We were all brought up uniquely with different values. This becomes apparent especially when money and wealth are involved. And this can become apparent in a relationship.  One of the leading reasons for separation and divorce is over money, often because in some families, it is a taboo subject, not to be discussed. Misunderstandings can easily occur without communication.  My family openly discussed finances, especially in my childhood years when we did not have much and had to live a frugal life unlike many other families we knew…no vacations, and no going to restaurants.  At least we had a roof over our heads.

How can you make conversations about money less controversial in your family? One way is improve your family’s financial literacy, for all generations. What does this mean?

– build a foundation of understanding of wealth, including some basic concepts of saving, financial responsibility and compound interest.  A formative article here:  Financial literacy article
– start the conversations early if you have young children
– figure our what your collective family values are around money and finances
– share your values with your family, in an age appropriate way, regularly and encourage discussion

By taking some of these steps, you will be helping your family to become more financially responsible and prepare them for the wealth that they could inevitably inherit .

Learn, think, apply!