Investopedia – How to Financially Support Loved Ones Without Sacrificing Your Well-being

Diane Bourdo, CFP and President of The Humphreys Group, was recently featured in an article on Investopedia titled How to Financially Support Loved Ones Without Sacrificing Your Well-being.

Bourdo highlights the importance of proactive communication and setting personal boundaries when supporting loved ones financially. She advises, “Be proactive and plan a conversation when you have time to talk things through calmly” to reduce the potential for emotionally charged discussions. Scheduling these conversations in advance can ensure both parties are relaxed and comfortable, making the dialogue more effective.

The article explores various strategies for balancing financial support with personal well-being. Key points include:

Assessing Your Financial Situation: Understanding your income, expenses, and savings is essential to make informed decisions about providing support.

Effective Communication: Maintaining open and honest discussions with loved ones about financial assistance to foster healthy relationships.

Alternative Support: Offer non-financial assistance such as emotional support and sharing time and expertise.

Setting Boundaries: Establish clear limits on financial help and learn to say “no” when necessary.

Professional Advice: Seeking guidance from financial planners to manage complex situations and maintain personal financial health.

The article references the 2024 Her Money Mindset Survey, which found that 67% of women have financially supported a loved one, often while managing their financial challenges. These findings highlight the need to balance generosity with personal financial security.

Bourdo’s insights are particularly relevant given statistics from the U.S. Census Bureau, showing that many women lack retirement savings and may face increased financial risk in later years.

The Humphreys Group, a women-owned and women-operated wealth management firm based in San Francisco, California, is dedicated to helping clients confidently navigate their financial lives. Specializing in personalized financial planning and disciplined asset management, they offer resources to assist clients in balancing their financial support for loved ones without compromising their financial well-being. Their team guides proactive financial conversations and setting personal boundaries, helping clients maintain healthy relationships and financial stability.

For more information on managing financial support for loved ones without compromising your financial well-being, contact our team.

 

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

The Case For ESG Investing

As a long-time champion of ESG investing, Hallie Kraus, financial planner at The Humphreys Group, was recently interviewed by Senior Contributor Larry Light at Forbes

Read More
Humphreys Group - Rewriting the Rules 2nd Edition Book Cover

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!