100: How To Talk To Your Aging Parents About Money with Cameron Huddleston

We all know we need to talk to our parents about money. We all know that we need to get their affairs in order in case something happens, especially as they get older. However, life has a tendency to get in the way, we table these conversations for later, and we sweep them under the rug. This is a problem for many reasons, but no fact drives this home faster than a Fidelity study in which 69% of parents said they expected one of their children to manage their money, yet over a third of the children surveyed had no idea they were expected to fill that role.

 

Cameron Huddleston is on a mission to help facilitate these tough conversations. He’s the author of Mom and Dad, We Need to Talk: How To Have Essential Conversations with Your Parents About Their Finances. It’s an excellent, step-by-step guide to help you stop stalling and make plans with advice from Cameron’s own experiences as a daughter and financial expert, as well as other financial, legal, and elder care experts.

 

Today, Cameron joins the podcast to discuss the challenges she faced with her own aging parents that led her to write the book. We talk about why these conversations are so taboo (and what to do if your family pushes back on having them). She also gives a number of resources you can share with your parents to help you get a grasp on what their finances really look like, how to keep them protected from scammers in old age, and how to take action if your parents have already become impaired.

Please note: For the special giveaway of Job Optional*, we do not currently offer international shipping. Residents outside of the U.S. may obtain a copy of Job Optional* via eBook format upon request to info@howardbailey.com.

In this podcast interview, you’ll learn:

  • The shocking statistics that show how few families have actually discussed financial planning – and the many ways that this can become a serious problem later in life, especially in the event of sudden death or illness.
  • Cameron’s advice for helping people start these conversations and get past the initial awkwardness and discomfort that all but inevitably comes with them.
  • Why sooner is always better when it comes to having tough conversations about finance – and why it’s almost always too late to have this conversation by your parents’ end of life years.
  • How Cameron is already teaching her young children to have serious conversations about money – and why she’s proud that money is absolutely not a taboo topic in her household.

Inspiring Quotes

  • “You need to realize if you are planning on stepping in and being a caregiver for a parent, it’s a full-time job. So, if you are currently working and your family counts on your income, there’s a good chance you might have to say goodbye to that income.” – Cameron Huddleston

 

  • “You should be teaching your kids about money from the time they are two so that money is not a taboo topic in your family.” – Cameron Huddleston

Interview Resources

Read The Transcript