Talking Finances with Your Family

3 minute read

Talking to your family about money can be uncomfortable, and this is especially true when it comes to talking about finances in retirement. But, with the right approach, such discussions won’t feel awkward or taboo. In fact, these conversations are extremely important to have, and key to empowering you and your family to best manage your assets and plans for the future.

“Even starting the conversation is valuable to begin establishing a sense of financial literacy and financial security,” Eszylfie Taylor, Owner and President of Taylor Insurance and Financial Services. In 2015, Taylor was awarded NAIFA’s Top 4 Under 40 award and launched The Taylor Method, his personal training series for financial professionals.

WATCH Your Money Map: Talking with your family about finances

Jeannette Bajalia, Owner and President of Petros Financial Group and Owner, President, and Founder of Woman’s Worth, and Eszylfie Taylor, a financial advisor and President of Taylor Insurance and Financial Services, joined Jean Chatzky on Your Money Map to discuss talking with your family about finances on November 3, 2021.

 Master the Basics

Financial literacy is wielding an understanding of financial concepts around saving, investing, budgeting and debt. Even a basic level of financial literacy can help lead to an overall sense of financial well-being and confidence. So, step one? Build a basic knowledge of money matters.

Another benefit of financial literacy is the invaluable feeling of control over your finances. That empowerment allows us to make informed choices about our lives: how we work, play, learn, travel, and pass on our legacy to our families.

Start Talking to Your Family About Your Finances

Conversations around money can be intimidating, but they’re important to create open dialogue and a channel for knowledge sharing. Discussing your priorities — when it comes to financial matters and planning – is a must for any family. Schedule a time, when you’re relaxed and together, to meet and discuss all of your plans and wishes for retirement. If you have one, consider inviting a financial professional you’ve created your plans with to join you, as she/he might be able to better explain some of the financial complexities in simpler terms.  It’s also the perfect time to share your overall knowledge about finances and important events in your life, to pass along those real-life learnings to the next generation.

“Not everyone is comfortable talking about finances because money can be such a taboo topic. But it’s a reality we all have to deal with, and you have to know what you have and where the money is,” said Jeannette Bajalia, Owner, President and Founder of Woman’s Worth who has made a career of counseling women as a hybrid financial planner and life coach.

Bajalia, is returning guest on the popular Your Money Map show hosted by Jean Chatzky, and is the author of Planning a PURPOSEFUL Life, Wi$e Up Women! A Guide to Total Fiscal and Physical Well-Being and Retirement Done Right!

Talk to a Professional

Whether you’re experienced in managing your finances or have no idea where to begin, talking to a financial planner will help you get a clear picture of your overall finances and expectations for having enough money that lasts and gives you the ability to live the life you want in retirement.

“Speaking to a financial advisor is more than becoming fluent in finance, it’s building a relationship with someone who can help you set and stick to your game plan,” said Taylor.

Check out to prepare for these important conversations and set yourself up for success. Practical tips and guides provided by the Alliance can help chart a path from where you are today to financial freedom tomorrow.

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