Re: Your parents' finances

you know what
I think after the wedding I am going to sit down with my brother and sister and basically have an intervention - it is ridiculous that we know NOTHING about their finances . . .

Ugh this is going to be awkward but it MUST be done!!!!

Re: Your parents' finances

We are pretty open about money in my family. I know pretty much everything regarding my parent's assets. I am an only child (well, my dad has 2 other children from a previous marriage) but I am the one who has entire control if something were to happen to them.

Re: Your parents' finances

I am executor of my parents will so they let me know about everything

Re: Your parents' finances

I know my Dad & stepmom are good, they both own very lucrative businesses. We don't discuss details but I know just based on their real estate I won't need to help them.
My mom on the other hand is a shopaholic. she works really hard but spends so much of her hard earned money on crap. I'm constantly tellling her to stop shopping. Luckily she bought a very affordable place to live but I just wish she was more of a saver.
I also know all of my Grandma's financial details, she sold her house upstate & I helped her with everything as well as helped her make a few new investments.
My MIL has been getting money from us regularly for a few years because she was just scraping by on SS & pension. She just closed on a reverse mortgage, we were very surprised by this & now she should be fine.

I don't hold anything back when it comes asking questions, I don't want any surprises about money down the road

Re: Your parents' finances

My dad and I discuss finances a lot because he takes care of my grandmother, the house, my sis and her boyfriend, and his girlfriend and 2 of her kids all on one paycheck. He's needed money from me several times, so he's pretty open about his situation. He has ana amzing retirement plan with his job where he'll actually be bringing home an additional $7k each month when he retires, so he talks about ti all the time ebcause he can't wait. It's comforting to know he'll be ok.

Re: Your parents' finances

My parents are extremely open about their finances with my sister and me and both our husbands. They are always stressing to us that planning for retirement is important and that it's one of the best things they learned early on in life.

Re: Your parents' finances

I think it is definitely okay. My Dad taught me everything I know about money. Some of my favorite memories with him was when he came home from the bank after getting paid and he showing me how to count and save money. He has shown me all of his accounts and we are very open with everything regarding finances.

Re: Your parents' finances

I know most details about my parents finances - account information, safe deposit boxes, insurance policies, etc... My dad is not a saver and doesn't think about retirement. Every time we try to talk to him he gets agitated. My mom doesn't push him bc he has heart problems and she doesn't want to get him upset. My mom has a 401K, but only recently went back to work 12 yrs ago.

My ILs on the other hand have their financial house in order. They are both retired, have investments, pensions and own their condo. I don't know details, but my MIL has thrown numbers around here and there.