Money is often a taboo subject. But it shouldn’t be. Whether it’s with a spouse, your parents, your financial planner, or a friend, we have the top five money conversations you should have throughout your life in order to help you live a better, healthier financial life.
- Consider Your Risk Tolerance: As you near retirement, your overall tolerance for risky investments will decrease. It’s natural. But between the time that you start your first job to those years when you’re raising a family or traveling the world, your risk appetite will shift. Talking to others can help you determine if you should take more or less risk to reach your goals.
- Talk about Debt: According to the U.S. Department of Labor, a vast majority of Americans have some form of debt. In all, 77% of households are in debt, with an average balance of $104,000. If you have debt, don’t hide it. Instead talk about it and how you can pay it off. Look into different options to achieve your goal – for example the snowball or avalanche method.
- Discuss Insurance: Whether it’s an umbrella policy, life insurance, or simply car or home insurance, talk to those you know and love about your insurance coverage. Always be willing to explore new insurance providers for lower prices along with similar or better coverage.
- Chat about the Bills: Where are you and others in your family spending money? By talking openly about money, monthly bills, and where to make budgetary adjustments, you could add more money to your month.
- Focus on Values and Goals: What are your hobbies? What are your favorite charities? Where do you want to spend your money? Talking with those you know about your values and goals can help you focus on how and where to spend your earnings.
Boost Your Financial Wellness
More Financial Wellness Matters blogs on topics ranging from financial self-care to protecting your financial health are coming soon. Twice a month, we’ll dig a bit deeper into the relationship between financial health and overall well-being, shedding light on the behaviors and beliefs that drive money relationships. With simple tips and proven insights, we hope to enhance your financial well-being and help you live a healthier, happier life.