It’s almost Thanksgiving, and it’s just about time for you and your extended family to get together for Thanksgiving dinner. Mind you, not all conversations at the dinner table are going to be noteworthy or remarkable. There might be uncomfortable moments with some family members who have controversial political beliefs or outrageous lifestyles, but family is family, and you have no choice but to be polite, smile, and nod. They are your family after all and you have to stick by them no matter what.

One topic of conversation may not be controversial but may raise a few eyebrows and induce annoying eye-rolls: financial planning. No one might want to talk about money matters at the dinner table, but it is the best time to do it.

Look at it this way: conversations about money can be a great way for you and your family to share financial values and support one another in building positive financial habits. It might even bring you closer together.

Here are some topics you might want to talk about at the Thanksgiving dinner table:

Where Everyone Stands Financially

Organizing your finances might be a touchy and somewhat confusing topic to talk about, but it is important to know where each family member stands with their finances.

There are easier and quicker ways to find out to get an initial overview like checking on credit scores. There are websites dedicated to it where you can get instant reports. Credit scores can help creditors know whether to give you credit or not, the interest rate you pay, or decide on the terms they offer.

Having a high credit score can benefit you in many ways like making it easy for you to rent an apartment, get a loan, or lower your insurance rate.

By knowing this information, you will have a better understanding of your finances and be able to make adjustments for the coming year.

Reflecting on the previous year’s budgeting is crucial to find out where you have gone wrong and which part needs improving. This way, you can see where you did right and do the same thing next time around.

Estate Planning

This is about what will happen to a person’s assets following death, and it might be a difficult subject to talk about. Mulling over wills and assets with your family during Thanksgiving dinner might be an uncomfortable subject matter, but it is the right time to clarify that you or your aging family members have the proper documents in place to protect your personal or financial affairs. You can either do your research or consult a professional financial advisor, which is always a better option.

It is essential to properly communicate one’s wishes to loved ones so that no one gets hurt or surprised once the day comes when someone in your family dies and assets will have to be divided up.

Savings and Wealth Management

Financial planning helps you handle your funds efficiently and strategically so you can spend on the things you only need, like a roof over your head. It can also aid in building up your wealth so you can turn long-gestating dreams into reality.

A solid wealth management plan can help you grow, preserve, and enjoy your wealth. While not everyone will need it, it can deal with additional financial factors like charitable giving plans and more complex tax planning.

A comprehensive financial plan needs these components to function efficiently:

• An investment strategy – It refers to how you can grow your savings while staying within your risk tolerance
• Cash flow – It refers to the amount of cash coming in and going out of your accounts
• Retirement planning – It refers to how you can have a comfortable retirement

Identifying the Gaps

Having an extensive financial plan enables you to take a good look at the whole financial picture. It will help you mitigate risks that can cause stress. The last thing you want is to have your money swept away because you’re late to realize that your investment strategy or insurance policy was a bad fit for you.

By analyzing each piece of the financial puzzle, like your investment plans, income, or debt, you can see where you’re doing well and where you could do better. You are giving yourself the gift of financial clarity.

Expect the Unexpected

Life can throw you unexpected curveballs, and it can happen while you’re planning and preparing Thanksgiving dinner. Mishaps might happen: the turkey might be undercooked, the dog might get to the food, or someone might accidentally turn the oven off. The same thing can happen to your financial plan.

For this reason, it is crucial to have a backup plan where you can have easy access to an emergency fund. Being able to tap into savings is the backbone of a secure financial plan.

Conclusion

It is not unusual for extended families to talk about uncomfortable topics when getting together for Thanksgiving dinner, and the subject of finances does not need to be one of them.

Get the conversation going, and Ascend99 Inc. is here for you. Email us at sales@ascend99.com if you’re interested.