It would be an understatement to say that the Covid crisis changed the way people think about their financial futures. At The Financial Gym we have a unique ability to see the ways macro economic trends impact individual lives, and we’ve noticed a few things.
With the onslaught of unexpected financial precarity, a lot of people started thinking more long term. For some this meant stuffing more money into emergency funds or repurposing student loan payments into retirement accounts while the opportunity lasts. For others this meant thinking about their families’ financial futures and wanting to have more information about their future security.
Last holiday season we noticed a new trend of current FinGym clients purchasing gift memberships for loved ones, and particularly for their parents. The reasons varied. Sometimes it was to help their parents plan for retirement, or to give them the opportunity to have a second set of eyes on their investments to make sure they were ok. For others, having their own financial foundation shaken made them want to offer the security of having a financial plan to others. There were also a lot of people who started thinking more about their roles in their parents’ financial futures and who wanted a way to get more clarity on what their responsibilities might be as their parents age. They wanted to know if they needed to add a parental support category to their savings buckets.
Since money is a hard thing to talk about, a Financial Gym membership can be a way to start a conversation with your parents in a non judgemental way. Having a trainer and a plan allows them some objectivity, confidentiality, and a trusted B.F.F. who has their back. It can be the first step in a conversation that leads to a better understanding of your parents’ expectations for their retirement and can help you understand how you play a role in that.
It can be difficult to ask your parents if they will need your help in the future and, for your parents, it can be hard to answer that question if the answer is yes. A Financial Trainer can help take the emotions out of the picture so that you can focus on the math, which can make creating a family financial plan much easier. This Mother’s and Father’s Day, we are recommending that you bring your family into your financial plan and clear the way for tough conversations and a better financial forecast. We know from experience that it is daunting, but that the rewards outweigh the risk.
You can learn more about our gift memberships here to get started!
Why You Should Buy Your Parents a Financial Gym Gift Membership is written by Terri Bennett, A Certified Financial Trainer for financialgym.com