For whatever reason, there is likely to come a time where you will have to breach an extremely personal — and therefore often equally uncomfortable — conversation with your parents. Akin to "the talk" parents give their children, "the money talk" children eventually have with their parents carries assumptions, expectations and frequently an overwhelming sense of awkwardness. However, just as important as the former is, the latter should be handled with due respect, preparation and openness.
From talking about post-retirement budgeting to medical expenses, end-of-life care to estate planning, talking to those who raised you, those who led by example as we grew up, and ensuring that they have a plan for after their regular income stops, that they have their wishes written out, that they can afford a comfortable life on their own — it can all seem crushing.
Particularly if your relationship is burdened or financial concerns have been an issue in the past, talking about concrete plans for when the people who cared for you when you were too young to care for yourself about what will happen if and when the roles are reversed needs to be faced head-on.
It's More Than Likely Not Going To Be Easy
In our society, any money talks are shrouded with taboo. We don't ask others how much they make. We don't share our debts or flaunt our bottom lines. We don't outright mention how we make ends meet. Money is among the unspoken matters, left hidden behind closed doors and, at most alluded to. Like intimate relations and bathroom business, money matters are less acceptable dinner table fodder than religion and politics.
These assumptions can make having the talk all that more intimidating. Couple that with the relationship balances being jostled, and it can seem much easier to leave the talks hidden away, unmentioned, but ever-looming.
While there are plenty of advice columns with tips, tricks and hacks, the underlying reality is that talking money may need a unique approach and one piece of advice may not work universally.
That being said, there are some basic rules that can help you and your parents come to the discussion openly and leave the conversation with a sounder sense of accomplishment.
No Gimmicks, Just Respect
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