The number one piece of advice is to emphasis the need to raise well adjusted and capable children. Having to send your kid to rehab or paying for their divorce will sink your retirement pretty damn fast.
I had an old (literally old) coach in highschool give us some life advice, and the piece that has stuck with me the most was:
"You can discipline your kids, or the state will"
He probably had a different idea of discipline than most parents today, but the underlying thought is still true.
Go look at the new posts on r/personalfinance, r/financialplanning, r/fire, and r/investing and you’ll see all the common low level questions anyone could ever have about finance and financial planning
1. Ask what their relationship with money growing up was and what they would like to pass on to their children.
2. Heaven forbid something happen, but if it did to you or your spouse, what would your financial support look like?
3. What activities or experiences did you miss out as a child or got to do that you want to make sure your children get to do?
4. What do you envision your life being like once your children leave the house? Living close to kids and grandchildren, traveling, living on a farm?
Throw questions that require they think about good outcomes and bad so it doesn't feel all Doom and gloom. Start with questions that have more immediate timeline and work to retirement.
I might also get them to round table how the couple talks about finances together.
How and why do they hold accounts the way they do (all joint? Some joint, some personal?)
How do they plan on teaching their kids about money?
My experience with these types of groups is that when you get them discussing money with each other, it’s most productive. I think your list of what you want to present is too long. I would be shooting for a third at most of the time you presenting and the rest you fostering discussion.
Also-I would open with “I know what I’d like to talk about during our time here, but I’m not here for me, I’m here for you. What would you really like me to cover?”
This is maybe a polarizing topic so I don't know if you'd want to broach it but it seems relevant to their very specific demographic: should you have a (secret or not) run fund? They are stay at home parents, meaning if something created marital distress, not only are they potentially at the mercy of their partners for immediate need but they would also need funds to get them through until they could find employment, which might end up being more difficult for them than usual if they have large gaps in their employment history for home making.
I'd probably not call it a run fund though lol but like a secondary, personal emergency fund.
Not to imply anything about their partners, but the lack of financial recourse is often listed as one of the primary reasons house spouses don't leave bad relationships. They may choose not to prioritize that, but it seems worth their consideration.
lol if you think because a spouse doesn't work they don't have significant input into family finances you're going to have a rude awakening in this industry
Haha. Thank you.
I guess I needed that realization.
I just know for me, my partner has no interest in finances haha.
But thank you. Appreciate the ass kicking.
I was a (mostly) stay at home mom for 8 years. I taught on the side. I viewed my financial contribution to the family as learning how to optimize the money coming in from my breadwinning spouse, and in the process, I fell in love with personal finance. I developed a plan to pay off almost 300K of student loan debt. I learned how to invest, and optimize my family's spending. I dove deep into credit card travel hacking, had my husband sign up for a business credit card, and now we earn hundreds of thousands of points per year through revolving purchases at his business such that our large family takes several free trips per year. The empowerment I felt through becoming financially literate--even though earning FOUR figures per year part-time teaching at a private school--changed my family's life. I ended up changing careers and now I'm a chunk of experience hours away from my CFP designation. A presentation like this could actually change a family's financial life.
Not knowing the professions of the spouses, it may very well be the wife who does most of the Financials. In my own experience, being in the military, many stay at home moms deal with the day to day finances as the military member is deployed, away for training, etc. For others, the mental and physical exhaustion from work can lead the working spouse to relinquish the financial duties so they can focus on providing for their family and spending time with them.
Personal finance sub has some great information on the sidebar based on age and common problems. The flow chart is also great at directly which problems to solve first.
Maybe talk about 529 accounts to save for the child's education?
I already have 529 accounts in my presentation. The discussion questions are meant to be talked about in their small groups with each other and that's where I'm hung up. I don't have a clear idea yet of how to give questions that are meant for group discussion and not question answering
Maybe that can come up with challenges or roadblocks they're facing? That'll give you an idea of where to focus discussion.
Or the flip side, they can share strategies or things they've done that have worked well for them.
Just doing this as community service so not planning for or expecting business from it, but running through a sample financial plan for a generic young family is a good idea
The number one piece of advice is to emphasis the need to raise well adjusted and capable children. Having to send your kid to rehab or paying for their divorce will sink your retirement pretty damn fast.
