My parents are approaching 80 years old and it's funny money was such a taboo subject in my house growing up

but as my parents get older they're not only more willing to talk about their finances

they're keen to get help with various aspects of

it and that's likely true for many of you as well so today I want to start a short

series here on five minute Friday dealing with some of the things to consider and to be aware of when

helping older family members with their finances. Every family is different so with everything I'm going to be talking about in these few videos

you should try and apply them sensitively and carefully to your unique family situation.

In fact, that's what I want to talk about today.

So let's put five minutes on the clock.

Say a quick thank you to my friends at 7 Investment Management

for continuing to sponsor the show, and let's crack on. I'm going to give you a simple

four things to remember when talking with your parents about money and particularly as

you start out on the process of doing so and conveniently these four things all begin with

are. So the first is to respect their dignity. First thing we need to be aware

of is just how big a deal this is likely to be for your parents.

Depending on whether or not they have initiated these conversations with you about money,

in which case it's likely to be easier, then for you to broach this subject with them is huge.

Remember they still see you as their child so we need to respect their dignity

and their position in the family hierarchy and approach the subject their where I've had multiple generations present. I've seen younger folks belittle their parents,

patronize them, talk to them like children. If a few things make me more mad actually,

more than one occasion. I've had to master myself so as not to tell a client's

middle-aged child to just shut up and let their parents talk. Drives me nuts.

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