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#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.
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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) Breaking the Silence: 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
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