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And I have a segment that I'm really excited about right now Lori -- joining me beautiful mind bright -- I'm ready for spring spring the -- And a lot of well let me -- you are UN's senior vice president with Morgan Stanley wealth management.
Management in your new author your book just came out -- and -- in martz an -- stands for money.
VMware -- the money talks so it's about money and how to have the conversations around.
And this is important because it affects every single person out there at every single age and so many complications and issues -- If people don't talk about -- Absolutely money isn't convinced that's -- it's the elephant never went from living -- and nobody wants to have the conversation.
There -- a whole bunch of reasons yes it's a it's a difficult conversation and I try to address.
The -- -- -- so -- on of -- talk about just below the surface which is.
Issues like control and trust and help that nobody wants to talk about and then you go to a much more deeper more psychological level it's gender age attitude.
Evolutionary instincts things that really people aren't aware they're unconscious and they play a big role and I tried to explore them all help people understand and overcome.
You do it perhaps hand.
In your game day job yeah Morgan Stanley advising people and managing their mind.
Right I mean that's one of the reasons I wrote the -- so we all had various roles.
And I play a role with the family member -- financial advisor and friend and I witnessed families.
Finances and relationships -- -- And -- finances to scrap disrupted over multiple generations.
Because nobody was really taking the time to really talk about money and do the proper planning around life's transitions so let's go through this -- of -- -- -- -- -- and maybe highlight the ones that are most important went to parents first -- -- their children.
While I have a whole section in the am worried about preparing errors and it's actually preparing.
Kids to understand the values of money to use it wisely over time make good things decisions.
I talk about six -- six to ten you know you could begin to talk to them.
Openly about what money is for you could they're watching everything you do consider picking up your values and you're spending investing and saving habits.
But in Atlanta might get I you know close all the time on -- -- -- it.
Yeah absolutely so there watching you and it's good to have conversations along the -- get them opportunities.
To demonstrate ways to use it wisely and to -- it through either.
A part time work or.
And then when they hit their teenage years are they'll be working baby saying whatever they're doing today made you -- to teach them about saving and managing money saving for college expenses there -- yes absolutely so you wanna have conversations at different stages and ran different issues.
-- -- you're saving for college kids has an opportunity talk to them about what you plan to do what the arrangement might be and help them understand the importance of understanding how how how completely how expensive this whole thing can be performance.
When they're ready to get.
Man my name name -- love of their lives it.
You know -- they have to talk about what's the -- what they have their savings account it -- -- accounts.
How they're set up for retirement when you get my ugly and each one has had to have this conversation it -- couple.
In this uncomfortable but.
Full disclosure should be the objective you should be before marriage.
So it's not just about the assets and liabilities -- about your goals.
And lifestyle differences in values may be compromises need to be made but it's something that you need to put out there on the table to avoid conflict down.
And eventually the younger generations don't take care the older and adults you know making it -- -- a lot longer.
So not only do you need enough money for your golden years you often have to support aging parents.
Cry a lot longer than he might have -- Absolutely so I have section in the am worried about caring for aging parents -- a huge issue for a lot of people who were involved in caring there's a lot of finances involved that.
Most importantly what I'm trying to get people to do is to have the conversations with family members so you can put together the right financial plan and can often have a health care strategy that.
Actually cares properly for their loved one it's huge health care.
At absolutely I think could be 75200000.
Dollars a year for facility and and done that conflict over time.
That can -- -- and these -- conversations that.
Siblings have to have with each other about taking care of mom and dad absolutely and expect conversation was simply should take place very early on and I I actually show families for I need to be suspended tools.
Help guide them to have these difficult conversations because it's not easy.
And another trend we're seeing because of the tight job market by.
Grown -- kids adult children that -- moving home they're not gainfully 480 living with mom and dad.
What's the money conversation that you have that and that's it.
-- well it's an open one so the parents are worried about their finances being impact.
The kids have -- up financial and emotional independents and issues and so -- I say -- sit down have a conversation put a plan in place and there's a huge.
Wave of kids coming home.
They -- keep -- keep jobs but they're losing jobs so it's big important conversation happen.
Brick -- thank you -- you coming on -- think I'm excited to read book the annual word a lot of hopeful.
There that money talk that you may want to have -- --
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