Financial book authors collaborate to promote family money conversations
In the next 25 years $68 trillion in wealth will be transferred by U.S. households. An amazing 70% of wealth transfers are squandered because children and grandchildren are not prepared. Two financial book authors have a solution.
By: The Money Ladies
"We speak to parents of all ages," says Finch, an allowance expert and award-winning author of The No-Cash Allowance, a guide for parents to teach kids how to manage money as a number.
Coonen says, "Many of my clients are parents who want to build legacies that last while preparing their children and grandchildren for the transfer of wealth." She is the co-author of the book, unPrepared: Heirs at Risk, which provides guidance for preparing the next generation.
In their presentations The Money Ladies explain, "For the first time in human history, we have seven generations simultaneously living on the planet. People are living longer and they are in the workforce longer. This means there are more dollars to be shared."
The Money Ladies, use their worksheet, The Lifeline of Money™, to describe a three-generation family. This helps families see what is happening with money concerns at different stages. The audience is encouraged to fill out their own worksheet and ask questions about money issues that affect their family.
Finch says, "Money can be a connecting piece to help create a legacy of values thereby enhancing the success of the family for generations to come. Families that start the conversation with their children early benefit from many years of learning together."
Coonen, an entrepreneur and small business owner, explains, "Our worksheet has a special place in my heart because it provided an opportunity for me to connect the dots and realize being an entrepreneur is in my blood. Starting with my grandfather and continuing with everyone in my family of origin, we all own our own businesses."
The Money Ladies advise parents to include the three essentials to teaching the next generation: money, control, and responsibility.
Parents of all ages report, "We didn't know our kids were so capable." This applies to young children learning to manage money as a number as well as adult children learning how to talk about and make decisions about money together through pre-inheritance experiences.