Rosé & Real Talk: 5 Money Conversations to Have This Summer
Summer has a way of slowing us down, just enough to have the conversations we avoid all year. In this episode, Tracy walks through five money conversations worth having before summer ends: with yourself, your partner, your parents, your adult kids, and your financial advisor.
5 takeaways from the conversation.
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01
Start with yourself. Before you can have a money conversation with anyone else, you need to answer three things: could you list every account, policy and debt you have? Do you know where your estate documents live? Are your beneficiaries current?
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02
Talk to your partner about what happens if one of you is suddenly alone. Not budgets. Walk each other through where the accounts live, who to call, what you own, and what you owe.
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03
Ask your parents the questions you have been avoiding. Do they have a will, power of attorney, and healthcare directive? Who is in charge if something happens? What is the plan if long-term care becomes real?
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04
Talk to your adult kids about money now, not in a crisis. Do they understand their 401(k) and employer match? Are they expecting financial help from you? Do they know who to call if something happens to you?
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05
If you have a financial advisor and cannot answer “am I actually on track for the life I want,” that is on both of you, but you get to fix it by asking. Also worth pressing on: are you holding too much cash, taking too much risk, or too concentrated in one position?
The printable conversation guide
15 questions across the 5 conversations. Print it, share it, start one.