How Do I Talk About Financial Investments to My Family?
Awhile ago, while I am watching the show of Suze Orman in Youtube. I ask myself; how can I discuss “investing money” to my spouse and children. I am now familiar with different types of financialinvestments. I am interested in investing my money in stocks and mutual funds. The questions pop in my head. I invest because it is for my family’s future. But, how can I let them (my family) understand what I am doing in our family’s finances. Asked by a reader via FB page.
InvestmentTotal answered this question today. To discuss finances with your spouse, it is ideal if you are also working. It means you are contributing money to family’s income. The best time to talk about financial investment is when your spouse is in the mood. Talk about it Sunday in the afternoon. Sunday afternoon is peaceful and calm. Make it clear what you really want to say.
Talk Financial Investments by Reading Book Together
Approach your spouse in a nice way. By simply reading a personal finance books. Then share it with her/him what you have read. If your spouse is interesting, he/she will agree. You only have to motivate your spouse. To motivate him/her well to invest money. You should ask him/her a question that make him/her think about the future.
Example question. What if our son wants to study in Harvard and take a medical doctor? Do we have any money to spend for his tuition? What if we prepare it today by investing small amount of money?
Talk Financial Investments Together with a CFP
Since you are the one who is knowledgeable in financial investment. Ask him/her to invite a certified financial planner in your house. Then let the CFP talk about financial investment. It will be more “open-discussions” since both of you are now talking to a financial expert.
If your kids are still young, it is ideal to open them a “in-trust-for” savings and investment account. So that when they grow old, they will find a way to know what’s that “in-trust-for” accounts are for. Another way to talk finances to your kids is to give them first a personal finance books for kids. They will surely read them and will ask you what it is all about. Now, you have to start answering their questions. As simple as that.
Make sure you know how to find a certified financial planner in your local area. Most CFPs are affiliated with mutual fund companies or stockbrokerage firms. So find one and invite a CFP in your house to talk about financial investments.