The two topics that often cause the most friction within Forums when it comes to sharing deeply, are intimacy and finances.
For this post, I am going to focus on how Forums can share financial information with each other in a way that is comfortable for everyone.
As with everything in Forum, there are several depths of vulnerability. When it comes to financial information, the deepest sharing groups share everything. These groups share their balance sheet, P&L statements, income, and retirement account balances on a regular basis. The process usually involves one person presenting, then the group asking clarifying questions, then the presenter noting some action steps to work on for next time.
The groups that share at this level tend to be well-established Forums that have been together for a long time. The trust is built up enough to be open, honest, and vulnerable with each other.
For newer Forums, this kind of depth isn’t normal and not expected. An alternative to sharing specific numbers for your balance sheet and P&L is to share the data as percentages. That way, the group can see what percentage of your overall budget is in long-term debt, government bonds, or Dogecoin. The rest of the process would be the same as above, with Q&A and then action steps.
If the group doesn’t want to share financial docs, here are a few other ideas your group can do to talk about finances with a specific focus of staying on track for retirement.
- Retirement savings calculator: Provide each group member with a retirement savings calculator to help them determine their individual retirement savings goal based on their current expenses, desired lifestyle, and projected inflation rate.
- Budgeting exercise: Have the group create a budget for their ideal retirement lifestyle, including expenses for housing, food, transportation, health care, and entertainment.
- Role-playing: Have group members assume the role of a retiree and present their budget to the group for feedback and suggestions.
- Expert panel: Invite a financial advisor or expert in retirement planning to give a presentation and answer questions on the subject.
- Group discussion: Encourage group members to share their current savings habits and goals, and discuss how they can work together to reach their goals.
As I said above, financial conversations can be challenging for some groups, but those that make financial transparency a regular part of their meetings are the ones who not only benefit the most but also tend to stay together the longest.