All in the Family How successful Families approach Money Presenter Name Bolded Company Name Not Bolded Conference or Meeting Name Date 1 2 3 How do successful families approach money Why is it so difficult to connect ID: 767908
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All in the Family How successful Families approach Money Presenter Name Bolded Company Name Not Bolded Conference or Meeting Name Date
1 2 3 How do successful families approach money? Why is it so difficult to connect? How your advisor can help. Agenda
How do Successful Families approach money?
Keys to Less Stress Communicate Educate Define your vision
Why is it so difficult to connect?
Saver 1 Spender 10 D N Understanding Your Family Money Dynamic Daniel (primary client) Nora (spouse)
Spenders vs. Savers The vast majority of participants in the research self-identified as savers and their partners as spenders. IF ONLY MY HUSBAND WOULD STOP SAYING ‘WHY DID YOU BUY THAT?’ ”
Security vs. Opportunity Family members often have significantly different investment styles and risk tolerances. One participant in the survey noted about her husband: WE HAVE SUCH OPPOSITE VIEWS — HE KEEPS HIS MONEY UNDER THE MATTRESS, AND I’M AN INVESTOR.”
N D Security vs. Opportunity Security 1 Opportunity 10 D N
Why Families Don’t Talk Privacy was a big concern among many parents. Among parents, particularly Generation X, there’s a conflict between maintaining that privacy and the desire to raise financially astute children. Some parents worry that opening up to children about their wealth will diminish children’s motivation and fiscal responsibility. I don’t want to find my finances posted all over social media by my kids.” I don’t want my kids to know my net worth, because I want them to struggle and deal with the things I had to deal with.”
A Reluctance to Talk About Money BOTH MY MOTHER’S AND FATHER’S SIDE NEVER TALKED ABOUT MONEY.” Most parents have some reluctance to discuss financial matters with their kids. Are in some way reluctant 66% Are not reluctant 34% Source: T. Rowe Price Parents, Kids & Money Survey, 2018
How your advisor can help
Going Back to the Keys to Less Stress Communicate Educate Define your vision
Communication Many participants shared the issues they faced when they did not have the “money talk” with their families. When [my mother] passed, we found so many accounts in so many places; there was no open communication— I never want to live through that again.” We all sat down, had a meeting, went over my parents’ wills and accounts. It felt good to know, and gave us a sense of peace.” Our research shows that participants who had started having conversations with their family felt more at ease. In fact, their experiences were universally positive .
Define Your Vision Saver 1 Spender 10 D N Money Habits Security 1 Opportunity 10 D N Risk Tolerance Private 1 Open 10 D N Communication Style Daniel (primary client) Nora (spouse)
Educate Moneyconfidentkids.com Looking back now, I know that I would have greatly benefited had I initiated an investment strategy as a young adult. The key to managing money and building a nest egg is learning how to manage small amounts and grow them wisely over time.
Going Back to the Keys to Less Stress Communicate Educate Define your vision
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201904-807689