Land Rich, Cash Poor

Great call this week from Mario in Colorado who we’d describe as being land rich and cash poor. With the bulk of his assets tied up in his farm, and retirement fast approaching, what’s the best way to start liquidating some of the land?

As your parents age, you may find that you want or need to broach the often-difficult subject of finances. 

In Mom and Dad, We Need to Talk: How to Have Essential Conversations with Your Parents About Their Finances, personal finance journalist Cameron Huddleston lays out the best ways to approach this issue, along with a wealth of financial and legal information that will help you help your parents into and through their golden years.

Sometimes parents are reluctant to address money matters with their adult children, and topics such as long-term care, retirement savings (or lack thereof), and end-of-life planning can be particularly touchy. 

In this book, you’ll hear from others in similar positions who have successfully had “the talk” with their parents, and you’ll read about a variety of conversation strategies that can make talking finances more comfortable and more productive.

• Learn conversation starters and strategies to open the lines of communication about your parents’ finances

• Discover the essential financial and legal information you should gather from your parents to be prepared for the future

• Gain insight from others’ stories of successfully talking money with aging parents

• Gather the courage, hope, and motivation you need to broach difficult subjects such as care facilities and end-of-life plans

Although talking money with your parents can be hard, you aren’t alone, and this book will guide you through the process of having fruitful financial conversations that lead to meaningful action.

Have a money question? Email me here.

"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.