Family: Key Questions on Money and Relationships
TT21 - Key Questions on Money in the Family
XI. Money and Relationships
Personal Financial Plan
Your Name and Date
Current Situation
Please note that talking about finances with anyone, particularly parents, can be a
sensitive subject. Please use discretion and love when talking about finances, and
do not be judgmental in your discussion. If they are unwilling to answer a
specific question, please pass on that question to others that they may be more
willing to answer. You do not have to have all questions answered by your
parents to get full credit for this assignment. By answering the questions posed in
each of these sections, you will successfully complete this part XI. of your
Personal Financial Plan assignment.
The following questions relate to how money and finances was handled in my
family in the past and how I/we intend to handle money in the future.
Family
1. How was money generally handled in your family growing up? Who handled
the checkbook? How was it handled? How should it be handled?
2. What kind of lessons regarding money did your parents try to teach you?
What methods did they use to teach you? How are you planning to teach your
children?
3. Did your family have a family theme, motto, or mission statement? Did part
of it relate to finances? If you were to put one together, what would it be?
Cash Management/Savings
4. How was savings/cash management handled with your family? Which
savings/cash management vehicles did your parents use? What savings/cash
management vehicles will you use?
Education and Missions
5. How did your parents save for your education and missions? What do they
wish they had done differently? How are you going to save for your children’s
missions and education if you choose so to do?
Retirement
- Page 1 -
Family: Key Questions on Money and Relationships
6. How did your parents save for their retirement? What do they wish they had
done differently? How are you going to save for your retirement? What is your
goal to save each month for retirement?
Investments and Attitudes
7. What kinds of financial things cause you to lose sleep at night? How can you
alleviate those concerns?
8. Regarding investments, what do the words “risky” or “conservative” mean to
you? Have those words changed over time? Will education and experience
change their meanings?
9. Assuming that your portfolio needs to grow at an 6-8% rate in order to meet
your goals, would you be happy with that kind of return?
10. Have you ever done anything strange or excessive with your investments?
What were those things? What did you learn from those experiences?
11. How have you felt when you’ve “made a killing”, i.e., the investments
returned a very high return? How have you felt when you’ve “taken a bath,” i.e.,
lost money in an investment? What did you learn?
12. Talk with your parents or an older, trusted friend. What do they wish they
would have done differently in regards to managing money and investing?
13. Regarding your current holdings, what are you most pleased about and what
are your greatest concerns?
Action Plan
14. How will you handle finances in your family? How will you follow,
document, and report on finances? When will you report on finances?
15. How will you teach your children fiscal responsibility? Will you give an
allowance? What things will you do and what principles will you follow to teach
them responsibility?
16. If you choose to do so, how will you save for your children’s education and
missions? How much will you save each month? How much of that will go to
retirement, education, missions, etc.?
Many of these questions were adapted from “12 Psychological Questions, “ Jason Payne,
Payne Financial Management, Orem, Utah, February 8, 2005.
- Page 2 -
Family: Key Questions on Money and Relationships
Disclaimer
The purpose of this material and this class is to help you get your financial house in
order and to help you on your road to financial self-reliance. If there are mistakes in this
material, please bring them to our attention, and we will correct them in upcoming
versions. The teacher, and BYU, specifically disclaim any liability or responsibility for
claims, loss, or risk incurred, directly or indirectly, by using this material.
- Page 3 -