In the final episode of this ‘Good with Money’ season, Simon and Bex discuss how we can ‘be good with money’ and ‘do good with money’ when dealing with various family-related financial topics.
Some key points of interest covered in this episode include the following:
- Bex and Simon explain that their aim in this episode is to provide an overview of family-related matters which can pose challenges for us as we endeavour to use our money wisely and responsibly in such contexts. Because so many such situations of this nature have been identified, this theme will form the basis of the next season (Season 12) of the podcast. [00:33]
- The first topic to be mentioned is the challenge for single people of working out individually how to develop relevant and appropriate money management habits. [01:52]
- Those who are on the point of getting married / committing themselves to a future with another person have particular points to consider, including how best to share and combine finances. [02:58]
- The importance of money for those who do get married is highlighted by the fact that statistics suggest that finances are a major factor in most marriages that break down. [03:58]
- Having children inevitably has many money-related consequences which, ideally, would be discussed in advance. [05:01]
- Being a positive role model for our children in the way that we view money and use it is another important challenge to take on. [05:53]
- Another major area of focus is likely to be the relationship that we have with our parents and how finances feature within that, not least because levels of dependency can change so significantly over time. [06:49]
- Caring for others within a family context can often have significant implications on the resources that we have, including our time and money. [09:26]
- In some contexts, intergenerational family planning can be very worthwhile but it needs to be handled carefully and appropriately. [12:56]
- While acknowledging that it can be a difficult topic to address, Simon highlights the benefits of making appropriate and detailed end of life arrangements to cover personal, practical and financial matters. [15:31]
- In response to a question from Bex, Simon talks about the financial elements that can arise in connection with divorce or separation. One option that aims to create a constructive environment for decision-making in such circumstances is the possibility of involving collaborative lawyers, who will endeavour to find outcomes that are acceptable to both parties. There are also collaborative financial planners who can support that type of process as well. [18:00]
- Simon and Bex warmly invite listeners to send in comments, thoughts and questions that will help to frame our next season, during which the topics touched upon in this episode will be discussed further. [22:05]
- A couple of bonus episodes will be published over the next few weeks, and then Season 12 will launch at the end of January. [22:41]
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