Ep. 396: Should Your Adult Kids Know About Your Money?
Play • 52 min

Get expert answers to your questions about money. Email us at: askpete@petetheplanner.com

This week on the Pete the Planner Show, Damian gets to choose where the show begins!

NOTE: In the first six months of 2021, we’re going to make over five families’ financial lives, LIVE on the air! WE’RE GIVING AWAY FIVE FREE HEY MONEY, MEMBERSHIPS to walk with them across six months telling their stories about their struggles in personal finances.

No time to listen? BUMMER. Here’s some of what happened and when:

Show Notes:

DUMPING YOUR FINANCIAL ADVISOR UPON THE DEATH OF YOUR SPOUSE: [4:04]

  • Financial advisors tend to communicate more with one of the people in a pair.
    • 80% of men die married. 80% of women die single. Let that sink in.
    • Statistically speaking, when the husband dies, 70% of widows fire financial advisor they had.


EXTENSION OF DELAYED FEDERAL STUDENT LOAN REPAYMENT:
[14:38]

  • President Biden signed a new Executive Order extending the delay through September 2021 
    • Pete: I am concerned about that group of people who, by not making a payment, might form habits which would make it hard for them to start back up their payments in September.
    • Damian: I think the Biden Administration feels they can get some kind of loan forgiveness passed by September.


HOW MUCH SHOULD YOU TELL YOUR ADULT CHILDREN ABOUT YOUR FINANCIAL LIFE?:
[24:24]

  • “Our 3 children are all grown up and out, and they know generally, that we’ve done well. I requested their involvement in our donor-advised fund, but was underwhelmed with their responsiveness.  What are your thoughts on sharing substantial details with adult children?
    • Pete: There are two issues here – information & emotions. There’s so much more bad that can come from sharing the dollar amounts.
    • Damian: I’m a ‘just the facts’ type of person. Tell them who the advisor(s) are and where funds are, so they can step in upon your death, but not dollar figures.

 

There’s so much more in the full show, including the laughs!  — click PLAY below for the full show.


Before you go, give your personal finances a facelift. Peep our personal guidance platform: Hey Money.

The post Ep. 396: Should Your Adult Kids Know About Your Money? appeared first on Pete the Planner®.

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