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Continued: Schafer: Money talk isn't just for those with millions

  • Article by: LEE SCHAFER , Star Tribune
  • Last update: February 5, 2013 - 11:30 PM

Johnson can’t claim a background in industrial psychology like an Ascent coach, but as he discusses the questions he puts to his clients, it’s clear he is focusing them on similar issues, like purpose or fears that the heirs will just blow all the savings.

“It starts with the question of ‘Where did you get your money values,’ ” he said. “ ‘What do you wish the generation before you had done? How are your kids getting their values? And what do you wished they asked you?’ That becomes the basis of ‘Well, maybe it’s time you ought to talk to your kids about this.’ ”

He said his clients generally don’t want their money to change their kids’ lives, such as letting them stop working. Mostly, he said, they would like to provide a little financial security. By getting them to define what they mean by security, he said, he can put concrete numbers into a plan.

It’s a process, he said, and the sooner clients start, the better. As he put it, “passing money down is a lot easier than passing down values.”

 

lee.schafer@startribune.com • 612-673-4302

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