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

7 snips

May 3, 2023

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.

Ask episode

AI Snips

Chapters

Books

Transcript

Episode notes

ADVICE

The Importance of Early Conversations

Initiate financial discussions with your parents early, before a health crisis or job loss forces the issue.
Prepare yourself financially in case you need to support them, as many adult children end up doing.

INSIGHT

Unpaid Caregiving Is Common

Many adult children provide unpaid care for their parents, often averaging 18 hours per week, according to AARP.
The high cost of nursing homes, around $8,000 monthly, adds another layer of financial concern.

INSIGHT

Reasons for Parental Financial Strain

Even healthy parents can outlive their savings due to various factors, like market downturns or financial mismanagement.
Supporting parents can range from hundreds to thousands of dollars monthly, impacting your budget.

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

Get the app