Money Talk with Skyler Fleming
Money Talk with Skyler Fleming is all about talking about money more. Money is often a topic that doesn't get taught or talked about. When we talk about money we all do better, together!
The 7 Money Talking Points
I created the 7 Money Talking Points to give you a jumping-off point when it comes to starting your Money Talks! Use the following points in any order to start talking about money. They will help you generate some great conversations and likely learn something new!
1. What will I do in an emergency?
Start with some simple questions. Do you have an emergency fund? How will you use your emergency fund? How does your insurance play a role? This is a fantastic conversation to have with someone else to get a better understand of some ways that you can prepare financially for an emergency. Some likely action steps are going to be starting an emergency fund, writing an emergency plan, and shopping for better insurance.
2. How am I making money?
Ask yourself where is your income coming from. Is it consistent? Is it at risk? This conversation can help you figure out how much money you are making and if you need to worry about job loss. I recommend tracking your income after having this conversation.
3. How am I spending Money?
This question is going to lead to a lot of insight and many follow-up conversations. Ask yourself where you are spending your money. Do you spend more than you make? What categories do you spend the most in? This will likely lead to you tracking your expenses and finding a lot of awesome ways to start saving some real cash.
4. How am I saving money
Do you know where your money is going once you get your paycheck? Are you saving for retirement? Are you saving for future goals? Are you saving at all? All great conversation starters to get you thinking about savings. Make sure to automate your savings for the easiest strategy to start saving. But also start thinking about your future goals. Which can be a fun conversation to have with a spouse or a friend.
5. Do I want to pay off all my debt?
Debt can be a real trick situation. Ask questions like, do you want to pay off all your debt? Do you want to pay off only high-interest debt? How does debt make you feel? Understanding your relationship with debt is going to help you a lot when it comes to many financial decisions. Debt plays a role in a lot of things when it comes to money. So understand before you're faced with the pressures of debt to avoid the headache it can cause.
6. What do I want my retirement to look like?
What do you want to do in retirement? Where do you want to spend your retirement? How much money do you need to retire? Have fun with this discussion! Dream big and let it be known what you really want to do. This will help you figure out and realize where your financial situation needs to get to in order for this to be possible. It's never too late to start if you feel like you're not on track!
7. What are my big money goals?
Do you want to leave a legacy? How do you want to be known? Do you want to be very generous? Do you want to pay for others' future expenses? Again, fun conversations to have! Dream about more than just retirement. How do you want to impact others' lives? This will lead to so many other conversations to figure out how you can get to the point you desire most.