Cameron Huddleston is the author of Mom and Dad, We Need to Talk: How to Have Essential Conversations With Your Parents About Their Finances (June 2019). We’re all trying to get our finances under control, but have you ever thought about your parent’s financial situation?

In this episode, we sit down with Cameron to discuss how we can help our parents with financial issues such as retirement, long term care insurance, debt, wills, and much more. She outlines how you can have productive conversations with your parents about money. Throughout her book, Huddleston breaks down the step-by-step process of how you can approach the taboo topic. While these conversations may be awkward, there are huge consequences to not having these conversations at all, both financial and emotional.

Show Highlights:

  • Cameron’s past in journalism and her extensive experience when i t comes to covering topics relating to personal finance.
  • Some universal advice when it comes to money management, is that you need to be saving more money for retirement.
  • How to cut your spending to save more for retirement.
  • While money is a taboo topic, her book “Mom and Dad We Need to Talk” breaks down these conversations and how you can speak with your parents about their finances, retirement plans, long term care insurance, wills, and more.
  • While talking about money with your parents can fee l awkward, it’ll be much worse if you don’t have these conversations.
  • Even happy families can end up fighting and bickering over belongings if a loved one passes away without a will.
  • Speak about issues relating to long term care, legal documents, the power of acting attorney, finances, debt, retirement, etc.
  • 58% of Americans have less than $1,000 in savings, and less than 10% have long term care insurance.
  • Timing is a big component to consider when you approach your parents about money issues. Instead of talking with them around the holidays, save this conversation for the summer time. It also might be a good decision to approach this topic slowly, and schedule specific days.
  • Cameron breaks down different techniques and methods that can be used when trying to get through to reluctant parent

Key Takeaway: It can be difficult and awkward to speak to your parents about their finances, but there are huge consequences to not having these conversations. If your parents refuse to speak about these issues, you can start by approaching them respectfully, offering to help in small ways, and asking a trusted third party to get involved.

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