Talking About Your Parents' Finances with Cameron Huddleston

Many of us have never considered approaching this topic of finances with our parents, and for those who have, it can still make us want to run for the hills! It's the second most potentially awkward and dreaded conversation right next to 'the talk' you received as an adolescent, but no less important! Thankfully, we have Cameron Huddleston, personal finance expert+author, on the show to discuss how to have these crucial conversations and the importance of opening this dialogue before it's too late. Cameron shares her own insight and experience, and even some cautionary tales to motivate us to do the hard, but valuable thing!

Sponsors:

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Rolls: They're excellent when they involve bread or laughter, but not when they involve steam. So don’t steamroll in conversations, or with finances - instead - slow your roll, grab some butter& eat a roll - then get on a roll with achieving your financial goals!

Notable Notes:

We sincerely enjoyed our time chatting with Cameron on this very important, unique, and difficult topic. She had great insight and advice and we got to ask her all of the questions - including:

• Why should we start this awkward conversation any earlier than we have to?

Cameron argues it's a lot more difficult if we try to navigate this topic without having this conversation! AND the earlier we talk, the more options there are legally (i.e. POA, advanced directives, etc.)

• How do we approach these conversations in love and respect?

Cameron says to appraoch this topic gingerly. Discussing finances with parents touches on mortality so it's important to be empathetic. Also, be aware of the barriers/reluctancy that may be present and don't incite fear. Also - avoid being condescending; in this conversation and in all conversations ;)

• What should we do if one or both of our parents won’t open up?

Cameron suggests approach gently from a position of concern. You could also consider getting a trusted 3rd party involved to help with the conversation, and include siblings!

• What’s some of the important information we should look to obtain?

Cameron suggests talking about the following: Essential legal docs, Advanced healthcare directives, POA (power of attorney), wills, and how they are doing financially

BILL OF THE WEEK - Thanks Cameron for sharing your bill with us!

• If you want to submit your bill of the week visit frugalfriendspodcast.com/bill to leave us a bill

Lightning Round

• When we see parents blowing through money or not being responsible with it but refuse to change, what do we do in that scenario?

1. Avoid criticism

2.Share tips that have worked for YOU

1. Prepare financially to support or prepare emotionally to say ‘no’ to financial support

• If we have siblings, how can we get them involved in this process?

1.Have conversation

2.Accountability - send updates to siblings

3.Share the burden - if you handle bills - let siblings do care-giving

• Do you have any tips for young parents on creating safety for these conversations with our own children?

1. Beginning making it safe to talk about finances from a young age

2. Share in age appropriate ways about finances

To get more from Cameron, check out her website!

AND get Cameron's book: "Mom and Dad we Need to Talk, How to Have Essential Conversations With Your Parents About Their Finances"

Frugal Friends Book Club:

It’s June and we’re reading Digital Minimalism by Cal Newport for book club

• If you want a free copy, leave us a review on iTunes or Stitcher, screenshot the review and send it to frugalfriendspodcast@gmail.com. We’ll select the winners at the end of the month.

See you next week!