Family Financial Planning: “Where Do Families Plan for their Financial Future?”

Wednesday, June 30, 2021

Welcome to my Wednesday Education (financial) B.R.E.A.T.H.S. blog where I am opening up a conversation around family finances and strategies to discuss money in each household. My family never talked about money, we only had one semester of personal finance in high school, and so we all had to find out about money the difficult way. I am here to change our money mindset so that our kids can learn how to manage money that will benefit them for the rest of their lives. Each week on Wednesdays, I will be giving pointers on how families can start talking about money.

Recently in Education Wednesday

Last month, I reviewed how children’s books and games can help families start the discussion about finances.  A few weeks ago, I explained the 5 W’s of Family Financial Planning. These five Wednesdays in June, I broke down the 5 W’s and highlight each area to better help families understand how to open up communication around how money works and everyone’s roles in family financial planning. 

The first week in June, I started breaking down “Who” should participate by giving ideas on how children and adults can start talking about money at home. The second week, I discussed “Why” everyone should start family financial planning and make it an annual holiday party. The third week, I listed “What” families should plan for the financial planning portion of the party. Last week, I explained “When” families should plan for their financial future and listed ways everyone can earn income. This final week in June, I will detail where families should be planning their financial future. 

Where Should Families Plan for their Financial Future?

Home is where the heart is, and that is where the financial planning and money collecting should start. The conversation around money should be started at home, but there can be other places families go to receive assistance with financial planning. Some places have professional help that may or may not charge for services, while other places are more for family gatherings where they can share resources and learn with other families. Below are places families can discuss and work with money.

• Home 
  • Annual financial planning party
  • Books and games
  • Piggy banks & coin jars
  • Quarterly reviews
  • Safe storage
  • Valuables (collecting)
    • Accessories
    • Antiques
    • Art
    • Cars
    • Clothing
    • Coins
    • Jewelry
    • Stamps
    • Toys
• Church
  • Congregational fundraising functions
  • Family financial planning fair
  • Nonprofit financial services
• School
  • Accounting course
  • Classroom education
  • Fundraising functions
  • Family financial planning fair
  • Finance management course
  • Investment course
  • Personal finance course
  • Other: corporate or international finance courses
• Commercial Bank or Credit Union Finance Officer
  • Checking and savings accounts
  • Debit and credit cards
  • Loans
  • Safety deposit box
• Financial Advisor, Coach, or Planner
  • Takes care of family investments and financial habits
• Hedge Fund Manager
  • Takes care of family private investment portfolios 
• Insurance Agent
  • Takes care of family insurance, health, and retirement
• Investment Banker
  • Takes care of selling and trading for family
• Personal Accountant
  • Takes care of all the family taxes 
• Real Estate Agent
  • Takes care of family real estate

Conclusion 

As you can see, there are several places families can go to work with and understand their finances. Using a combination of the resources listed, families can better plan for their financial future. Now that you have several detailed lists of the 5-W’s of family financial planning, your family has the tools to get started on attaining the financial freedom that will last for several generations to come. Best of luck on your family financial planning. 

Thank you for reading,

Dr. Jaime Brainerd, Ed.D.