In a Milwaukee family, a remarkable shift is taking place as they embark on a journey to change the way they view money. This frank and taboo-busting conversation about each family member's finances has become a monthly ritual that is reshaping their financial landscape.

Unlock Financial Success through Family Bonds

Introduction to Family Finance Meetings

Every first Sunday of the month for the past five years, the LaGrants have gathered together in a unique way. They sit down and openly discuss their finances, analyzing every bill and tracking every dollar. This practice, which is uncommon among most families, has brought them closer and given them a shared understanding of their financial situation.As mother Syneathia LaGrant logs into Zoom on her laptop and asks if everyone can hear okay, the conversation quickly turns from pleasantries to the nitty-gritty of finances. Father Robert LaGrant adds his greeting, and the family begins to delve into the details.

The Role of the 'Chief Financial Officer'

Robert LaGrant works for BMO Wealth Management by day, but at home, he takes on the role of the 'Chief Financial Officer' in the LaGrants' 'Family Finance Meetings'. He believes in giving each family member a voice and sharing his financial knowledge."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.This approach has had a profound impact on the sons. As teenagers, they started to see the value of financial understanding. Marcus explained, "This is setting me up for success because I’m not clueless to money anymore. I know how money works, how investing works."

Transparency in Family Finances

During the meetings, topics range from property taxes to home maintenance. The LaGrants' conversation is filled with transparency and detail, shattering taboos that often surround family finances."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."

Christmas and Beyond

This month's agenda includes Christmas, travel, Syneathia's birthday, and regular church and charitable contributions. It's an expensive time, but the LaGrants have found a way to manage it.They have divided their Christmas list into four categories: Something you want, Something you need, Something to give, and Something to read. This approach has helped them focus on experiences and time together rather than just material possessions."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," Syneathia said.Robert reminded everyone, "If you have a budget, you can have some level of savings. 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.’"The LaGrants' family finance meetings have not only improved their financial situation but also strengthened their family bonds. Through open communication and shared understanding, they are building a foundation for a more secure and prosperous future.