Next to religion and politics the subject of money is avoided by families like some deadly disease, and like an illness the longer you leave it worse it gets.
After more than 16 years in the financial industry I have seen the effects on care giving families, and their parents when finances are avoided.
So why is the subject of money so hard to discuss? From what I have seen, it is some thing I like to call the “financial generation gap”.
Most baby boomers have lived a life of growth and privilege. Things have not always been easy but for the most part, they paid the low education costs, low real estate prices, held jobs for much longer than most, and have earned very good incomes. Boomers experienced the lowest interest rates in history, invested in the longest boom in the stock market and have enjoyed good government services.
Because of this Boomers are great spenders. They like the better things in life, and want to experience new things. Live for today is a way of life for Boomers.
When you compare this to their parents, they grew up in the worst financial era in modern times. They lived during two world wars, and then had to rebuild the country from scratch after being at war. Life was hard, but they worked hard to build good life for their children.
They became great savers, always protecting their lot in life, the war generation is always prepared for the next disaster.
With these two different approaches to life and money, talking about finances can be difficult.
Here are 5 things to consider as you approach the subject of finances from CBS Money Watch:
Talking about money for many is not an easy topic … but you will have to deal with the topic eventually. Why not do it know while everyone can express their wishes openly.
(Hope you enjoyed the cereal boxes they sure bring back memories)
Article provided by Mike Hassard Kelowna