May 18, 2021

10-Point Framework for Family Money Conversations

May 18, 2021
Mark T. Johnsen
Chief Wealth Architect, CEO & Founder
At Wealth Architects, we hold a "University" every year where we dive deep into subjects that help our clients live wealthier lives beyond just financial stability. Years back, we created a 10-point framework for navigating family money conversations. We're seeing an increase in the need for more family money conversations today, and hope this framework provides some clarity.

1. Start with Why – Why do I want to have this conversation, and with whom?

2. Determine Values – What are the values that are important to me, and what am I trying to convey through this conversation?

3. Establish Goals – What is the ideal outcome I am hoping for with this conversation?

4. Understand Expectations – What are my expectations of other family members in this conversation. Am I in a win-win mindset?

5. Determine When and Where – What is the appropriate time and place to engage in this conversation to listen and be heard?

6. Seek to Understand – How can I go about first seeing the other person’s point of view before I share my own in this conversation?

7. Then to be Understood – How will I have the courage to go about sharing my point of view in this conversation?

8. Create Action Plan – Think about ways to address win-win solutions rather than just surface issues from these conversations.

9. Revisit – Establish a routine for having ongoing conversations.

10. Live a Wealthier Life – Enhance well-being through purposeful conversations about money with your family.

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