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Family finance meeting changes the way money is perceived
A Milwaukee family is trying to change the way they look at money. It’s a frank and often taboo-busting talk about each of their finances.
MILWAUKEE - A Milwaukee family is trying to change the way they look at money. It’s a frank and often taboo-busting talk about each of their finances.
"Can you guys hear OK?" mother Syneathia LaGrant asked as she logged into Zoom on her laptop.
Father Robert LaGrant added, "What up? How’s your day?"
They are video-chatting with their sons, Brendan, 22, and Marcus, 19. Both live out of state. The conversation quickly turns from pleasantries and prayer to pennies and pocketbooks.
"We’ll just look over a couple of the expenses that were big in nature," Robert began.
On the first Sunday of every month for the last five years, the LaGrants do something most families don’t -- they all gather to talk openly about their finances. The LaGrants analyze every bill and track every dollar.
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"We talk our income, expenses, investment accounts and do some family planning," Robert explained. "We’re big believers that everyone in the family has a voice."
You could call the family patriarch their ‘Chief Financial Officer.’ Robert LaGrant works for BMO Wealth Management by day. At home, he shares that knowledge in the LaGrants ‘Family Finance Meetings.’
"We wanted them to have some level of equity – as far as the decisions we made as a family financially, but also to equip them as young black boys to make sure when they did grow up and transitioned to college or when they had their own families that they would have the same type of situation," Robert said.
As the meeting rolled along, the topic moved to property taxes and home maintenance. FOX6 News is not sharing specific numbers in our report, but the transparency and detail of the LaGrants conversation certainly shatters taboos.
"When we went into this, we said ‘OK, we are going to be open with our children; we’re going to talk to them really honest about salaries’ and say this is how many hours you have to work in order to afford this," Syneathia said.
Over Zoom, Brendan added, "They make sure we understand what’s going on from an outward perspective. They don’t tell us not to spend money, but they will definitely keep their eye out."
The sons believe this lesson started to pay off when they were teenagers.
"This is setting me up for success because I’m not clueless to money anymore. I know how money works, how investing works," Marcus explained.
The agenda this month has Christmas, travel, Syneathia’s birthday and regular church and charitable contributions. It all adds up to an expensive month.
"That was a challenge for a long time," Syneathia said. "I think that was a point of contention between us. Because, I’m like the boys have to have a great Christmas. They need to sparkle and their eyes need to light up when they wake up Christmas morning."
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That’s why items on the LaGrants Christmas list now fall into four separate categories:
- Something you want
- Something you need
- Something to give
- Something to read
"Now our holidays look a lot different," Syneathia added. "We focus on experiences, we focus on time together and not just the things."
There may be more space under the tree, but it helps the family stick to a budget. Frank conversations about income and expenses now lead to a wealth of other discussions.
"We’re able to be more connected, Syneathia said. "That level of empathy that they have now and understanding of what it takes to build a life – it’s pretty exciting to see that."
"If you have a budget, you can have some level of savings," Robert reminded. "No matter what that is – a penny, a dollar – at least you know now ‘this is my budget and this is what I have from savings.’"