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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

🗓️ 3 April 2020

⏱️ 75 minutes

🧾️ Download transcript

Summary

#249: I’m recovering from Covid-19 at the moment, so I couldn't put together a new episode this week. But in honor of the First Friday of the month, I wanted to re-air this interview with Cameron Huddleston, which we originally aired in August 2019. In this interview, we discuss how to have those important but awkward conversations with your parents and grandparents about estate planning, wills, trusts, power of attorney, and more. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

Hi there, this is Paula Pant, host of the Affordable Anything Podcast, coming to you from the closet in my bedroom,

0:07.0

which is where I do these recordings.

0:10.0

As you know, I've been battling coronavirus, I've been battling COVID-19 for the past week.

0:16.0

Every day is better than the previous day, so today is better than yesterday, and yesterday was better than the previous day.

0:23.0

So I'm definitely on the upward trajectory, and I'm going to try to maintain as much normalcy with the podcast production as possible.

0:32.0

And so today is the first Friday of the month of April, and normally we're a weekly show, we air every Monday morning, but once a month on the first Friday of the month,

0:41.0

we air a first Friday bonus episode.

0:43.0

And so for the sake of a return to normalcy, for the sake of trying to maintain a sense of rhythm and order,

0:54.0

we're going to air a first Friday bonus episode today, but today's episode is going to be a replay of an interview that we previously aired that I thought is particularly relevant at this time.

1:08.0

Back in August of 2019, we interviewed a journalist, a financial journalist by the name of Cameron Huddleston, and she wrote a book called Mom and Dad We Need A Talk,

1:19.0

and the book is about how to have important but awkward conversations with your family about financial and life matters, such as,

1:29.0

do you have an advanced healthcare directive? Do you have a will or a legal trust? What's your estate plan situation? To whom have you given your power of attorney?

1:38.0

So she wrote a book about how to introduce these types of conversations to your family. What specific topics should you cover? What specific questions should you ask?

1:49.0

How do you manage these conversations when there are other siblings involved or half siblings or step siblings? How do you handle these conversations if your parent lives in a different country?

2:00.0

So these are questions related to aging and end of life that people often don't want to talk about or don't want to think about, but that's important to get a handle on upfront.

2:13.0

And so today I want to re-air this episode. So what you're about to hear is the original episode that first aired in August of 2019. It has not been edited or changed.

2:26.0

It's a replay of the August 2019 interview. And hopefully this will inspire you to have some difficult but important conversations with your family.

2:39.0

Meanwhile, I will be continuing the post updates on my own progress on Instagram at PolyPant PA ULA PA NT, as well as on Twitter at a Ford Anything.

2:53.0

And I'm hoping that by Monday's show, we will have brand new original content for Monday.

3:00.0

So make sure that you're subscribed to this podcast so that you won't miss that. And without any further delay, here is our interview with Cameron Huddleston from August of 2019.

3:12.0

You can afford anything but not everything. Every decision that you make is a trade-off against something else. And that's true, not just for the way that you spend your money, but also for the way you spend your time, focus, energy, attention, everything carries an opportunity cost.

3:33.0

And that leads to two questions. First, what matters most in your life? Second, how do you align your daily decisions in accordance? Answering these two questions is a lifetime practice. And that's what this podcast is here to explore.

...

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