You Should Talk To Your Parents About Money!

Americans don't like to talk about money with their families, but that allows nasty secrets and surprises to fester. Learn how to broach the subject with your parents!

Two Cents on Twitter: @twocentspbs

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Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.

Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
Directors: Katie Graham & Andrew Matthews
Written by: Julia Lorenz-Olson & Andrew Matthews
Executive Producer: Amanda Fox
Produced by: Katie Graham
Edited & Animated by: Andrew Orsak
Images by: Shutterstock
Music by: APM

SOURCES:

[valueStocks]

*My father sat me down as early as 10 and showed how saving 10% of each paycheck could make me a millionaire by the time I was his age. Best advice I ever got.*

[mohammadamanghauri]

I always thought American culture doesn't care about its elderly. Thanks for shedding light on my ignorance. You guys are very respectful.

[mackaarony]

Sounds like a fun after-dinner discussion! "Hey, could I get cheesey potato recipe? Also, how realistic are your current retirement plans?"

[TampaTec]

My parents were so bad with money they went to jail. Their debt was about 1 million by age of 40 and my dad died broke at 50, afterwards my mom remarried an older guy with money. 🤷‍♂️ I learned from their mistakes, don't live beyond your means and payoff debt sooner than later.

[Dan]

Can you make a video about what older people who haven't saved up for retirement should do?

[harlan]

The reason I'm so interested in finance is because my parents weren't. They lived check by check ever since I was born and there is no way I'll let that happen to me.

[JohnNathanShopper]

Parents don't tell you things. That's why we need YouTube.

[alvint]

Well my parents’ master plan was to have money until I graduate. No businesses, no investments, not enough from pension. now I have to support all their financial needs in their remaining lifetime.

[khusseinkhomeini]

You guys are fulfilling a tremendously important role by teaching people about financial literacy that is largely neglected by traditional educational institutions. Thank you.

[madeline]

THANK YOU FOR THIS VIDEO!! I've been bugging my parents and pressing my spouse to do the same for his. Both sets of parents will need our support. It is very stressful.

[Neryssa]

Since my parents cashed out their 401k before the age of 65 I told them straight forward, since they don’t want to be smart with their money they won’t get a dime of mine. Now they realize how bad their money situation is going. I can only wish them good luck. I’ve tried for 2 years to get them to budget. They consider “budget” a bad word and start yelling at me how it’s impossible to live below your income. 🤷🏽‍♀️ Their loss.

[MeMyselfAndKgore]

When I was 18 I had to give my parents 10, 000 so our house wouldn't get foreclosed. That was supposed to pay for my college but instead I had to work and go to college which made me flunk out after making the deans list for the first first time in my life. At least I'm not in debt but that basically cost me my future. Anyway I'm still clearly upset about it. Have a good day

[shawnsmith]

This I cannot do. My parents are just down right awful with money and don't know how to save and believe that because they are the parents they know it all

[JaeyoungChong]

THIS VIDEO. This video could not have come at a better time. Just graduated from masters and have to deal with all of this now. Biggest thanks AND regret is that they've spoiled me, helped me through everything. I used to think I was independent but now I feel more dependent than ever and my parents are getting old. I'm struggling to give up the time I have (to work and hustle which btw, a crucial time to work because schoold don't give you a life, you CHASE IT on your own) to take care of my parents (Which... coming from a very conservative Korean family, they sort of expect it).
I need to rethink everything and work everything out. Being mindful about financial things have been the most stress-relieving thing ever. And this video was a big help. Thank you.

[CaRLOA]

Binge watched the whole Two Cents video catalogue on my day off and I hear the intro...

*Gasp!

[TheBemused]

I had to sit my parents down last Christmas and have “the talk”. My sisters and I now have a better sense of what to do if something were to happen to them.
They’re also less than 10 years from retirement and don’t really have anything saved up. Even though I have two sisters, I know they would look to me for financial support because I’m the eldest and, because I’m a financial planner, I’m the most financially-savvy. However, I would rather not wreck my own financial health and future taking care of them, so I do my best to help them find ways to save for retirement. These conversations are SO IMPORTANT! -Akeiva

[judithsanchez]

Thanks for covering such a difficult topic and shed some light into my thoughts about it. You have really helped me. Please, keep doing this amazing work!

[johhnycash]

Coming from financially unstable household really made me learn a lot of things and talking to my mum about finances all the time made for a big lesson in life, and it taught me how important open conversations about money ate

[iGnominee]

I'm fortunate enough to have a "transParent" dad. I know where they're at and all their financial woes/aspirations/retirement plans. We "the kids" have also been able to give our financial 2 cents and talked them out of buying another home when they're less than ten years away from retirement, it shows great humility to listen to their kids and just how much wisdom they've imparted to us. As they say we stand on the shoulders of those who came before us, and I've been blessed to have such amazing parents.

[BrawlBros]

After getting a stable, part-time job my parents and i talked to each other about our financial future. If you have a strong relationship with your parents, I highly recommend doing it! Both sides will benefit.

Parents lent me some money and I was able to pay it back. A few weeks ago my parents needed a bit extra so i helped them out and they paid me back. Trust between both sides is crucial if you want it to work.