The Investopedia Express with Caleb Silver The Power of the Plan in Family Finances
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Nov 26, 2025 Ryan Victorin, a Certified Financial Planner and financial consultant at Fidelity Investments, shares invaluable insights into family finances. He emphasizes that communication is key to avoiding financial pitfalls and addressing generational money mindsets. Ryan advises starting financial conversations with kids early and stresses that everyone should have a financial plan, regardless of their situation. He also discusses the importance of defining one's legacy and using digital tools to make planning accessible, making family finance discussions less daunting.
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Talk Openly About Money
- Do communicate openly about money with family and include the right people in conversations.
- Avoid secrecy because it creates questions, disagreements, and strained relationships.
Teach Money Concepts Early
- Start teaching kids basic financial concepts early without revealing family finances.
- Gradually introduce inheritance conversations when children are in their 20s or 30s.
Engage A Planner Early
- Work with a financial planner at any stage — help is available even with small accounts.
- Use advisors for complexity as wealth grows; you don't need to be rich to get planning help.