Discussing Financial Security for Your Family During the Holidays

Discussing Financial Security for Your Family During the Holidays | The holidays are here, and with it comes the time for get-togethers, family dinners and more. This season we’re partnering with MassMutual to share why it’s important to discuss college savings and life insurance options with family, and how these conversations can help you better plan for your family’s future.

This summer, my father had life-changing surgery, which prompted us to talk about life insurance in the weeks leading up to it. A few years ago, before my parents would travel, my father would bring up “what-if” scenarios should something happen to them. He’d try to speak to us about future plans in place, life insurance, or financial planning, but we would change the topic or get emotional. Most of these reactions stemmed from a place of emotion or sudden change in the future. This time, however, I listened from a place of realism, and was open to listening to his thoughts and sharing my views and planning alongside him.

Now that I’m a parent, I realize how important it is to have family discussions about saving for the future and securing plans in place. It’s important for us to not shy away from these topics and discuss it from a place of practicality versus a place of emotion.

As new immigrants to this country, the one thing my parents pushed more than anything was our education. The value of education is passed on by most Asian Indian families along with a drive for success which is modeled by parents themselves. It’s a part of our culture – where an “A” isn’t good enough and they need an “A+” – and where many of us grow up learning a strong work ethic in our family businesses.

According to a college planning and saving study conducted by New American Dimensions on behalf of MassMutual, “Education is so fundamental to parents that saving for their child’s college education starts early. By the time a child has reached the age of ten, 79% of Asian Indian parents, more than any other ethnic group in the study, are saving for college. One out of five parents surveyed have saved more than $50,000. Asian Indian parents in the study want their child to focus on learning first and to be unconcerned about the cost of education.”

Here are some talking points to help you discuss college savings and future planning this holiday season:

• Think about it from the perspective of stability and preparation. It’s easy to get emotional talking about life insurance and future planning. View it from the benefit for your family vs. the emotional aspect of it all.Figure out how much you need to save and estimate college costs by using free online tools such as MassMutual’s college savings calculator.
• Encourage monetary gifts (including 529 plan gift cards) from family members and friends for college savings during gift-giving events and holidays.
• Protect your loved ones from unforeseen circumstances. Consider life and disability income insurance options. Calculate life insurance options with MassMutual’s planning calculator and consider what disability insurance you need with their disability income calculator.
• Learn more about the College Planning and Savings Study here.
• If you want to take your future financial planning (or college planning) to the next level, contact a MassMutual Representative by visiting:  http://go.massmutual.com/college-planning-asian-indian
  

After having family dialogues on what works for our family we have set up a financial plan for ourselves and our daughter. We urge grandparents, uncles and aunts the importance of less material gifts and more monetary gifts in the form of savings contributions or 529 plan gift cards. My Dad, being the financial wizard of our family, was my partner this summer in planning ways to secure our families future as a whole. I was so glad that we opened the floor for that kind of discussion and are in this together.

We hope these tools and tips help you and your family discuss financial planning. While this post was sponsored by MassMutual, all opinions expressed are my own.

Insurance products issued by Massachusetts Mutual Life Insurance Company (Mass Mutual), Springfield, MA 01111, and its subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company, Enfield, CT 06082.

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