Share Family’s Money History During Holidays

For many families, Thanksgiving is one of the only times the entire family will be together.  This provides an opportunity to tackle family finances and long-term planning decisions.

While many families shy away from addressing touchy subjects around the holidays, discussions can lead to some rewarding and productive exchanges. 

To start, do not jump right into talks about money or future living arrangements.  Rather, begin with family history and legacies.  “Encourage them to share with their children and grandchildren their successes and failures.  And it’s almost impossible to talk about anything in life without talking about money.”

Family gatherings are an ideal opportunity to pass along money lessons to children.  This is also a good time for elderly parents to talk with adult children about family heirlooms and let them know which items have sentimental value to them. 

See Glenn Ruffenach, This Thanksgiving, Share Your Family’s ‘Money History’, Market Watch, Nov. 24, 2014.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.