As Americans we have a very hard time talking openly about money – in fact, we are more comfortable talking about death, politics or religion.
To be fair, there are legitimate reasons why these conversations are often avoided. Many of us start to compare ourselves against others, and that can lead to embarrassment and shame. Some feel they haven’t saved enough – others feel guilty for having too much. Some worry they’ll sound ignorant asking basic questions.
The problem with avoiding the money talk is it isolates us all. How are we supposed to educate ourselves if so few of us even want to discuss money in detail? And this has real consequences. How do you know whether or not you’re paying too much for rent? How do you know if you should be asking for a raise?
Approaching this important topic with trusted friends and family doesn’t have to be awkward. Start by discussing your financial goals. Share ideas for how to save money. Even better, share ideas on how to make more money. Depending on your comfort level, you can then ease into sharing how much debt you have, and more importantly, how to get out of debt.
Like most things in life, taking the first step is hard, but it does get easier. Make time to have “the talk” — because when it comes to understanding your finances, knowledge is truly power.
The information on this page is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.