Cameron Huddleston

Wondering how to start the money talk with your parents? Check out the tips I shared from my new book, Mom and Dad, We Need to Talk, on @CNBC's @OnTheMoney. cnbc.com/video/2019/07/… #MoneyTalks #personalfinance

@Experian @ACCreditCounsel @Daniellemiula @AdrianaOceans @MommyTalkShow @itsmymoney_ @Glink @EmilySchwartzAZ @meghanagangwani @WearePlootus Thank you, @Experian, for bringing attention to such an important topic!

Thanks to our amazing panelists: @ACCreditCounsel, @Daniellemiula, @CHLebedinsky, @AdrianaOceans, @MommyTalkShow, @itsmymoney_, @Glink, @EmilySchwartzAZ, @meghanagangwani, and @WearePlootus. We appreciate your expertise and time today! #CreditChat

A10a My kids got to spend more time with my mom when we moved her in with us because she had Alzheimer’s. And caregiving taught me a lot about patience and the value of being in the moment. #creditchat

A10 Caring for a parent humbles you and makes you realize how much your parents sacrificed to take care of you. #creditchat

A9a To protect your finances, ask other family members to chip in. Look into low-cost care options, such as adult day care, so you don’t have to quit your job. And find out whether your loved one can qualify for Medicaid to pay for their long-term care. #creditchat

A9 Not gonna lie: It’s hard to prioritize your own financial well-being and goals as a caregiver, but if you don’t, you might perpetuate the cycle by having to rely on others for your care and hurt their finances. #creditchat

A8 Your credit could be hurt if you step away from work and have trouble paying loans, credit card bills or your mortgage. Your retirement savings also could suffer if you can no longer contribute to a 401(k) through work. #creditchat

A6. Remind yourself caring about someone doesn’t mean you have to sacrifice your financial future. It's okay to say, “This is all I can contribute.” Protecting retirement savings & maintaining your budget aren’t selfish - they help ensure you won’t repeat the cycle. #CreditChat

A7a Let your manager know about your situation. Your manager’s response should indicate his/her willingness to work you and how much flexibility (such as working from home) you can ask for. #creditchat

A7 Be aware that a federal law – the Family and Medical Leave Act – entitles employees to take up to 12 weeks of job-protected leave for qualifying family and medical reasons. #creditchat

A6. A healthy financial boundary starts with being honest about what you can realistically afford to contribute without jeopardizing your own bills, savings, or credit obligations. Supporting a loved one should not come at the expense of your long-term financial stability. #CreditChat

A6a Hiring an aging life care specialist (formerly known as geriatric care managers) can help you navigate these conversations and identify resources that might help offset the cost of your family member’s care.

A6a It’s OK to let family members know how much support you can afford to provide without jeopardizing your own financial well-being. Be open about your budget and your availability to provide care. #creditchat

A6 The benefit of having family money talks before the need for care arises is that you can set boundaries when there isn’t an emergency that’s leading you to respond emotionally rather than rationally. #creditchat

@Daniellemiula Thanks!

A3: Talk money early: where it is, how bills are paid, wishes using if/then statements, is there an LTC plan in place, and trusted advisors/who can help. Most importantly, what are their expectations of you when it comes to caregiving. Read @CHLebedinsky's book. #creditchat

A5 Caregivers who have to reduce work hours or quit can end up relying on debt -- especially credit card debt -- to cover expenses. Caregivers also might have go into debt paying their care recipient’s bills. #creditchat

@Rod_Griffin What a great employer!

A4: Talk with your employer. Some will work with you. My daughter was a caregiver for her husband for the last several years. Her employer actually worked with her to move into another role that offered much more flexiblity. #creditchat

A4b Consider moving a parent in with you to free up room in their budget to cover medical costs, etc. and potentially provide funds from the sale of their home to pay for professional care down the road. #creditchat

A4a Ask your employer about working from home so you don’t have to take time off to keep an eye on a parent or loved one. #creditchat

A4 Don’t be afraid to ask siblings to chip in financially to help pay for an aging parent’s care. If you’re providing hands-on care, they should be willing to help with costs. #creditchat

A3a Shameless plug: There’s an entire chapter in my book, Mom and Dad, We Need to Talk, about how to talk to your parents about long-term care. cameronhuddleston.com/mom-and-dad-we… #creditchat