Managing Finances For Your Parents

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Managing Finances For Your Parents
Rajat Mishra - 15 November 2019

New Delhi, November 15: Sometimes we have to take stalk of our parents’ finances too. Let us look at four things that you should know before striking a conversation with your parents about their financial conditioning.

Don’t wait

While most feel the right time to talk to parents about their finances is at the fag end of life, it is not true. In fact, it is best to approach them when they are in the pink of their health and discuss the perils and various do’s and don’ts. So start talking as early as possible so that they feel you care.

Gather details

Do some homework and ask them some pertinent questions as in whether they have any debt to repay, where they have invested their money and where should they invest in order to get a consistent return.

Discuss long-term plans

When your parents are comfortable talking to you about their financial condition start discussing about their long-term plans and how they should go about it. This includes their post retirement plans too and how much they should invest.

When parents are hesitant

There are instances when parents are not very open about their finances. Don’t get discouraged. Rather try to come to terms with them. Quote some stories and examples so that they will also start discussing with you about their financial condition.

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