100: How To Talk To Your Aging Parents About Money with Cameron Huddleston
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 564 Ratings
🗓️ 23 December 2019
⏱️ 66 minutes
🔗️ Recording | Apple Podcasts | RSS
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Summary
We all know we need to talk to our parents about money. We all know that we need to get their affairs in order in case something happens, especially as they get older. However, life has a tendency to get in the way, we table these conversations for later, and we sweep them under the rug. This is a problem for many reasons, but no fact drives this home faster than a Fidelity study in which 69% of parents said they expected one of their children to manage their money, yet over a third of the children surveyed had no idea they were expected to fill that role.
Cameron Huddleston is on a mission to help facilitate these tough conversations. He's the author of Mom and Dad, We Need to Talk: How To Have Essential Conversations with Your Parents About Their Finances. It's an excellent, step-by-step guide to help you stop stalling and make plans with advice from Cameron's own experiences as a daughter and financial expert, as well as other financial, legal, and elder care experts.
Today, Cameron joins the podcast to discuss the challenges she faced with her own aging parents that led her to write the book. We talk about why these conversations are so taboo (and what to do if your family pushes back on having them). She also gives a number of resources you can share with your parents to help you get a grasp on what their finances really look like, how to keep them protected from scammers in old age, and how to take action if your parents have already become impaired.
Show Notes: Howardbailey.com/100
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Transcript
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| 0:00.0 | Welcome to the Retire with Purpose podcast, a show specifically designed to help pre-retirees and retirees maximize their financial confidence. |
| 0:14.4 | Casey Wheat is a certified financial planner and president of Howard Bailey Financial. |
| 0:18.4 | His newest book, Job Optional, is a Wall Street Journal bestseller |
| 0:22.2 | and is available now on Amazon and at Retirewithpurpose.com. |
| 0:26.8 | He's your host on Retire with Purpose. |
| 0:29.4 | Hey, I'm Casey, and I believe in retirement strategies that are driven by meaning and purpose. |
| 0:36.1 | Join me this week and every week as we discuss thoughts and ideas with some of today's |
| 0:41.9 | most successful retirees and experts in the field of finance. |
| 0:46.4 | These strategies can help make you better financial decisions so you can live the lifestyle |
| 0:52.5 | you've always imagined and deserved. Welcome to the show. |
| 1:00.5 | Today's guest is award-winning journalist with more than 17 years of experience writing about |
| 1:07.6 | personal finance, Cameron Huddleston. If you've read personal finance articles in the past, |
| 1:13.4 | guaranteed you've read one or two of her pieces |
| 1:15.7 | that have been featured everywhere from Kiplingers to USA Today. |
| 1:19.3 | And she has actually been named one of the top personal finance experts to follow |
| 1:23.9 | by US News and World Report. |
| 1:26.9 | Today we're going to focus much of our discussion on her bestselling book, |
| 1:31.0 | aptly named Mom and Dad, We Need to Talk, |
| 1:34.8 | how to have essential conversations with your parents about their finances. |
| 1:39.5 | She will share with us how she handled this discussion with her aging parents, why it's more important |
| 1:46.4 | for middle-to-lower-income families to have these discussions than wealthy families, why you |
| 1:51.7 | should keep money out of the conversation, how to involve your siblings into discussion, and |
... |
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