Breaking the Taboo: Discussing Money with Your Family
by
Gregory Grant
People talk to their brokers about money, and they talk to their friends about money. But to their family, talking about money is off-limits.
Why don't people like to talk about finances with members of their family? Perhaps it has to do with mortality, and facing an unpleasant time.
"When you have the emotional turmoil that accompanies death in a family, you don't need to have the financial turmoil there as well," said Patricia Bell of Merrill Lynch. "And if there had been conversations and there weren't any surprises and you knew who the executor was and the trustee and all those conversations had been already discussed, there won't be the surprises in what can be a very emotional time."
Starting to talk about family finances to children, especially when they are young, can also be a way to teach them, as well as open channels of communication.
"They learn from their peers but where they really learn is from their parents," Bell said. "And the easier and the more comfortable it is for us to discuss finances the easier and more comfortable it will be for our children to make decisions and to make inquiry concerning their own financial health."
It may seem uncomfortable talking about money and finances with your family, but experts in estate planning agree that knowing this information ahead of time makes for a smooth financial transition between the generations.
In recent years, companies have flocked to the web to set up dot.com sites. Initially retail companies caught the attention of investors and consumers alike.
When to sell a stock is as important as when to buy a stock. The investor that goes beyond just looking at the financial pages will find that this kind of in-depth research will pay off in helping to make wiser investment choices.