Episode 25: How to Talk about Debt, Death, and Disability with Your Loved Ones
“What do we want our money to look like in the future?” — Aisha Adkins
The three Ds we all tend to avoid thinking about, much less talk about?
Death, Debt, and Disability.
They’re extremely uncomfortable topics to talk about but it is oh-so necessary!
What happens to your money after you pass away? If your parent or spouse passes away, do you know how to manage their finances to “clean things up?”
What if your loved one becomes disabled and you are the one who will have to take care of them physically and financially?
It’s not fun to think about the worst case scenario. We all think “it will never happen to us.” But the reality is that 1 out 3 of those Ds is 100% guaranteed to happen to you and your loved one. Death is just part of life, but how do you control the money after you die?
How aware are you of the consequences of not talking about those topics with your loved ones?
What resources are available to make these conversations easier with our loved ones?
Death, Debt and Disability can take a major toll on your personal finances if you remain unaware of your responsibilities as a caregiver, especially if it happens to you at a young age.
I invited Aisha Adkins, founder of Our Turn 2 Care, to discuss how we can make these conversations easier to have with our loved ones.
Aisha has been a caregiver for her mom for almost a decade. This is a role she never anticipated to take on in her 20s. Today, she shares with us her story and how we can be more financially prepared to face death, debt, and disability.
What we tackle in this episode:
How to talk with your loved ones about the financial consequences of death and disability
How to talk to your spouse about money before getting married
The importance of financial transparency with your spouse or life partner
Where to find resources to facilitate these difficult conversations
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HOSTED BY: Helen Ngo
Music by Muciscal_Chef
Track title: “Motivational Happy”