Problems occur when parents don’t open the lines of communication with their children about planning ahead financially, according to an Old Bridge native who recently published his first book.
Saul Simon, a certified financial planner for more than 30 years, put his experience to use in “Simon Says: Love Your Legacy — A Guide to Financial Education for You and Your Family.”
Published in June by Partners Press, the book took Simon 10 years and several rewrites, he said.
“This has been a dream of mine to write this book,” said Simon, who now resides in Millburn and works for Lincoln Financial Advisors Corp. in Edison.
Chapters focus on issues such as talking with the kids, giving to charity, providing an allowance, saving and spending, making money grow, trusts, life insurance and wills.
As for planning ahead, Simon said he believes human beings are just afraid, especially about discussing money.
“I want this book to send a message that people need to understand that they need to manage their money for their well-being and for their next generation,” he said.
As a certified financial planner, Simon said he has seen it all: the good, the bad and the ugly.
“A discussion has to be started before any sickness and death,” he said. “A decision has to be made on who will be in charge after the inevitable.” Simon said he has seen grown men and women act as if they are 5-year-olds when discussing money.
“That is when relationships sour,” he said. “This saddens me.”
Simon gave the example of a set of parents with two children: One child has married into wealth, and another child is still finding his or her own way. The parents end up leaving a little more money in their estate to the child still finding his or her own way. “When talking about this all before the parents pass away, the children can understand the rationale behind the parent’s decision,” he said. “This book can be used as a tool, open the lines of communication, and just talking opens up the feelings.”
Simon said that when writing his book, he wanted to provide money tips in a simple way.
“I wrote it as if I was speaking it,” he said. “I understand personal time, and time is of the essence when talking about this topic. People can flip through and go to any section that appeals to them.
“Life is short, so don’t sweat the small stuff and focus on what matters the most.”
The book is available at www.amazon.com. For more information, visit www.saulsimon.com.