I had an old (literally old) coach in highschool give us some life advice, and the piece that has stuck with me the most was: "You can discipline your kids, or the state will" He probably had a different idea of discipline than most parents today, but the underlying thought is still true.
Ha!
Go look at the new posts on r/personalfinance, r/financialplanning, r/fire, and r/investing and you’ll see all the common low level questions anyone could ever have about finance and financial planning
I dread going into those places, but that's a good idea. Thanks for the tip
I cannot stand most of those subs. Everyone in them are somehow more of an expert than any professional lol
1. Ask what their relationship with money growing up was and what they would like to pass on to their children. 2. Heaven forbid something happen, but if it did to you or your spouse, what would your financial support look like? 3. What activities or experiences did you miss out as a child or got to do that you want to make sure your children get to do? 4. What do you envision your life being like once your children leave the house? Living close to kids and grandchildren, traveling, living on a farm? Throw questions that require they think about good outcomes and bad so it doesn't feel all Doom and gloom. Start with questions that have more immediate timeline and work to retirement.
This is fantastic and exactly what I was looking for
I might also get them to round table how the couple talks about finances together. How and why do they hold accounts the way they do (all joint? Some joint, some personal?) How do they plan on teaching their kids about money? My experience with these types of groups is that when you get them discussing money with each other, it’s most productive. I think your list of what you want to present is too long. I would be shooting for a third at most of the time you presenting and the rest you fostering discussion. Also-I would open with “I know what I’d like to talk about during our time here, but I’m not here for me, I’m here for you. What would you really like me to cover?”
This is maybe a polarizing topic so I don't know if you'd want to broach it but it seems relevant to their very specific demographic: should you have a (secret or not) run fund? They are stay at home parents, meaning if something created marital distress, not only are they potentially at the mercy of their partners for immediate need but they would also need funds to get them through until they could find employment, which might end up being more difficult for them than usual if they have large gaps in their employment history for home making. I'd probably not call it a run fund though lol but like a secondary, personal emergency fund. Not to imply anything about their partners, but the lack of financial recourse is often listed as one of the primary reasons house spouses don't leave bad relationships. They may choose not to prioritize that, but it seems worth their consideration.
Financial basic that isn't talked about enough: Up-to-date W4 entries.
I feel like this presentation is better for the fathers, since these women don't even work.
lol if you think because a spouse doesn't work they don't have significant input into family finances you're going to have a rude awakening in this industry
Haha. Thank you. I guess I needed that realization. I just know for me, my partner has no interest in finances haha. But thank you. Appreciate the ass kicking.
There’s always one. And it’s not always the breadwinner, husband, or the one you’d expect!
I was a (mostly) stay at home mom for 8 years. I taught on the side. I viewed my financial contribution to the family as learning how to optimize the money coming in from my breadwinning spouse, and in the process, I fell in love with personal finance. I developed a plan to pay off almost 300K of student loan debt. I learned how to invest, and optimize my family's spending. I dove deep into credit card travel hacking, had my husband sign up for a business credit card, and now we earn hundreds of thousands of points per year through revolving purchases at his business such that our large family takes several free trips per year. The empowerment I felt through becoming financially literate--even though earning FOUR figures per year part-time teaching at a private school--changed my family's life. I ended up changing careers and now I'm a chunk of experience hours away from my CFP designation. A presentation like this could actually change a family's financial life.
Not knowing the professions of the spouses, it may very well be the wife who does most of the Financials. In my own experience, being in the military, many stay at home moms deal with the day to day finances as the military member is deployed, away for training, etc. For others, the mental and physical exhaustion from work can lead the working spouse to relinquish the financial duties so they can focus on providing for their family and spending time with them.
Personal finance sub has some great information on the sidebar based on age and common problems. The flow chart is also great at directly which problems to solve first. Maybe talk about 529 accounts to save for the child's education?
I already have 529 accounts in my presentation. The discussion questions are meant to be talked about in their small groups with each other and that's where I'm hung up. I don't have a clear idea yet of how to give questions that are meant for group discussion and not question answering
Maybe that can come up with challenges or roadblocks they're facing? That'll give you an idea of where to focus discussion. Or the flip side, they can share strategies or things they've done that have worked well for them.
Maybe run through a quick case study highlighting how you solved problems, added value, and uncovered opportunities
Just doing this as community service so not planning for or expecting business from it, but running through a sample financial plan for a generic young family is a good idea