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And I have a segment that I'm really excited about right now Lori -- joining me beautiful line right I think I'm ready for spring bring -- -- -- that.
And a lot of well let me -- you are you a senior vice president -- Morgan Stanley wealth management.
Management in your annual author your -- just came out and -- in martz an M stands for money.
The -- worth the money talks so it's about money and how to have the conversations of him.
And this is important because it affects every single person out there at every single age and so many complications and issues arise.
-- people don't talk about money.
Absolutely money isn't convinced that's -- it's the elephant never went living -- nobody wants to have the conversation.
There -- a whole bunch of reasons yes it's a it's a difficult conversation and I try to address.
The range of Greece and so on of on of my talk about just below the surface which is.
Issues like control and trust and help that nobody wants to talk about and then you go to a much more deeper more psychological level it's gender age attitude.
Evolutionary instincts things that really people aren't aware they're unconscious and they -- big role and I tried to explore them all help people understand and overcome.
You've witnessed first hand in your game day job yeah Morgan Stanley advising people and managing their money.
Right I mean that's one of the reasons I wrote the -- so we all have various roles.
And I play a role as a family member financial advisor and friend and I witnessed -- -- Finances and relationships torn -- -- And -- finances to scrap disrupted over multiple generations.
Because nobody was really taking the time to really talk about mining and do the proper planning around life's transitions so let's go through the -- -- yes it's.
And then maybe highlight the ones that are most important went to parents first talk to their children.
While I have a whole section in the am worried about preparing -- and it's actually preparing.
Kids to understand the values of money -- to use it wisely over time make good things decisions.
I took about six -- six to ten you know you could begin to talk to them.
Openly about what money -- for duke they're watching everything you do consider picking up your values and you're spending investing and saving habits.
But in Atlanta might get I you know close all the time on -- -- -- -- Yeah absolutely so there watching you and it's good to have conversations along the -- get them opportunities.
To demonstrate ways to use it wisely and to -- it through either.
A part time work or.
And then when they hit their teenage years are they'll be working babysitting whatever they're doing today maintenance check to teach them about saving and managing money saving for college expenses there why I missed yes absolutely so you -- -- have conversations at different stages and -- different issues.
So as you're saving for college kids has not pertain to talk to them about.
What you plan to do what the arrangement might be.
And help them understand the importance of understanding how how how completely how expensive this whole thing can -- for things.
When they're ready to get.
Man my name -- -- love their lives and it.
You know he they have to talk about how -- they -- -- what they have in their savings account if emerging there counts.
How they're set up for a time -- -- think you get my.
Obligate and each one has yet how you have this conversation it's uncomfortable.
Yes I'm comfortable but.
Full disclosure should be the objective -- should be before marriage.
So it's not just about the assets and liabilities but it's not your goals.
And lifestyle differences in values may be compromise -- need to be made but it's something that you need to put out there on the table to avoid conflict down.
And eventually the younger generations don't take care of the older generation and that you know making it from him a lot longer.
So not only do you need enough money for your golden years you often have to support aging parents.
For a lot longer than he might have fun.
Absolutely so I have -- -- -- -- word about caring for aging parents it's a huge issue for a lot of people who were involved in caring there's a lot of finances involved but.
Most importantly what I'm trying to get people to do is to have the conversations with family members so you can put together the right financial plan and can often have a health care strategy that.
Actually cares properly for -- -- one huge health care.
Absolutely I think home could be 75200000.
Dollars a year for facility and and -- that conflict over time.
That can and -- and he's your conversations that.
Siblings have to have with each other about taking care of mom and dad absolutely and -- -- conversation was simply should take place very early on and I I actually show families.
For I introduce a set of tools to help guide them to have these difficult conversations because it's not easy.
And another trend we're seeing because of the tight job market by that.
Grown -- kids adult children I'm moving home they're not gainfully hopefully they're living with mom and dad.
What's the money conversation that you have that in that circumstance well.
It's an open one so the parents are worried about their finances being impact.
The kids happen -- Financial and emotional independence needs to use.
And so I say you sit down have a conversation put a plan in place and there's a huge.
Way that kids coming home.
They can't -- -- jobs but they're losing jobs so it's big important conversation happen.
-- -- thank you thank you coming on down think I'm excited to read book -- and the word a lot of hopeful.
There them on top of me wants to have.
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