Having a Conversation … With Your Friends

Financial conversations with your friends can be valuable and informative.

“Productive, enlightening conversations can motivate you to earn, save and invest more.”
Whether through conversations or regular get-togethers, more women are connecting with like-minded women to share their financial wisdom, plans and goals. All the while sharing experiences and learning from one another.

How do you start the discussion with a trusted group of friends? One step at a time.

Next steps

It’s never too late to start talking with your friends about money — and it’s simpler than you may think. Before you reach out to others, consider what you’d like to learn — whether it’s how to reduce debt, how to select suitable investments, or how to make your money last.

With your ideas in hand, ask a friend or a few friends if they’d be interested in learning more about similar topics. Chances are, they’ve just been waiting for someone to take the first step.

Financial advisor Patricia Hinojosa, Certified Fund Specialist®, from Wells Fargo Advisors, says several of her clients have asked her to speak to a group of their friends. “Especially over the last five years,” she says, “because of the volatility of the market.”

Typically their questions cover a range of topics, such as:
  • Given today’s market environment, what types of investments should I be considering?
  • How much money should I have in an emergency fund?
  • How much money do I need to retire comfortably?
  • How do I know my money will last?

“I’m glad to see my clients have conversations with their friends,” Hinojosa says, “I think it’s important to remember though to keep the size of the group small because sometimes large group settings lose their intimacy. When it comes to discussing specific personal financial information many people find following up one-on-one with their financial advisor more comfortable.”

Start your conversation

Share some of your questions and bounce some of your ideas off your friends, and see what responses you get. A simple opener such as one of these can get the conversation going:
  • “What would you do if you had an extra $10,000, $20,000 or $50,000 right now?”
  • “I always wonder if I’m saving enough for retirement. How will I know how much is enough?”
  • “I’m thinking about changing careers; how do I financially prepare for this?”
  • “My husband and I don’t agree on how to save and invest. What do I do?”
  • “Do you have an advisor? How did you find him or her? What made you choose this advisor?”

Seek out answers

You don’t have to reinvent the wheel when it comes to your finances. Draw on the experiences of others to get the answers and information you seek.
  • Invite a friend to attend an investment workshop with you.
  • Bring out the laptop and find answers to the questions that come up during a conversation
  • Follow financial blogs to join other conversations about retirement. Be sure to check out our blog, including Jean Chatzky’s year long financial check list.
  • Wondering what topics to cover with your friends? Think about starting with our age-specific checklists

Productive, enlightening conversations with other women can help you all become better money managers — and often, better friends.

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