This week’s top reads articles are on the subject of talking about money – with our children, our aging parents, and our spouses. Money is an important topic, one that is often met with conflict and difference of opinions between loved ones. The articles below will help you to navigate these conversations in a positive direction, and come away from them feeling accomplished.
In the personal interest section, one CEO talks about the lessons she learned in her first 100 days on the job, and Harvard Business School breaks down how makers and consumers deal with product pricing.
The way in which we talk about money with our families can decide whether we have effective discussions, or conversations that lead to arguments and conflict. In this article, Michael F. Kay of Financial Life Focus shares nine tips that will lead to positive, productive conversations for financial success.
Among those tips:
Agree on a time, place and time limit to talk. Make it somewhere without interruption and private. (Your local coffee shop is probably not the best place.) Don’t make the conversation open-ended – agree on a time limit before beginning. And remember, less is more. The longer you go, the more the conversation will probably lose its focus or turn into blame and shame.
To find out how to comfortably approach the topic of money with your family, click here.
How soon is too soon to start talking about money with your children? How should you talk about it in a way that creates positive associations for them? Farnoosh Torabi, host of the award-winning podcast “So Money,” outlines what she believes should be discussed and modeled to our children from ages three to 16 in this interview with CNBC.
It’s less about having your kids memorize definitions of personal finance concepts like compound interest and tax-deferred retirement plans; what’s important is allowing them the “freedom to explore money and ask questions and to be curious.”
Read more here.
Speaking with our aging parents about money is important, but can often be uncomfortable and challenging. If you have a parent who requires your help (whether they know it or not), but you are unsure where or how to begin a conversation, this article by Geoff Williams will be helpful to get you started.
Read the full article here.
The price of a product means different things to consumers and makers. As a consumer, price determines whether we can afford to purchase a product, it speaks to the quality of the product, and sets our expectations for how well the product will work. As a maker, price pinpoints the product’s target market, helps to develop the marketing strategy, and determines company profit.
How makers choose their prices is based on a number of different variables. Sean Silverthorne has put together helpful articles from Harvard Business School to share their findings from their study of pricing. Read the full article here.
In these first months, drinking from the firehose would’ve been a luxury. I was drinking straight from the hydrant.
Learn from Jenkins’ experience by reading the full article here.