Does Your Family Talk About Money?

My two older brothers were carrier civil servents long before me, when I became one they tagged teamed me and pretty much demanded I show them pension and deferred comp documents prior to submission and then showed me what they were doing and what I "should" do. They led by example.
Oldest retired at 51 after 30 years service, next oldest retired at 45 after 25 years of service. Me, I retired at 55 after 25 years of service, glad I listened to them.
 
No. Brought up to work hard, get an education or trade, save, and shun all forms of consumer credit. Parents were comfortable, DS is the same. Never discussed money with my parents. They knew we were on the right trajectory and would be fine.

DW's siblings never discuss money except to lament that they have bad luck, have credit card debt, or in once instance ask us for a $500K business mortgage from our retirement money. No thanks. The only discussion there is that we are just lucky. Right. Just lucky we worked hard, took advantage of opportunities, saved, got an education, never had consumer debt, left town and were willing to accept transfers, promotions etc. Just plain lucky.
 
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Yes, I've drilled saving and investing into my kids since "the day they were born."

I also told them we would pay for "any state school" or one of the top 5 colleges; other than that they are on their own. They chose the state schools and have no loans.

Back in 1998 when I got my first computer, I would sit my 5 year old son on my lap and show him my stocks--such as "what does the green arrow mean, what does the red (down) arrow mean/ how much is each share--he even knew what the stocks were by the symbols.

Then in early 1999, he told his teacher (kindergarten) that the Dow had reached 10,000! His teacher was surprised he knew this.

He bought Apple at about $125 (before the split) when he was about 16, then Amazon about the same time. Unfortunately he sold both about two years ago.

He's now in Silicon Valley and his company went IPO about 6 months ago so he's watching those numbers.

Both my kids tell us to spend our money and don't worry about them! Nice to know that all my "preaching" has sunk in to our 25 and 26 year old kids.
 
Growing up, I knew my parents participated in a 403(b), and I knew that they bought into an annuity. Until they divorced, I never knew how much they had saved. It wasn't a lot, maybe 5X my mom's final salary. It wasn't until recently (he's now in his early 80s), that I found out how much he and my mom had left. I've been trying to help him transition his investments to a low-cost provider. Back in the 1980s, I tried to get them to buy rental properties.

Every time I bring up ER, he says "you can't do it", or "you won't have enough", without asking how much we've accrued. I did let him know that as of yesterday, my retirement investments were up $30K for the year, and his were only up $2K, so he should have some idea of the difference in our account sizes.
 
Yes. I talk to a lot of family about money. I try not to share my specific numbers but definitely my strategy. I know roughly how much each of my siblings has, they are all doing fine.


In-laws never talk about money. They have also never said "that was expensive" in my presence. I am thinking they have a lot but would never really know for sure, I do know they have 'enough' and are more generous or perhaps just less frugal than my own parents.



I heard they were living off Dividends and that they "did it themselves" which meant self funded accounts of some sort. They do have an FA, whereas I am basically my ole man's FA and help out sisters, cousin, aunt, grandma, friends, ex co-workers and even a neighbor.


I can't really go a day without talking shop with one of these people.


At work I am put on many of the financial projects, and I work for a bank so lots of those.
 
Only in generalities with my family, and not at all with in-laws. My two sisters are comfortable and in no danger of having to eat cat food. One set of in-laws are complete idiots with money and never saw a dollar they couldn't spend. That's the family with "Spendarina" in it, who thinks the solution to every impulsive "I wanna..." is charge it or take out a loan. The other set isn't quite that bad but they still, in their mid 60's, carry a mortgage, credit card balances, and car payments. Well, the vehicles might be paid off by now. They have a bit higher income than we do but we have far more discretionary income because we have no debt.

Growing up my parents were not much help in learning about money, other than serving as examples of what not to do.

The one shining star is the adopted daughter of "Spendarina" who asked me about what to do with her 401k and I sent her some personal finance books and learned a few months ago that at age 28 she is putting away $600/month for retirement. That prompted me to make this post last spring.
 
