Now Playing
Talking to Parents About Their Finances
Talking to Parents About Their Finances
Hear how to start the conversations. By elder care expert Joy Loverde. This audio file plays for 1 minute and 7 seconds.
You can also
View transcript
Let's say today's the day you decided to talk to dad about his money. You're wondering if he has enough to live on, but he is so private about everything. Feeling nervous? That's normal. Here are a few tips to help you take that first step:
- Plant the seed. Clip a news paper article about a related subject, like Medicare, for instance. Next time you visit handover the article and say, "This says that Medicare doesn't pay for most prescription drugs. Does that ever concern you, Mom?” News clippings almost always get a parent talking about the subject.
- Soliciting advice works, too. You can say, "Dad, I am just beginning to think about my own retirement and it looks like you're doing pretty good here. Do you have any tips for me?” Parents love feeling needed and appreciated.
Remember no one likes to be told what to do. To keep the trust factor high, spend more time listening when they talk; asking questions, rather than making suggestions, and resisting the temptation to offer unsolicited advice.
I am Joy Loverde.