The truth doesn’t cost you anything, but a lie could cost you everything. Unknown

Your financial situation can be a complex issue to approach. However, the more we talk about it, the more open the conversation becomes and the easier it is to broach uncomfortable subjects. Debt.. life cover.. estate planning.. If you are feeling a bit squeamish right now then maybe it’s time for that chat.

Before making any big decisions you should consult the people who are going to be directly affected by the aftermath – especially your family. Keep the air clear with ongoing communication and ensure that everyone who should be involved, is involved.

Have you discussed the following recently with…

Your Partner
Do you and your partner share the same dreams for the future? Are there any previously undisclosed debts? How will the estate be handled in the event of the other’s passing? Have there been big changes at work or your income situation that you need to work through together?

Your Parents
Are they prepared for the financial costs of retirement? Is their estate plan in good order? Have they drawn up a will?

Your Children
Are they expecting to attend university? Do they qualify for any financial bursaries? Are there any weddings in the near future that you might be expected to pay for?

Your Financial Planner
Where do you see yourself in five years? How are you feeling about your current financial situation? How can you ensure the financial stability of your family, even in your absence?

Sometimes we aren’t even aware of the monkey we are carrying on our back until we talk to someone about it. Our insecurities can manifest deeply within our psyche. So much so that we can find ourselves skirting around the truth when talking about finances (or lying by omission).

This may be acceptable if you are sharing banter with friends around the braai, but when it comes to the significant stakeholders in your life, honesty should be your only policy.

Financial planning is founded upon data. And data is actionable, but in order to take action we need a clear picture.

An honest approach to life is invaluable. It keeps us authentic. It helps us thrive!