As a parent, there are few things more fulfilling than watching your children step into adulthood and build their own lives. Recently, my wife, Kimberly, and I had a heart-to-heart with our daughter and her fiancé just before they tied the knot. It was one of those pivotal moments when we could impart some financial wisdom—both practical and life-enriching. Our conversation with them wasn’t about managing stock portfolios or estate planning, but about something just as critical: the realities of budgeting, bills, and building a strong financial foundation as a newly married couple.
This article isn’t about complex financial strategies, but about something even more important—taking time to sit down with your adult children and guide them through their first real-world financial decisions. Whether it’s helping them budget for rent, taxes, or groceries, these conversations can make a huge difference in setting them up for success.
The Reality Check: Bills and Budgeting
Like many young adults, my daughter and her fiancé had no idea just how quickly expenses could add up. They were prepared for things like rent, but when we talked through all the expenses they’d need to manage—taxes, insurance, gas, cell phone bills, and TV subscriptions—they were understandably shocked.
Yet, even as they saw how little would be left over after paying their monthly bills, they had a positive outlook: “We can make it work,” they said. It was a proud moment for us as parents. They didn’t just accept the reality of their new financial responsibilities, but they also committed to making smart decisions. They even decided to max out their 401(k) contributions from the get-go. That’s the kind of forward-thinking we want to encourage in all our kids.
Financial Wisdom for the Real World
For many young people, financial independence can be overwhelming. That’s why these conversations are so important. Whether your child is just graduating from college, starting a new job, or preparing for marriage, taking the time to guide them through real-world financial planning is invaluable.
My wife and I had the opportunity to share advice that I’ve given to some of my clients’ children: understand the importance of saving, invest in your retirement early, and, most importantly, live within your means. It’s a message I wish every young person could hear before they start their financial journey.
Parent or Advisor: Who Should Guide Your Kids?
Not every parent feels comfortable talking about finances with their kids, and that’s okay. Many of my clients have asked for my help in having these types of conversations with their adult children. As a financial advisor, I often sit down with families to walk through the fundamentals—helping young adults understand their cash flow, manage debt, and create a budget that supports their long-term goals.
If you’re a parent and you feel uncertain about how to navigate these conversations, don’t hesitate to ask for help. I’ve seen the difference it makes when young adults are guided by someone who’s been there before. At the end of the day, it’s about setting the next generation up for success, and a trusted financial advisor can play an integral role in that process.
Final Thoughts
Talking to my daughter and her fiancé about finances was a deeply rewarding experience. It reminded me that the most important financial lessons aren’t about market trends or tax strategies (although those are valuable!), but about the everyday choices we make that shape our future.
As parents, we have an incredible opportunity to guide our kids into adulthood, not just by offering advice, but by showing them how to navigate the complexities of personal finance. And if you’re not sure where to start, remember—your financial advisor can help.
To learn more about how to empower your adult children (or yourself) financially, get in touch by calling (317) 644-7701 or emailing mroop@deerfieldfa.com.
About Matt
Matt Roop is Wealth Manager and Shareholder at Deerfield Financial Advisors, a fee-only financial advisory and wealth management firm with offices in Indianapolis and Chicago. In his role, Matt serves as a personal “chief financial officer” for his clients, overseeing every facet of their financial landscapes, orchestrating strategies to grow their wealth, and enhancing their financial clarity. Catering to the specific needs of his clients, whether lawyers, engineers, or business owners, he empowers them to embrace their passions and lead their optimal lives. Matt conveys a depth of experience and a calm demeanor that clients find reassuring, and he loves providing peace and confidence around their financial future.
Matt received a Bachelor of Science from Indiana University and a Master of Business Administration (MBA) from George Washington University. He is a NAPFA Registered Financial Advisor and holds the CERTIFIED FINANCIAL PLANNER® and Certified Exit Planning Advisor (CEPA) designations. Committed to staying at the forefront of his field, he is actively involved with the Exit Planning Institute, National Association of Personal Financial Advisors, and the Estate Planning Council of Indianapolis. Since 1997, Matt has been involved in the investment and wealth management realm, with experience at Charles Schwab & Co., Inc., as well as a boutique Indianapolis-based independent advisory firm and a brief stint supporting his family’s closely held business.
Outside the professional realm, Matt serves his Indianapolis community by volunteering for Meals on Wheels of Hamilton County and is on the Executive Leadership Team for the Indiana Alzheimer’s Association’s Walk to End Alzheimer’s. He is dedicated to financial stewardship and continuous growth, with an unyielding commitment to enhancing the lives of both his clients and his community. Matt and his wife, Kimberly, reside in Carmel, IN, with their four children, who are all pursuing their college dreams. When he’s not working, he enjoys traveling, reading, and spending time at his lake house in southern Indiana with family. To learn more about Matt, connect with him on LinkedIn.
