29. How Do You Help Your Financially Illiterate Family With Preparing for Retirement?

It's No Secret

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2+ y ago 37:27

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For those of us in adulthood that have a relationship with our parents, there comes a time where you suddenly realise your parents don't actually know everything and chances are, there are things you may know more about than them. ⁠
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This of course could be anything. Our parents might know more about the specific field they work in or have more life experience, but if we're more literate in finance (i.e. we work in the industry), how are we to approach a conversation about money and retirement with them? ⁠
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Whilst this might seem like a controversial topic for two women in their 20s and 30s to speak to, particularly as we are nowhere near retirement, but this week we go there.
In this episode, we chat about:

Do Cat & Christine talk to their parents about money and retirement?
Weighing up your motivations when talking to your parents about money - is it for selfish or selfless reasons?
Why this is an important topic to be talking about, particularly in NZ
How means-testing in relation to NZ Super tie into this conversation
Determining whether you're the right person to be having the conversation
Is a third party better to be brought in, to talk about money? I.e. a lawyer
Why starting with goals and questions might be an effective approach versus jumping straight into the detail
Thinking about your, and your parents’ reality versus dreams when talking about retirement
Things Cat & Christine think their family have done well, or wish they had done when it comes to money growing up⁠

...And there's lots more goodness in there, so get listening now.
Check out our website and show notes at www.itsnosecret.co.nz/29

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