As a Certified Financial Planner for over 20 years I have seen many people struggle with their money values.  What is most clearly obvious is how the money issue can dramatically impact a relationship either positively or negatively.   As part of my client’s financial planning process I inquire about potential future financial family (parents, children, and grandparents) needs. For example, might a parent need to be partially supported during the coming years.  Amazingly this is frequently the first time the clients have been asked or thought about the question.  Stunned and a bit baffled, they can take a few minutes or several weeks to define the answer to that question. Often the couple deliberates prior to confirming their response.   Answering the question is essential to planning and protecting the family’s financial resources.

Yet many Baby Boomers find themselves in a quandary between who to support first, their parents, their children or themselves.  Sometimes circumstances decide for them as to who gets their hard earned money.  Other times circumstances can present a conflict between the Baby Boomer couple because one wants to support the parent(s) and the other values supporting the children.  There are numerous, often unpredictable financial scenarios that can pop to the chagrin of the Baby Boomer.  These dilemmas can literally break up a marriage and or a family.  What is worse is that many times the conflict could have been avoided had the couple taken the time to discuss during their early years of marriage just how such events might impact their financial resources.  But unfortunately these topics all too often get ignored, in part, because they are uncomfortable to talk about.  Thus avoidance provides an effective tool to use until an actual financial question arises.

Many Baby Boomers do not understand why a financial crisis is so difficult to handle and causes so much stress.  Actually the reason for the stress evolves from each partner’s original deep seated money/financial values established during childhood.  Each partner has been who he/she is about the money issue for decades.  What is more, one partner may have found a comfortable way to ‘work with’ or ‘work around’ the money value conflict with their partner.  The lack of a money/financial discussion may have been going for years.  The financial avoidance may even be a family ‘joke’.   Joking is a way to diffuse the threat of actually talking about how to handle a money/financial crisis.  This conduct may last forever if no financial crisis arises.   Baby Boomers, like other humans, usually don’t change until there is a crisis or mandated.

To be prepared for a money/financial family crisis is prudent and responsible.  To effectively resolve this challenge wise Baby Boomers work with Certified Financial Planners, using their input and expertise to solve the Baby Boomers potential money/financial family crisis.

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Tags: Baby Boomers, Financial Crisis, Financial Planner, financial planning, Money Crisis, Money Values