanding Estate Planning
(28:44) Continuing the Conversation: Keeping Money Discussions Alive
(32:06) The Benefits of Working With a Financial Planner
(38:19) Financial Course Correction for Retirees
(41:18) Discussing Pertinent Information With Your Adult Children
(44:13) Advice for Parents
(47:51) Important Financial Documents: Compiling, Sharing, and Keeping Them Up-To-Date
(54:47) Discussing Prenups and Postnups
(1:12:03) Money Talks With Friends: Tips for Having Open Conversations
(1:13:50) Loaning Money to Friends
(1:14:54) Engagement Rings
(1:16:12) Japan Recommendations
Connect with Chris
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