The money talk is a tough one to get started—Dianna Sawyer shares some initial questions to get you gabbing.
Who Should You Talk to About Money?
Well, you could technically talk to anyone. But to get your feet wet, we recommend starting with the important people in your life: your family, friends, partner, roommate. The people you trust, and the people who have helped you get this far. After all, some of what you want out of life involves them, too, so it’s important to get the conversation started.
And because we’re almost positive your parents didn’t teach you how to talk about money, we’ve got a few suggestions to get you going.
What’s On Your Money Mind?
Answer these questions for yourself. Then ask the other person to answer. Compare your answers.
Talking about money with: friends, roommate, family, partner
These questions are great to discuss with just about anyone in your life.
- What would you do with $1,000,000?
- If you didn’t have to work, what would you do all day?
- What’s your favorite thing to spend money on? Your least favorite thing?
- If you had to drastically cut your spending, what would be the hardest thing for you to give up?
- Is there anything about your current financial life that you want to change?
- In regards to goals: This year I want to? In the next few years I want to? Someday I want to?
Talking about money with: Partner, roommate
These questions are great for kicking off money talks within a serious relationship, or one where the answers may affect both of you.
- Let’s say one of you gets a nice raise. How would you like to use that money?
- You’ve got some money in investments, and the stock market takes a turn for the worse. What will your response be?
- Would you rather work like crazy until retirement, then live a life of leisure, or would you rather have a stronger work-life balance now, even if that means a more modest lifestyle?
- One of you gets an offer to relocate for work. Would you move? Are there areas that are ok, and some that you’ll never consider?
- How much do you picture spending on your next vacation, on a home, on a wedding (if you aren’t already married), or on another goal?
- What are three “bucket list” items that you absolutely want to do sometime in your life, no matter what they cost?
Grownups, have you had successful conversations about money? Share the questions that worked well for you in the comments below!