This week on Prof G Markets, Scott explains how he approaches money with his partner, his parents, and his children. He gives advice for having difficult conversations about economic hardship. Ed asks for advice around saving money to take care of his family in the future. Scott also breaks down how he tries to connect money with effort when talking about wealth with his kids. Finally, he shares the one thing he hopes his kids will understand about money when he’s gone.
Timestamps: 00:00 - Today's number 00:19 - Today's episode 00:49 - How did you know that you and your partner were aligned financially? 02:22 - Have you had a conversation with your partner about money and financial goals? 04:21 - What is your approach to sharing assets with your partner? 06:01 - Which economic decisions should be made together? 09:23 - How do you and your partner handle financial decisions and build trust in your relationship? 11:04 - Do you think people should feel responsibility to provide for their parents once they start making money? 13:44 - Do you provide financial support for your sister? 14:16 - Do you think people should factor providing for their extended family in their financial planning? 22:22 - Do you talk about money with your kids? 26:00 - What are some ways you recommend teaching kids about the value of money? 29:00 - Have you thought about estate planning and inheritance? 32:22 - What is the most important financial lesson your kids must know?
