4 Tips About Having The Money Talk With A Loved One

In its 2017 Money Matters report, which surveyed 3,000 Americans ages 18 to 44, investing app Acorns found that 72 percent of respondents would rather talk about their weight than how much they had in savings.

This sheds light on a pervasive problem in the U.S. — many of us avoid discussing important money issues because it makes us uncomfortable. Diane Bourdo, president of The Humphreys Group, spoke with Larry Light of Forbes about difficult money conversations — such as discussing long-term care with an aging parent or dealing with credit card bills with your partner.

Diane Bourdo provided four tips on navigating these conversations:

  1. Think ahead about what you are going to say. “Pause for a moment, be calm and think about the effects of what you’ll be presenting to the other party, including potential assumptions or perceptions. Being thoughtful about the preparation process will allow you to have more meaningful, productive dialogue,” Bourdo said.
  2. Don’t blindside the other party. Set a date and location for your conversation, and choose a time when you both will be more relaxed and comfortable. “For instance, choosing to discuss finances with your spouse after a long day of work may fuel existing stress or exhaustion, which will likely derail your discussion. It also may be helpful to agree on the length of your conversation — some people are tired by long conversations, while others prefer to walk while talking about tough topics,” Bourdo said.
  3. Show you are honest about your intentions. State your intentions and explain why the conversation is important to you.
  4. Prepare and practice. It may help you to write down what you want to say and practice the conversation aloud to yourself or with a friend.

Read the full Forbes article “4 Tips About Having The Money Talk With A Loved One” here.

With a presence on every platform, Forbes is the largest global business media brand with incomparable scale and the unique ability to convene, curate and cover the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world.

Forbes’ network of editors, journalists and contributors fuels the creation of content distributed through Forbes.com, Forbes Magazine, research and insights reports, and signature live events, reaching more than 120 million people worldwide.

Diane Bourdo, CFP®
Diane Bourdo, CFP®

Diane Bourdo is the President of The Humphreys Group. Diane has dedicated her life’s work to helping women make smart financial decisions. For nearly 30 years, she has developed investment management and financial planning strategies that allow her clients to create lives that reflect their values. Diane was named an InvestmentNews 2020 Women to Watch and has been recognized in Forbes, SF Chronicle, NY Times and more for her work and writing.

Diane Bourdo, CFP®
Diane Bourdo, CFP®

Diane Bourdo is the President of The Humphreys Group. Diane has dedicated her life’s work to helping women make smart financial decisions. For nearly 30 years, she has developed investment management and financial planning strategies that allow her clients to create lives that reflect their values. Diane was named an InvestmentNews 2020 Women to Watch and has been recognized in Forbes, SF Chronicle, NY Times and more for her work and writing.

Share our Post
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on email
Email
Share on print
Print

Related Posts

There’s a Pink Tax on Women

Forbes is “a global media company, focusing on business, investing, technology, entrepreneurship, leadership, and lifestyle.” In the investing section, Senior Contributor Larry Light, interviews Humphreys

Read More

If we made women’s unique strengths, concerns, and preferences the financial norm, what would we see?

Learn to invest like a woman.
Get your free copy of the book today!