Money Matters: Discussing finances with your family during the holidays

Money Matters: Discussing finances with your family during the holidays

Most don't think about gathering with their family to discuss finances during the holidays. However, Barry Bigelow from Great Lakes Financial came to Good Morning Northland to talk about how these discussions could spell good things for the season.

The holiday season is often filled with joy and togetherness, but it can also bring stress—especially when it comes to tackling financial decisions. While these discussions can feel frustrating and awkward, Barry Bigelow from Great Waters Financial emphasizes their importance and offers strategies to approach them.

The holidays might feel like an awkward time to talk about money, but Barry Bigelow says it’s actually the perfect opportunity. You’re surrounded by the people who matter most, so why not have a chat about important topics like retirement and caregiving? Money plays a role in so much of our lives, and these conversations can help everyone have the same expectations.

Bigelow emphasizes the importance of tackling even the most taboo financial topics, explaining, “Nobody wants to talk about their untimely or even timely demise, but it’s crucial to ensure that the people left behind know the steps to take and what needs to be done.” Having these conversations can ease the burden on loved ones and provide clarity during difficult times.

Two key discussions Bigelow encourages families to have include:

Estate Planning

  • Setting up wills and trusts to protect assets.
  • Minimizing potential family conflicts over inheritance.

Legacy Planning

  • Discussing values and intentions for passing wealth to future generations.
  • Exploring philanthropic goals or contributions.

While financial discussions during the holidays can be challenging and even frustrating, Barry Bigelow highlights that they are essential for building a secure future and strengthening family bonds. With the right approach, these conversations can bring clarity and peace of mind for everyone involved.