Join Financial Advisor Tim Russell, CFP® and Rev. Drew Gysi as they discuss ways to talk to your elderly parents about money.
See the show notes here!
Learn more at: StewardologyPodcast.com
Schedule a Personal Stewardship Review at: StewardologyPodcast.com/Review
Get in touch with us at: Contact@StewardologyPodcast.com
or call us at: (800) 688-5800
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A ministry of Life Financial Group & Life Institute.
Securities and Advisory Services offered through GENEOS WEALTH MANAGEMENT, INC. Member FINRA and SIPC
Join Financial Advisor Tim Russell, CFP® and Rev. Drew Gysi as they discuss ways to talk to your elderly parents about money.
See the show notes here!
Learn more at: StewardologyPodcast.com
Schedule a Personal Stewardship Review at: StewardologyPodcast.com/Review
Get in touch with us at: Contact@StewardologyPodcast.com
or call us at: (800) 688-5800
Send us episode ideas! StewardologyPodcast.com/idea
Subscribe to get episodes delivered to your inbox every week.
Follow along: Facebook, Instagram
A ministry of Life Financial Group & Life Institute.
Securities and Advisory Services offered through GENEOS WEALTH MANAGEMENT, INC. Member FINRA and SIPC
Proverbs 27:12 says this: “The prudent see danger and take refuge, but the simple keep going and pay the penalty.”
In this episode of The Stewardology Podcast, we want to focus on the beginning part of this verse, “The prudent see danger and take refuge.” We are going to discuss the Biblical basis along with the why and how we ought to talk to our elderly parents about their money and finances. One of the key reasons is to be prepared for emergencies. This is why we opened with Proverbs 27:12, “the prudent see danger and take refuge.” The prudent, the believer in Christ, is one that ought to plan and prepare. In doing so, they look ahead and foresee what issues and complications could come their way and they devise a plan ahead of time!
A good discussion with your parents about their finances AHEAD OF TIME will allow you to:
But first, is what we are going to talk about in this episode even needed or necessary? Is it Biblical? Of course it is!
Biblical Foundation
Why ought the children of elderly parents have an open, honest and sensitive conversation about money and finances with them? We base our premise on Scripture, specifically 1 Timothy chapter 5 and verse 8. It says, “If anyone does not provide for his relatives, and especially for his immediate family, he has denied the faith and is worse than an unbeliever.” (NIV84)
As per Paul’s command to Timothy, we as believers ought to think ahead of the elderly days of our parents. We should foresee issues, complications and problems, and come up with a mutual plan to care for and look after our parents in their elderly years! This is providing a return to your parents. As parents once invested SO much into the lives of their children, now in the elderly years the children are to show a return of investing to their parents in their later years!
What are some of the “Why’s” that you need to approach your parents about?
Considerations Prior to having a Conversation
Assess your Parents
As you assess where your parents are, discuss their medical and financial situation.
Step 1: Gather information (with your parents) – As you assess where your parents are (do it WITH THEM), Speak with them openly and honestly about their medical and financial situation.
Step 2: Create A Proactive Plan
Step 3: Monitor and Adjust the Plan as Needed. If the plan is not working for the parents or the grown children, an adjustment may be necessary.
Challenging Conversations
Seek Counsel
Bring in those that you know, love and you know love the Lord! Seek their wisdom and advice! Especially bring in to counsel those that have been there or going through what you are about to, or involved in right now!
Next Steps
Material presented is property of The Stewardology Podcast, a ministry of Life Financial Group and Life Institute. You may not copy, reproduce, modify, create derivative works, or exploit any content without the expressed written permission of The Stewardology Podcast. For more information, contact us at Contact@StewardologyPodcast.com or (800) 688-5800.
The topics discussed in this podcast are for general information only and are not intended to provide specific investment advice or recommendations. Investing and investment strategies involve risk including the potential loss of principal. Past performance is not a guarantee of future results.
Securities and advisory services offered through GWM, Inc Member FINRA/SIPC