Lori Sackler - The M Word Journal: How to Have the Money Talk

Praise for

THE M WORD JOURNAL:

HOW TO HAVE THE MONEY TALK

Successful wealth management often starts with open and honest conversations about money and its role in a familys life goals. Lori Sacklers The M Word Journal is a practical handbook for anyone looking to have these critical Money Talks with their parents and children across a wide range of life events. With easy-to-follow worksheets and instructions, the book guides you through these important and sometimes difficult conversations to help secure your familys financial future.

Shelley OConnor, Co-Head of Wealth Management, Morgan Stanley

With her insightful book The M Word, Lori Sackler showed us how to tackle the difficult financial decisions that families face such as when to retire and how to care for elderly parents. Now with The M Word Journal, she spells out the concrete steps families must follow to tackle these decisions successfully.

Richard Marston, Professor of Finance and Director of
the Private Wealth Management Program at the Wharton School

The M Word Journal is an accessible easy-to-use workbook that will help address one of the most difficult of lifes issuesmoney. The book takes readers with simple questions and templates through the most volatile of money situations: changes, remarriage, retirement, elderly parents, and inheritance. If using this workbook serves as the catalyst for even an hour-long conversation on any of these topics, both you and your loved ones will benefit handsomely.

Martin M. Shenkman, CPA, MBA, AEP, PFS, JD, estate attorney and author

Lori Sackler continues to dazzle and sparkle with her wise investment judgment and her experience-based insights into the complexities of family dynamics and the money conversations ensuing therefrom. The M Word Journal provides THE detailed roadmap for all investors and their family members to successfully navigate lifes defining transitions.

David M. Darst, CFA, Founder of, Senior Advisor to, and member of Morgan Stanleys Global Investment Committee

How to Have the Money Talk! With insight and knowledge, Lori Sackler in theM Word Journal takes the reader through the steps that will lead you through the productive conversations necessary for successful financial decisions. In concert with theM Word, she will help reduce the financial anxiety and stress in your life and enhance your overall sense of well-being.

Hendrie Weisinger, Ph.D., New York Times bestseller, Performing Under Pressure: The Science of Doing Your Best When it Matters Most

This journal is very well organized with an array of practical charts for each life transition category. I especially appreciate Loris thoughtful, positive approach in asking the many open-ended questions. A most mindful guide to having conversations about money.

Eileen Gallo, PhD, coauthor with Jon Gallo of Silver Spoon Kids

The M Word Journal:
How to Have the Money Talk

by Lori R. Sackler

Copyright 2016 Lori R. Sackler

ISBN 978-1-63393-254-8

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means electronic, mechanical, photocopy, recording, or any other except for brief quotations in printed reviews, without the prior written permission of the author.

Morgan Stanley is held harmless with regard to any legal or other issues that may arise from the advice and examples used in this book.

Tax laws are complex and subject to change. The information in this book is based on current federal tax laws in effect at the time the book was written and should not be construed as advice on tax and tax accounting matters. Individuals should consult their own legal, tax investment, or other advisors to determine the laws and analyses applicable to their specific circumstances.

Published by

210 60th Street

Virginia Beach, VA 23451

212-574-7939

www.koehlerbooks.com

INTRODUCTION

Since the 2013 publication of my first book, The M Word: The Money Talk Every Family Needs to Have about Wealth and Their Financial Future, I have learned that my M-Word message definitely resonates. Regardless of the level of wealth, size, cultural background, configuration, or gender composition, every family struggles with successfully handling money issues and the money talks that are essential to avoid failure. The conversations, like the financial challenges, are complicated and, for some, can be terrifyingwhich is why I wrote The M Word. It provides a five-step process to guide individuals and families through the talks and ultimately the major life events, or transition points, that make the talks necessary.

The response to my book continues to be extremely positive, affirming, and personally rewarding. Some of the most insightful feedback from readers, including the April 6, 2013 New York Times review, reflects a need for more substantive tools and specific guidance for family discussions. The M Word helps the public understand why the Money Talk is such a daunting task given the many conscious and unconscious factors that interfere and provides compelling arguments for having the conversations. But the book does not focus enough on the how to step in the processhow to actually talk to your family about money does matter. Readers need a more comprehensive road map for the conversations: hence, the reason for The M Word Journal: How to Have the Money Talk.

The M Word Journal will provide individuals and families a detailed outline for asking the right financial questions at each transition point, for gathering the necessary financial information, and for preparing and conducting the talks. I believe it will serve as the foundation for conversations between the parties to the discussions for both family members and their advisors. You may not be able to get through the complete questionnaire and road map because The M WordJournal, by design, is comprehensive. Also, you may need to refer to my first book, The M Word, as you make your way through this one. But having a disciplined approach embodied in this document, and sharing this document with others, may help you and your family keep your money and family relationships intact as you struggle with lifes challenges. The M Word Journal is a vehicle to generate interest among those involved, get each others feedback, and ultimately spark members of the family to action.

Ive spent considerable time trying to include all the questions and fact-gathering elements necessary to master each of the five transition points Ive identified. I hope you will feel inspired to explore issues on your own and by doing so, create your own personal, tailored approach. My goal is to help you move the process along.

Good luck with your Money Talks!

ACKNOWLEDGMENTS