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Afford Anything | Make Smart Money Choices

How to Talk to Your Parents About Retirement and Beyond -- with Cameron Huddleston

Afford Anything | Make Smart Money Choices

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Investing, Business

4.73.6K Ratings

🗓️ 9 August 2019

⏱️ 71 minutes

🧾️ Download transcript

Summary

#208: Well, this could get awkward. Your parents and grandparents are aging. (Duh.) You want to have a few important financial conversations with them. It’s time to get the answers to questions like: “So … are you ready for retirement?” “You’ve been retired for 10 years … how’s that going? How are your finances looking?” “Do you have a will or legal trust? What’s your estate plan situation?” “Do you have an advance health care directive?” “To whom have you given your power of attorney?” “What types of accounts do you have, and how can I -- or someone whom you designate --  access the passwords if and when the appropriate time comes?” These financial conversations are important, but awkward. Most people would rather discuss the news, the weather, or the Kardashians.  How do you introduce these conversations to your family? What specific topics should you cover? What documents and other information should you gather? How do you manage these conversations when siblings, half-siblings and step-siblings are involved? What about step-parents? What if your parent lives outside of the U.S. and the laws are different; how should you plan? In today’s podcast episode, award-winning personal finance journalist Cameron Huddleston discusses these critical issues.  Huddleston has spent nearly two decades writing about money for Kiplinger Personal Finance, the Chicago Tribune, Fortune, USA Today, MSN and more. She’s the author of Mom and Dad, We Need to Talk: How to Have Essential Conversations with Your Parents About Their Finances.  She joins us to discuss how to navigate these tricky family conversations. For more information, visit the show notes at https://affordanything.com/208 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

You can afford anything but not everything.

0:10.6

Every decision that you make is a trade-off against something else.

0:13.2

And that's true, not just for the way that you spend your money, but also for the way

0:16.6

you spend your time, focus, energy, attention, everything carries an opportunity cost.

0:22.1

And that leads to two questions.

0:23.6

First, what matters most in your life?

0:26.1

Second, how do you align your daily decisions in accordance?

0:30.2

Answering these two questions is a lifetime practice.

0:32.4

And that's what this podcast is here to explore.

0:34.6

My name is Paula Pant.

0:35.8

I'm the host of the Affordable Care Podcast.

0:37.9

Normally, we're a weekly show.

0:39.4

But once a month, on the first Friday of the month, we air a monthly bonus episode.

0:44.3

Now, those of you who are astute observers of the calendar will notice that this is actually

0:48.9

the second Friday of August 2019.

0:51.8

And that's because the first Friday of this month just totally whizzed by and I didn't even notice it.

0:56.7

So this is the second Friday of the month bonus episode.

0:59.8

Welcome to August 2019.

1:01.8

Today, journalist Cameron Huddleston joins us to discuss how to have an uncomfortable,

1:09.1

awkward, but very important conversation with your parents about their retirement finances

1:16.7

and their end of life care.

1:19.3

How do you have a conversation with your parents or your grandparents about estate planning,

...

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