“The reason we have such a passion for encouraging people to have these sensitive conversations sooner rather than later is that dealing with these topics while in panic mode or while grieving or under other kinds of stress tends to lead to poor decisions, or sometimes family breakups that just can never be undone.”
Catherine Scrivano, Financial Planner
Be sure to check out this episode of The Women’s Eye podcast as I talk with Catherine Scrivano, President of CASCO Financial Group in Phoenix, Arizona. Today we chat about a subject near and dear to my heart: how to make those “uncomfortable” conversations with family and parents about money, health and end of life decisions more comfortable and less awkward. Who hasn’t wondered how to approach these difficult discussions?!
Catherine is also a regular contributor to The Women’s Eye podcast in our Building Money Power segment. In dealing with challenging family money talks, she says it’s about passing on wisdom, not just wealth, and there are several ways to get the conversations started. The key is knowing this is not a one and done conversation.
“I sometimes compare these conversations to family recipes. I absolutely love to cook, and I come from a family that loves food. Food is very important to us. As the family recipes have been passed along through generations, all of the things that go along with that kind of identifies its culture. If we can think about family recipes or something similar in the way that families share information, it can help frame how these conversations may go as well,” says Scrivano.
This is a topic that hits close to home. My father handled all the financial responsibilities yet didn’t have “the conversation” with my mom, so it was a very challenging time when he passed away, not only because of our devastating loss, but also in trying to navigate through the aftermath.
- How identifying your intent is the first thing.
- How to frame conversations about money.
- Don’t forget to remember including that you don’t claim to have all the answers.
- The importance of involving a professional, a financial consultant or an attorney, or someone who works in this field who can bring the conclusions and answers to the table.
- Tools to use to keep track of financial matters that can be shared.
For more tips join me for this episode of Building Money Power as Catherine shares more of her expert advice. Hoping your family money talks become more comfortable for all!
For more information about Catherine Scrivano:
LinkedIn: Catherine Scrivano
Facebook: Casco Financial Group
Twitter: CASCO Financial