June is Effective Communications Month. Communication is important in all walks of life, including money-related matters. So, make sure you and your family are clearly communicating about your financial goals and expectations.
For example, you and your spouse may want to discuss your investment styles. Perhaps one of you is willing to take on more risks in the hope of higher returns, while the other is more risk averse. You each may need to compromise to reach your common goals.
You’ll also need to communicate effectively with your parents about matters such as their estate plans. Have they drawn up a financial power of attorney? Are they working with a legal professional? If not, encourage them to get the help they need.
And if you have grown children, share your own estate plans with them. But if you’d like to help them financially right now, such as assisting with a down payment on a home, be clear about the support you can provide.
By talking with your loved ones about key financial matters, everyone benefits. So, keep those lines of communication open.
This content was provided by Edward Jones for use by Carol Crowley, your Edward Jones financial advisor at 386 West Main St Northborough, MA 01532 (508)393-5195.
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