Generational Wealth Talks To Have With Your Family Over The Holidays
By: Dr. Nicole Garner Scott
Tags: Generational Wealth, Money Mindset, Money Management, Investing, Family

Creative ways to talk wealth and legacy building with your family while

everyone is under one roof

By Dr. Nicole Garner Scott

It is officially holiday season! Your mouth is already starting to water at the thought of your Grandmother’s dressing, Mom’s famous yams, Dad’s fried turkey, Auntie’s banana pudding, and Cousin Tiffany’s vegan or keto version of something. The holiday spirit and together-time can make it easier for families to discuss important financial matters such as parents’ wills, how family money is managed, retirement plans, charity and eldercare issues.

While most parents and adult children believe these discussions are important, few actually have them. Family members may avoid broaching these sensitive subjects for fear of offending each other.

Let’s first preface the best time to have this conversation, because you know your family the best. But I suggest not having this talk after libations are flowing, when everyone is ready for a nap, or if you can sense the energy is not right. Having this conversation while everyone is sitting around watching a movie, or gathered the following day might make for easier conversation transition. For some families it might require speaking to individuals one-on-one and helping to facilitate needed conversations throughout your families time together.

Below are some conversation prompts to help you start the conversation, and make your family time more intentional. Remember this is just the beginning of many talks, so you don’t want to overdue it but make this the year that everyone is on the same page.

Conversation Prompts For Generational Wealth Talks With Family Members:

Parents/ Grandparents:

- Do you own your home?

- Have you done your will?

- Have you listed or updated the beneficiary named on your annuity

- Do you have financial needs that you know are coming up, so that the family can be prepared?

Family members with children:

- Have you started 529 college savings or Roth IRA tax shelter for your child?

- For teens wanting to attend college, have they started applying for scholarships? Can you take them on a college tour, and introduce them to affordable state school options.

- For those that are in college, have they researched niche specific scholarships they can still apply for before graduation (including books scholarships. Have they sought out work -study programs and internships?

- Also, those that are college/ young adult age? What trade can they pickup for ongoing cash flow? What business can they start right now to generate income?

Family members doing financially well:

- Those that are looking to invest: Would you like to start a family LLC to protect and acquire assets?

- Family members that might be ex-convicts or returning citizens:

- Have you considered starting an online business (i.e. drop shipping)

Everyone at the table:

- What investments would we like to start looking into as a family?

What is the last really good book or podcast that you have read?

Dr. Nicole Garner Scott is the founder of Amount Financial (www.AmountFinancial.com) serving as a money and business coach as well as the creation of the Common Wealth Financial Membership by Amount Financial. For more financial tips, join at www.amountfinancial.com/membership