Often times the time you talk to your parents about their finances is when there is a full blown crisis. Take the time to set a time aside to speak to your parents about what their wishes are and where they sit financially speaking. Do not do this when everyone is gathered for a holiday, but wait until you can have a relaxed moment to discuss and make a plan. The timing is crucial to an open discussion. Be direct and parents will be more apt to be open with you. They know that you want to respect their decisions and this is one conversation that needs to take place for everyone’s benefit.
- Do not hesitate to have the talk with your parents. You are going to have it, either with a plan in place of later, when a crisis happens.
- Timing is key. Wait until you are in a relaxed atmosphere, not in the middle of a holiday or dinner to spring it on your parents.
- When your parents know that you have their welfare in mind chances are a direct approach will be effective.
“One of the primary reasons why survey respondents said they haven’t had “the talk” yet with their parents is because they don’t know how to have the discussion.”