Do you talk about your financial plan with your adult children? If you don’t, you should—for their sake and for yours. After all, you probably have plans for your money. And to the extent that those plans involve (or will impact) your kids, they should be aware of your wishes. Plus, your adult kids may end up managing your finances someday, so talking about your financial situation now will help them be prepared for what may lie ahead.
Unfortunately, in the financial planning business we see far too many parents avoid talking about money. In many families, the topic is simply taboo. But when the kids are grown, it’s in everybody’s best interest to have open and honest conversations about your financial situation; and it’s often up to you, the parent, to initiate the discussion.