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Money Talks: Navigating Uncomfortable Conversations with Loved Ones with Erin Lowry

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May 3, 2023

Guest

Erin Lowry

Erin Lowry, a personal finance expert and author of the 'Broke Millennial' series, dives into the challenging yet vital topic of financial conversations with loved ones. She shares practical scripts for discussing money with parents, especially as they approach retirement. Topics like estate planning, prenups, and lending among friends are tackled, emphasizing transparency and empathy. Erin also highlights the emotional aspects of caregiving and offers strategies for enhancing communication within families, making uncomfortable discussions more approachable.

01:18:17

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Episode notes

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ADVICE

Start by Asking Questions

Use open-ended questions to gauge your parents' financial health without being intrusive.
Financial advisors often don't discuss eldercare with clients, so raise the topic proactively.

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ADVICE

Indirectly Assessing Finances

Ask your parents for advice on your own financial situations to indirectly learn about their finances.
Deploy other family members, like siblings, to initiate conversations if you feel uncomfortable.

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ADVICE

Conversation Starters

Use current events or stories about friends to initiate conversations about estate planning.
Ask open-ended questions like, "What would you do if...?" to encourage discussion.

Get the Snipd Podcast app to discover more snips from this episode

Navigating Difficult Financial Conversations with Parents

02:59 • 2min

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Navigating Caregiving and Financial Conversations

04:53 • 16min

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Navigating Family Conversations About Finances and Health

20:23 • 4min

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Navigating Financial Conversations with Loved Ones

24:10 • 22min

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Navigating Financial and Estate Planning Conversations

46:36 • 4min

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Navigating Difficult Conversations about Family Preparedness

50:38 • 3min

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Navigating Family Conversations on Health and Preparedness

53:15 • 4min

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Navigating Prenups and Financial Transparency

57:15 • 24min

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Die with Zero presents a provocative philosophy and practical guide on how to get the most out of your money and your life. Bill Perkins argues against over-saving and under-living, advocating for investing in experiences early and maximizing positive life experiences. The book introduces concepts like 'time-bucketing,' 'net worth curve,' and 'fulfillment curve' to help readers optimize their life stages and make the most of their resources. Drawing from his own life experiences and insights from psychological science and behavioral finance, Perkins makes a compelling case for living large and accumulating memorable experiences rather than wealth.

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I will teach you to be rich

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This book, updated for a new era, provides a simple and powerful 6-week program to manage finances. Ramit Sethi focuses on behavioral psychology to help readers save more, earn more, and automate their finances. Key lessons include focusing on big wins rather than small savings, automating financial tasks, and spending guilt-free on things you love while cutting back on unnecessary expenses. The book also covers topics like crushing debt, setting up high-interest bank accounts, and long-term investing in index funds.

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Broke Millennial Talks Money

Erin Lowry

Broke Millennial Talks Money provides practical advice and scripts for discussing money in different contexts, including work, friendships, family, and romantic relationships. The book offers tips on negotiating salaries, setting financial boundaries, and managing money-related conflicts. It aims to demystify financial discussions and help readers communicate effectively about money.

#114: Personal finance expert and and author, Erin Lowry joins Chris to discuss the importance of having financial conversations with your parents, including sharing some specific scripts for initiating the discussion. They also cover financial advisors, estate planning, prenups/postnups, lending money to friends and more!

Erin Lowry (@brokemillennialblog), best know for her three-part ‘Broke Millennial’ book series, is on a mission to help millennials navigate the complex world of personal finance, demystifying everything from budgeting and saving to investing and retirement planning. Erin's work has been featured in major publications such as The New York Times, Wall Street Journal, and Forbes.

Full show notes: https://allthehacks.com/money-conversations-erin-lowry

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Resources Mentioned

Connect with Erin: Twitter | Instagram | LinkedIn | Website

Erin’s Books:

Broke Millennial: Stop Scraping By and Get Your Financial Life Together
Broke Millennial Takes On Investing: A Beginner's Guide to Leveling Up Your Money
Broke Millennial Talks Money: Scripts, Stories, and Advice to Navigate Awkward Financial Conversations
Broke Millennial Workbook: Take Control and Get Your Financial Life Together

AARP Report: Family Caregivers Provide $600 Billion in Unpaid Care Across the U.S

Seniors & Medicare and Medicaid Enrollees

MIT Age Lab Reports

Financial Advisory Services: XY Planning Network | CFP Board: Let's Make a Plan

Last Week Tonight on Retirement Plans

Trust & Will: All The Hacks Members get 50% off

1Password: Password Manager for Families & Businesses

Trustworthy: 14-day Free Trial

Ramit Sethi’s Podcast: I Will Teach You To Be Rich

Ramit Sethi’s Netflix Show: How to Get Rich

Erin’s Japan Recommendations:

Visit: Kobe | Arima (stay in a ryokan)
Do: Take in a Japanese baseball game
Eat: Champagne & GYOZA BAR -Tokyo

All the Hacks Episodes:

#112: Money + Relationships: Building and Living Your Rich Life Together with Ramit Sethi
#91: Die With Zero: Net Fulfillment Over Net Worth with with Bill Perkins

Full Show Notes

(03:09) The Importance of Discussing Finances With Your Parents

(04:52) The Role of Children in Caring for Aging Parents

(07:41) Programs Available for Elderly Parents Struggling Financially

(09:56) Overcoming the Taboo: How Rare Are Money Talks?

(14:26) Approaching Money Conversations With Your Parents

(19:43) Financial Discussion Strategies

(22:49) Bringing in Third Parties: Using Mediators in Financial Discussions

(24:08) Scripts for Talking About Money With Your Parents

(27:39) Understanding Estate Planning

(28:44) Continuing the Conversation: Keeping Money Discussions Alive

(32:06) The Benefits of Working With a Financial Planner

(38:19) Financial Course Correction for Retirees

(41:18) Discussing Pertinent Information With Your Adult Children

(44:13) Advice for Parents

(47:51) Important Financial Documents: Compiling, Sharing, and Keeping Them Up-To-Date

(54:47) Discussing Prenups and Postnups

(1:12:03) Money Talks With Friends: Tips for Having Open Conversations

(1:13:50) Loaning Money to Friends

(1:14:54) Engagement Rings

(1:16:12) Japan Recommendations

Connect with All the Hacks

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