Talking to your senior parents about money

Do you know how to talk to your aging parents about their money?

It's always about independence, something seniors do not want to lose. So when do you approach this topic? Have you seen the bills piling up on their table? Have they fallen prey to telephone or internet scams? This is a delicate subject and most people do not want interference in their financial affairs. Here are some rules that you need to follow.

1. Don't adopt an attitude that you know it all.

2. Don't say "you should" - it will put them on the defensive

3. Invite a third party expert who they will respect

The following are ideas that will help ease into the conversation:

1. "Mom and/or Dad", I recently read a great article about how to simplify your finances as you getolder. Would you like to talk about it. (Be a helper not an overseer)

2. "Have you heard about this scam, I heard about it and thought I should warn you and your friends."(be straightforward)

3. "How would you like to save some money on your phone bill?" Let's take a look at that.(Utilize small actions that succeed)

4. "Do you ever receive invitations to free-lunch retirement seminars?" If so I would like to go with you.(Don't discourage attendance simply stand beside them)

5. "You wouldn't have surgery without a surgeon." The same goes for your finances. Let's find a financialadvisor to help you. (Seniors respond better to stories and metaphors that gives meaning to facts