When it comes to talking about aging, some topics are considered taboo. Often, one of those topics is money. While you may feel that financial matters are better left untouched, staying silent may lead to larger problems down the road. Do yourself (and your loved ones) a favor and broach the subject of money—you’ll be glad you did! Here are five tips to keep financial discussions positive and productive.
Begin with the facts. The best way to start any important discussion is to make sure everyone has the same understanding of the situation at hand. Compile facts about you or your loved one’s financial situation by reviewing records and asking questions. If necessary, consult a financial advisor with questions about bank accounts, pensions, and retirement savings.
Be prepared to listen. You may know exactly what you want, but forcing your agenda on unwilling family members will just leave everyone frustrated. Listen to the opinions of others and be willing to compromise, if it is appropriate to do so.
Think outside the box. Sometimes, the best solutions may not be the most obvious ones. Be prepared to research many different options when you’re considering your financial future. This is another time when some research may be beneficial. Hop on the internet or consult an expert to find out what some of those unusual options might be.
Express emotions with “I” statements. It’s normal to get frustrated during difficult conversations. Instead of making accusations, though, focus on using sentences with “I” in them. For example, use words like, “I think you could use a little extra help” instead of saying “you can’t take care of yourself anymore.”
Reward yourselves. Big discussions are difficult and emotionally draining. Once you’ve made a decision or decided to revisit the topic another day, do something nice with your family members. That might be a delicious dinner or a walk in the park. Whatever you choose to do, talk about something other than money.
Financial planning discussions often lead to questions about your options for the future. When these questions come up, remember that Life Care Funding can help you better understand your situation. Reach out today with your questions or concerns.