Navigating Financial and Estate Planning Conversations

This chapter emphasizes the importance of having financial and estate planning discussions with family members, including setting up wills and healthcare directives. It also highlights effective tools for planning and managing personal information securely.

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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.

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