We are very open with our sons regarding our savings. After all, any remaining money will be theirs some day. Our kids will share with us when necessary, and the dollar amounts of their savings are at a comfortable level for this point in their lives.

We never talk money with the in-laws. Back around 1980, as newlyweds with a mortgage, single income, and pregnancy, my wife made an off-hand comment to her mother that we were setting aside savings as part of our budget and had recently exceeded $5K saved.

Not long after that she received a request for a "loan" from her mother. My wife immediately knew what triggered the request and we have never mentioned finances with her family again. She knew her mother was a financial scammer and grifter but never thought she would try to take advantage of her children. Lesson learned!

My younger sister and her husband are doing OK and should have no problems in retirement as they live below their means. My older sister with her Masters in Accounting is a financial trainwreck. The result of 40 years of deliberately earning too little for her skill set, seeing some sort of a twisted reward in martyrdom.

My wife has one sibling who is doing OK, and three who are also financial trainwrecks and regularly seeking handouts from their 80 yo mother who never learned how to manage money but simply has nothing on which to spend her $32K Pension and SS annual total.
 
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We know my MIL's finances and contribute to help her out. She has nothing but SS and essentially zero savings. We don't share much information with DW's daughter, except generalities because she is a master of guilting DW into [-]loaning[/-] giving her money. Better to appear poorer than richer. :(
 
Speak of generalities with the kiddos.
 
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Never have. Never will.
 
We speak in generalities with sibs but I speak openly with my 2 sons.

For other family, it can be better to appear poorer than richer.
 
Neither of our children have any knowledge of our financial position. They know that we are comfortable and retired.

That is all they need to know at the moment.
 
Our children have a very good idea about our finances. We have always emphasized to them the importance of paying yourself first, carrying no debt other than a mortgage and the advantages of compounding. Both kids now in their 30's, look to us for financial advice and follow a similar philosophy. My parents, both raised during the depression, shared their finances and philosophy with me in much the same way.

Neither DH nor I have siblings.


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Nobody discussed money at all in our family. Only generalities such as "we are doing OK" and the like. However it is a double edged sword.

This year when it was time for DM to sell her house, all the numbers were handed to me in a plie of neatly arranged file folders. Not that there was much to uncover. The biggest surprise was the two annuities that were purchased from the nice man at the local bank. Long story short she is barely OK for a person of 88 years. Considering other family members have made it 100 we can't give up yet. Other than about 20% in Wellesley the rest is in time deposit type accounts and annuities earning virtually zero interest (ok 1% is zero to me).Some discussion 20 years ago may have provided a better outcome.

Not much I can do now other than reinvest when possible and wait out the annuity surrender fee periods.
 
Nope. My Dad was into investing in dividend earning stocks but never shared their financial situation.
 
No, my parents didn't and I have tried with my son but nothing good comes from it. Even thou we didn't as I was growing up I did learn frugal and live below your means and save all that you can. Not sure how I picked up on all of those but I'm glad I did.
 
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I think because I worked for many years in financial services, family and friends talk to me a lot about money, investments, and taxes. I have helped and given advice where I could. My folks and my late in laws both shared all their info with me, which has proved very helpful.
 
I have a small family and we have always talked openly about money. As kids, we learned about LBYM, saving, and planning to retire early. My dad retired at 57 (23 years ago now!). I got a degree in finance and a CFA charter. My dad and sister are engineers. My aunt retired at 52. I have, over the years, reviewed my parents' and aunt's portfolios and provided advice in a variety of areas. I also do that for my sister - we have had an annual check-in for probably 20 years, and I helped her figure everything out when her husband died unexpectedly at 49 last year. When I was younger, my dad made sure I was maxing out my 401(k) and otherwise saving, so he knew I (and my sister) would be fine. I know how much everyone has, they know what we have, etc.....


My DH's family (from his former marriage) is much larger, and they do not have these kinds of detailed discussions ever.
 
