For some, money is still considered to be a taboo topic. But why? It certainly doesn’t have to be. Here are 5 reasons why it’s OK to talk about money.
1) Opportunities to Learn
Of course, there are tons of ways you can learn about personal finance. You can read books, blogs, and take classes. But understanding what your friends and family are doing with their finances can help you in a big way because the trust is already there. Chances are, you live in a similar area with the same cost of living. Your friends and family members may have recommendations as to what to do with your personal finances, and experts to hire to help you.
2) You Can Find Support
One enormous benefit of discussing finances with your friends and families is you can ask for accountability and support. No matter where you are in your financial journey – if you are paying off student loans, saving for a home, or investing for the first time, you will need support.
Still wary about talking with your friends and family about money? Try starting the conversation yourself. By you going out and being vulnerable about your own financial journey, you already have made the topic much less taboo.
3) You Can Help a Friend
Just like how you may need accountability, your friends may want accountability as well. After all, finances can become a huge stressor in life. Your friends could be struggling with their personal financial situation, and you wouldn’t even know it!
It’s always a good idea to talk with your friends to see how their overall well-being is, including their financial well-being. You may not be able to “fix” anything about your friend’s situation, but you can lend a gentle ear and give support and accountability as needed.
4) You Will Know If You’re Underpaid
Are you sure if you are paid enough at your job? By talking with others, you can get a good idea if you are paid fairly.
Not comfortable talking with your coworkers about your pay? Even talking with other people in your industry, or simply other professional friends can help you gauge whether or not you are paid fairly for your area.
5) Talking About Money Makes it Less Awkward
Talking about money for the first time can be awkward if you aren’t used to it. But the good news is, the more you talk about money, the less awkward it becomes!
You don’t have to dive right in and ask someone all of the details about their own finances. To start the conversation, start talking about your own finances. Ask for advice and opinions, and don’t be afraid to be vulnerable. As time goes on, you’ll become more comfortable talking about money, and you will be making the money conversation more approachable for your friends and family, too!