Bill Duggan, Certified Financial Fiduciary · The Retirement Advantage, MI
How to Have More Meaningful Money Conversations That Can Really Pay Off
When do you talk about money?
Who do you talk finance with?
If you’re like most people, you’re not discussing money at all — and you’d rather talk about death, politics, and addiction, instead of finance.1, 2
That may be surprising, but it’s not totally out of left field.
Many of us are uncomfortable talking about money because of deeply ingrained cultural taboos. We think it’s rude, showy, and maybe even shameful to bring up finances.2
We may also be worried about being judged for having too much or not enough money.1
So, most of us simply avoid discussing finances altogether, even with the people who we’re closest to.1
That’s a problem.
If we’re not talking about money, it’s easier to slip into bad habits and ignore issues that could be interfering with our financial well-being.3
At some level, we seem to know that because most of us also believe talking about money is important — and that it’s essential to financial freedom and generational wealth.4
So, how do we bridge the gap and get better at talking about money?
For starters, we have to know how to kick off these conversations.
With that in mind, let’s check out some effective icebreakers for different types of money talks with family and loved ones.
Not receiving our newsletter?
Get insightful info on finances and more in your inbox every month with the
VISUAL INSIGHTS NEWSLETTER
A Better Way to Invest in Money Talks: 25 Powerful Ice Breakers
SPENDING & SAVING
Do you see yourself as more of a spender or saver?
What's your relationship with debt?
When was the last time you wished you hadn't spent money on something & why?
"Saving for a rainy day" — what does that mean to you?
If you had to cut back on spending, what three things would you do?
MONEY HABITS
What's your best money habit?
If you could change any of your money habits instantly, what would it be?
How often do you check your credit report?
What money habits did you pick up from your parents?
If you inherited $1 million tomorrow, what would you do with it?
MONEY MINDSET
What's your first memory of money?
How does the topic of finance make you feel (e.g., anxious, excited, optimistic, or stressed)?
"Money can't buy happiness" — what does that mean to you?
How has your relationship with money affected your relationships with other people?
What do you enjoy most, spending, saving, or earning money?
RETIREMENT
What's the first thing you want to do when you retire?
What's going to be your biggest expense in retirement?
How long do you think your retirement will last?
Where do you want to live when you retire?
What does your dream retirement look like?
FINANCIAL GOALS
What are your long-term financial goals?
How do you handle financial setbacks (e.g. job loss)?
What do you want your life to look like in 5 to 10 years?
What does it mean to you to be "financially comfortable"?
How do you view financial success?
Financial conversations are not just about getting a discussion going.
FINANCIAL LESSON:
How to Walk the Talk with Finance & Why It Truly Matters
Which conversation starter struck a chord with you?
Which one will you try out first?
No matter how you answer those questions, how you approach money talks matters.
That’s because financial conversations are not just about getting a discussion going, although that is a key piece of the puzzle.
Meaningful money talks are also about your mindset and how you engage in these conversations.
That means going in with an open mind, ready to be honest, share, and listen.
It can also mean having some back-pocket strategies to guide more productive discussions.
One of those strategies can be zeroing in on a really specific topic, instead of talking generalities or big-picture issues, which tend to be overwhelming.
More focused financial conversations can be easier to wade into, especially if you’re starting to talk money for the first time (or with someone new).
It also helps to think of money talks like a learning curve.
They won’t all go the way you expect, but each discussion can be eye-opening, giving you more to work with the next time you talk money.
With that, any of us can get better at discussing finance.
And that can be key to improving our financial literacy and our money habits.4, 5
So can the right support from people you trust.
Sincerely,
Bill Duggan, Certified Financial Fiduciary
The Retirement Advantage, MI
https://www.theretirementadvantagemi.com/
P.S. Sign up for my emails. My subscribers get my best insights.
Bill Duggan, Certified Financial Fiduciary
The Retirement Advantage, MI
.png)
.png)
.png)
Not receiving our newsletter?
Get insightful info on finances and more in your inbox every month with the
VISUAL INSIGHTS NEWSLETTER
Bill Duggan, Certified Financial Fiduciary
The Retirement Advantage, MI
.png "An icon of a planet, referencing an internet link.")
.png "An icon of a letter, indicating an email address.")
- https://www.nasdaq.com/articles/new-study-shows-majority-of-americans-are-uncomfortable-talking-about-finances
- https://bigthink.com/sponsored/why-is-it-taboo-to-talk-about-money/
- https://www.apa.org/news/podcasts/speaking-of-psychology/money-stress
- https://www.forbes.com/sites/bobbyhoyt/2023/08/17/how-to-get-better-at-talking-about-money/
- https://news.stonybrook.edu/university/why-talking-about-money-with-children-matters/#:~:text=%E2%80%9CWhat%20research%20shows%2C%E2%80%9D%20explained,health%20outcomes%20among%20young%20adults
Risk Disclosure: Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance does not guarantee future results.
This material is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security. The content is developed from sources believed to be providing accurate information; no warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability, or usefulness of any information. Consult your financial professional before making any investment decision. For illustrative use only.
Become an Insider
Get insightful updates on markets and the world delivered straight to your inbox every month.
No thanks
You're Signed Up!
Bill Duggan, Certified Financial Fiduciary
The Retirement Advantage, MI
Stay tuned — an email from me is on its way to your inbox right now.