Family Financial Meetings

Goal: Review and communicate financial goals, priorities and intentions.

Why should I have a family financial meeting?

It’s important to set your goals and priorities with members of your family. Setting goals and priorities provides you with a concrete target. Priorities help you break down your goals by what’s most important to you.

Communication is key to managing your family finances. 

Think of your family finances like you are running a small business - you have income coming in, you have to save money for future expenses while also managing ongoing expenses.  Businesses make plans and you should have a plan for your family business. 

Parents with adult children should discuss health care preferences, final wishes and what happens when they are “stepping in” in to their parents financial life. It’s also important to have an idea of what all of their assets and liabilities are in a general sense. This allows assets to be claimed and bills to be paid.  There are billions of dollars in unclaimed assets in the U.S.  

Elder financial abuse is a major issue and adult children can also help protect their parents from becoming victims of financial predators.  The key is that the parents need to be willing to open up about their financial life and understand that it is for everyone’s benefit.  

Next step: 

Schedule a family financial meeting with your immediate family along with a meeting with your parents or adult children. 

Access the Get Ready Toolkit which includes  (here). The Get Ready Toolkit also includes the “Stepping In” Checklist. 

The Get Ready Toolkit also includes a subscription to the Get Ready Newsletter which follows the Get Ready Financial Calendar to help you stay financially prepared.

Pick up a copy of Get Ready: A Step-By-Step Planner for Maintaining Your Financial First Aid kit to guide you through organizing your financial documents and creating your cash flow statement and net worth statement. Pick up a copy on Amazon (here), purchase a digital copy (here) or learn more (here).

Learn more:

The Four Principles for Holding a Family Financial Meeting

What to do when someone dies (guide to stepping in)

Financial Literacy For Kids (downloadable storybooks)