Third, How to Bring It Up
Start simple. The conversations don’t need to have grand themes but should have a simple idea of what you’d like to discuss. You don’t have to call a formal meeting or schedule a sit-down with your children; these conversations should happen in settings natural to you and your family.
Be on the lookout for opportunities to share that story, e.g., a long car ride to the beach, over dinner, or over a round of golf.
You can easily start with, “Did I ever tell you about the time I…” Over time, come up with and share more financial intelligence stories that focus on the other categories of financial intelligence.
“My Kids Are Adults, So It’s Too Late To Have These Family Money Talks”
Your kids may already have an established way of handling their finances. But over time, as you share financial intelligence stories, the bits of wisdom you’ve learned over the years may have an influence on them in future. They might even ask you first.
Remember Three Things About Family Money Talks
First, family money talks give you a way to talk about money without talking about assets. It’s a way to share the wisdom you’ve learned about creating and managing wealth without coming off as a lecturer. Second, financial intelligence stories are a way to share your biggest financial regret, your best money decision, a funny situation, or an important lesson you learned. They’re effective because we all like to hear a good story. Third, you don’t have to share a financial intelligence story at a formal meeting. Bring it up during a casual conversation.
The First Generation Might Make the Money, But the Third Generation Doesn’t Have to Lose It
Do what most American families avoid—talk about wealth with your kids. The best part: You don’t have to talk about your assets. Someday your kids will inherit your wealth. Make sure you pass along the wisdom to manage it too.
- Within a week, complete the financial intelligence discovery exercise
- Within two weeks, share a financial intelligence story with your kids
- Visit hartfordfunds.com/family to download the Family Money Talk whitepaper to learn about the other two types of intelligences