Why are we so private when it comes to our money? Are you ashamed of how you have handled it? Are you a rich person that worries how people will treat you once they know you have money? Have you been shamed into believing that money is the root of all evil or all rich people are crooks? Are you someone that has attached your value as a human being to your bank account balance (I sure hope not!)? There are many reasons we choose to stay tight-lipped about money – but I believe we need to move beyond that if we ever want to improve our financial literacy. Challenge yourself to address your issues regarding money talks and start having discussions with those who are impacted by your income and your debt. It is time to get these conversations out in the open so we can build solutions that will allow us to lead a healthier, more responsible financial lifestyle. Start today!
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I am a financial coach that focuses on improving personal finance behavior. I do not sell investment products or manage investments.
In today’s video i want to talk about Why we don’t like to talk about money [Music] What’s up everyone thank you for Stopping by the achieve financial Coaching channel where we believe in Breaking the chains of debt And talking about all things related to Personal finance today i would like to Talk to you about something that we Don’t like to talk about It’s actually quite interesting we’d Love to talk about Money as a society we’re always talking About how much money the government Spends how much debt the government is In Or how much something costs but on a Personal level sort of one-on-one or Maybe with your family or significant Other or life partner or girlfriend or Boyfriend We don’t like to talk about money so Today i just want to explore a few Things that may point out why you don’t Like to talk about money and then talk About some reasons why we Should talk about money because i do Think it’s an important conversation And we need to move beyond whatever it Is that’s keeping us from talking about Finances please like the video subscribe To the channel Share with a friend let’s get started
Let’s start this video And and do this in a way where we talk About the reasons we don’t talk about Money and the reasons we Should so quickly let’s talk about the Reasons we don’t First there is sort of this overarching Thing um Overarching feeling of guilt shame and Embarrassment Um self-awareness hurts like when we Look in the mirror and really try to Figure out who we are Um it is a tough process and money is a Sensitive topic so when you really take A Step back and look at your money Oftentimes there’s Guilt shame or embarrassment and it has Nothing to do with necessarily how much Money you have or don’t have it may have To do with How well you handle it or you know or How poorly you’ve handled it But there’s guilt shame and Embarrassment second thing is Ignorance is bliss right like people Don’t like to face the things that are Tough for them to face so we’d rather Ignore those things So you know pretending that is not there Somehow psychologically that makes us Feel better Third thing is some people feel helpless
Or paralyzed It’s kind of like not addressing a Drinking or drug Problem right i just don’t know what to Do about it Even though it’s slowly destroying Pieces of my life I’m just not sure where to start or how To approach it And then the fourth thing is judgment You know A lot of us think will people treat you Differently if they know how much you Make or how little you make You know i’ve witnessed the changes in People when they Learn um what someone’s make what Someone makes whether it’s a lot of Money or whether it’s You know not very much and there is Definitely a very Um you know real thing out there where People will judge you one way or the Other Some people will and treat you Differently when they know how much you Make And then the last thing in terms of the Reasons we don’t even though there are Many more reasons than this Is fear so it’s funny because People fear have fear about money for Different reasons so poor people You know or people who struggle with
Money may fear How their kids may judge them for not Handling money or doing better And then i know some very wealthy people Who won’t talk to their kids about money Because they think Their kids may feel entitled or they Don’t want money to change the Relationship They have with their kids or their kids Have with each other and you know once They pass On will this money cause money fights And you know just lead to some bad blood In the family so people definitely have A very real fear Around um talking about money so now Let’s get on to the reasons we should Get beyond Those reasons that we don’t and the Reasons we should Talk about money so i like to categorize These into two Sort of the two e’s i call them so i Like to i think we should talk about This so we can educate And then we can set expectations i think Educating and setting expectations Around money Improves communications decreases money Fights and lets Everyone know where you stand as it Relates to your Money and then i also think you need to
Know how well you’re doing relative to Your lifestyle you can pretend that You’re doing okay Because you’re living a certain Lifestyle but you know You probably should be talking to your Significant other or if you’re single You know really having an accountability Partner to say Can i really live this lifestyle that I’m living based on the money i’m making So we should not ignore those things and Then i also think if you’re going to be In a relationship with someone You really need to know how much debt a Person is bringing into the relationship So there was a study done by fidelity a Couple of years ago where they talked About like i think it was Four or five you know people out of 10 People said debt had a Severely negative impact on their Relationship and so Um and then you have in that same study They talked about the fact that like 35 to 40 percent of people who are in a Long-term relationship or married Don’t even know how much their spouse Makes so i think you definitely need to Know How much debt a person has and how much Income They have as well i don’t think these Should be secrets if you all are trying
To be in a committed relationship And then i think you need to be Comfortable talking about money because You need to be able to discuss your Value at work And this is you know the word value um Here i am emphasizing at work because Your lack of money or having lots of Money doesn’t mean you’re more valuable Than the next person In society but at work we trade time for Dollars And so you want to know and make sure That You know what you bring to the table is Being valued in the form of a salary And so if you’re not comfortable talking About money you definitely are not going To want to talk to your boss about it And i think that’s something you need to Get beyond i know at my job Uh we talk about money pretty openly and The concept there Is to talk about it enough so that it Isn’t um a discussion or it isn’t Something that we need to Put on the table all the time lastly i Think in general You should know the details of your Family’s financial position whether That’s your mom or your dad’s or your You and your children your siblings Um i think the more you know about um Things you may inherit or how money may
Impact your family The better right it also allows you to Do other things with your money you can Make better financial goals You can set budgets you’ll know how to Spend your money so i think the more Details you can learn about Your family’s money um then the better So there you have it my thoughts on why We don’t talk about money And why we should talk about money there Are many other things that we could have Added to the list in terms of why we Don’t talk about money some people are Just very private and they don’t like to Share that information so that’s one Thing i didn’t specifically call out But it’s a very legitimate reason on why People don’t talk about money I do think that we need to get beyond Sort of the secrecy Or the old traditions that talking about Money is taboo I don’t believe it’s taboo i believe not Talking about money is taboo Because it could lead to all sorts of Drama down the line i’ve seen people who Have Little to nothing to leave relatives When they pass including not enough Money to bury them and that created Drama In terms of who’s going to cover the Funeral expenses or
You know who’s going to get the house or Oh there’s still a mortgage on the house Who can take care of that who can pay That And so i think having open and honest Conversations about where you are Financially especially as a family I think it just leads to greater clarity It clears up Anything that other people may be Thinking that they haven’t shared so we Need to start having these conversations Openly just like we talk about a lot of Other things i personally don’t think That sharing personal Information is necessary you don’t have To tell people specific numbers You don’t even have to tell people Percentages but i think having general Money conversations Is healthy and it’s a good thing and we Need to start doing it as a society Remember this you can achieve much Greater things than where you are today If you’re willing to put into work Conceive it believe it and achieve it I’ll see you on the next video If you like today’s video please Consider subscribing to the channel Liking this video and sharing it with a Friend i created lots of other videos to Help you in your personal finance Journey please check out some of those As well see you around
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