I have a small family and we have always talked openly about money. As kids, we learned about LBYM, saving, and planning to retire early. My dad retired at 57 (23 years ago now!). I got a degree in finance and a CFA charter. My dad and sister are engineers. My aunt retired at 52. I have, over the years, reviewed my parents' and aunt's portfolios and provided advice in a variety of areas. I also do that for my sister - we have had an annual check-in for probably 20 years, and I helped her figure everything out when her husband died unexpectedly at 49 last year. When I was younger, my dad made sure I was maxing out my 401(k) and otherwise saving, so he knew I (and my sister) would be fine. I know how much everyone has, they know what we have, etc.....


My DH's family (from his former marriage) is much larger, and they do not have these kinds of detailed discussions ever.
Wish you were in my family.
 
My parents never talked about money, but through their actions I saw them take care of it. I can remember them going through the bills together, talking about putting away money for future things, etc. Whenever we got something "major" it always correlated with my mother doing some part time work, to either pay it off or to keep being able to save.

Both were tough (but pleasant) negotiators who were willing to walk away from something if they thought it was too expensive. I remember as a kid going with my Dad when he bought a car (which he only did every 10 years), and we would spend the weekend going to 6-10 dealerships until he found what we wanted at the right price. My mom would do the same at farmers markets.

I never knew how much their income was until I was applying for college financial aid, and i was shocked at how low it was. We were not much above the income poverty level but never felt poor as a kid (I never felt ashamed of wearing hand me downs or only getting one present for Christmas).My starting salary with Megacorp was more than what my dad made at the time. My thought was "if Mom and Dad are making less than me, a house, are raising 7 kids, and never needed government aid, I have got no excuses to screw up financially". That attitude was pervasive through all our my siblings.

The only time my parents ever asked me to help out was a year when 4 of my siblings were in college or graduate school, and they wanted to minimize the loans that would be needed. I happily paid my younger brothers college expenses that year. He has always been grateful for that (he became a doctor, so it was a wise investment :)).

My siblings and I do not talk much about money in terms of what we are making. We do talk in terms of LBYM activities, or the occasional splurge (like having a banquet for our mothers 85th birthday) or shared expense (hiring a home aid for our mother) to figure out what we can contribute. Sometimes we have decided to share an expense evenly, sometimes we have decided that folks should pay what they are able to, depending on their situation.

The last big monetary discussion we had was over the proceeds of the sale of our parents house. Our parents had said that if we ever sold it they wanted the daughters to get a high share of the proceeds than the sons. My dad felt that, they way the world was, his daughters might need more monetary support in the long run. We ended up getting a LOT more that we thought, and my sisters actually felt a little uncomfortable with their share, but my brothers and I had no problem with it - this is what our parents wanted, so honor their memory. Our biggest "argument" was over whether one sister who did by far and away the yeomans work of caring for both our dad and mom through their old age and illnesses should get something extra from the proceeds - she was arguing against it, we were arguing for it. Those are good types of family arguments to have. :)
 
Only with my parents.
 
My daughter and I are an open book with respect to personal finance. Including income, savings/investing, long and short term strategies and financial goals. I have shared all my planning and outcomes and she shares hers (27 years old).
 
Only with my parents. I have 25 distant relatives asking and expecting money. Some of them say they will be in my will in public. So I know both sides of the coin. LOL
 
Only with my parents. I have 25 distant relatives asking and expecting money. Some of them say they will be in my will in public. So I know both sides of the coin. LOL

Good thing you won’t be around to see that cat fight! Of course, I have NO idea what any of my distant relatives expect — gulp
 
I have a small family and we have always talked openly about money. As kids, we learned about LBYM, saving, and planning to retire early. My dad retired at 57 (23 years ago now!). I got a degree in finance and a CFA charter. My dad and sister are engineers. My aunt retired at 52. I have, over the years, reviewed my parents' and aunt's portfolios and provided advice in a variety of areas. I also do that for my sister - we have had an annual check-in for probably 20 years, and I helped her figure everything out when her husband died unexpectedly at 49 last year. When I was younger, my dad made sure I was maxing out my 401(k) and otherwise saving, so he knew I (and my sister) would be fine. I know how much everyone has, they know what we have, etc.....

That is pretty amazing, and from reviewing this thread - seems pretty rare.
 
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