Money Talks: Navigating Uncomfortable Conversations with Loved Ones with Erin Lowry

All the Hacks with Chris Hutchins

Chris Hutchins

Business, Education, Investing, Society & Culture, Places & Travel, Self-improvement

4.7 • 1.4K Ratings

🗓️ 3 May 2023

⏱️ 82 minutes

🔗️ Recording | iTunes | RSS

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Summary

#114: Personal finance expert and and author, Erin Lowry joins Chris to discuss the importance of having financial conversations with your parents, including sharing some specific scripts for initiating the discussion. They also cover financial advisors, estate planning, prenups/postnups, lending money to friends and more! Erin Lowry (@brokemillennialblog), best know for her three-part ‘Broke Millennial’ book series, is on a mission to help millennials navigate the complex world of personal finance, demystifying everything from budgeting and saving to investing and retirement planning. Erin's work has been featured in major publications such as The New York Times, Wall Street Journal, and Forbes. Full show notes: https://allthehacks.com/money-conversations-erin-lowry Partner Deals Masterworks: VIP access to skip the waitlist Athletic Greens: Free 1 year supply of Vitamin D and 5 free travel packs Gelt: Skip the waitlist on personalized tax guidance to maximize your wealth MasterClass: Learn from the world's best with 15% off Inside Tracker: 20% off personalized wellness & nutrition plans backed by science Resources Mentioned Connect with Erin: Twitter | Instagram | LinkedIn | Website Erin’s Books: Broke Millennial: Stop Scraping By and Get Your Financial Life Together Broke Millennial Takes On Investing: A Beginner's Guide to Leveling Up Your Money Broke Millennial Talks Money: Scripts, Stories, and Advice to Navigate Awkward Financial Conversations Broke Millennial Workbook: Take Control and Get Your Financial Life Together AARP Report: Family Caregivers Provide $600 Billion in Unpaid Care Across the U.S Seniors & Medicare and Medicaid Enrollees MIT Age Lab Reports Financial Advisory Services: XY Planning Network | CFP Board: Let's Make a Plan Last Week Tonight on Retirement Plans Trust & Will: All The Hacks Members get 50% off 1Password: Password Manager for Families & Businesses Trustworthy: 14-day Free Trial Ramit Sethi’s Podcast: I Will Teach You To Be Rich Ramit Sethi’s Netflix Show: How to Get Rich Erin’s Japan Recommendations: Visit: Kobe | Arima (stay in a ryokan) Do: Take in a Japanese baseball game Eat: Champagne & GYOZA BAR -Tokyo All the Hacks Episodes Mentioned #112: Money + Relationships: Building and Living Your Rich Life Together with Ramit Sethi #91: Die With Zero: Net Fulfillment Over Net Worth with with Bill Perkins Full Show Notes (03:09) The Importance of Discussing Finances With Your Parents (04:52) The Role of Children in Caring for Aging Parents (07:41) Programs Available for Elderly Parents Struggling Financially (09:56) Overcoming the Taboo: How Rare Are Money Talks? (14:26) Breaking the Silence: Approaching Money Conversations With Your Parents (19:43) Financial Discussion Strategies (22:49) Bringing in Third Parties: Using Mediators in Financial Discussions (24:08) Scripts for Talking About Money With Your Parents (27:39) Understanding Estate Planning (28:44) Continuing the Conversation: Keeping Money Discussions Alive (32:06) The Benefits of Working With a Financial Planner (38:19) Financial Course Correction for Retirees (41:18) Discussing Pertinent Information With Your Adult Children (44:13) Advice for Parents (47:51) Important Financial Documents: Compiling, Sharing, and Keeping Them Up-To-Date (54:47) Discussing Prenups and Postnups (1:12:03) Money Talks With Friends: Tips for Having Open Conversations (1:13:50) Loaning Money to Friends (1:14:54) Engagement Rings (1:16:12) Japan Recommendations Connect with All the Hacks All the Hacks: Newsletter | Website | Facebook | Email Chris Hutchins: Twitter | Instagram | Website | LinkedIn

Transcript

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0:00.0	Hello, and welcome to another episode of All the Hacks, a show about upgrading your
0:06.0	life, money, and travel.
0:07.8	I'm Chris Hutchins, and I'm so excited you're here today.
0:10.3	Now, as much as we think about money often being like math, turns out money is often
0:15.0	a lot more emotional, about relationships and the mindset you're in and not the actual
0:20.0	dollars and cents.
0:21.4	And if that doesn't sound right to you, then definitely go back and listen to my episode
0:24.6	a few weeks ago with Remete's AT, or check out his podcast or his Netflix show, and
0:28.5	I'm confident it will change your mind.
0:30.5	So if money is a lot more emotional than rational, how do you make sense of it?
0:34.6	Well, that is one of the skills of my guest today, Erin Lowry.
0:38.0	She calls herself a financial translator, and she's the writer behind broke millennial,
0:42.2	the website, and the book series.
0:44.5	She's written and spoken on personal finance issues for more than a decade and focuses
0:48.7	a lot of her effort on helping people have productive and healthy conversations about
0:53.0	money issues with others.
0:54.9	Whether it's among friends, parents, or other family members, or even romantic partners.
0:59.7	Now, I know I first read her work many years before starting this podcast, probably when
1:04.3	I was trying to figure out how to stop being a broke millennial myself, and I've wanted
1:08.2	to invite Erin on the show for a while, but I wasn't quite sure what the right topic
1:12.0	would be.
1:13.4	Then I was reading her most recent book, Broke Millennial Talks Money, and I got the
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