Hi, it’s your Money Mavens, and we weren’t surprised by the news…
A survey by The Harris Poll shows that more people would rather talk about politics and religion than talk about money with their family members.
We get it – money has been a taboo topic for so long.
Maybe that’s how it was in your house growing up.
Maybe you didn’t have a lot of money or you were told it was rude to talk about money.
Having healthy, open conversations about money can benefit everyone.
It can help you and your loved ones be transparent about what’s really going on.
It can also help protect you from being in an uncomfortable situation in the future.
“Dad, how long were you going to wait to tell me you were losing the house?”
It doesn’t have to be a bad situation, especially when you know the people you’re talking with care about each other.
Is it still hard to do? Absolutely.
Having good, honest money conversations takes some vulnerability.
But, the reward can be so worthwhile.
Your personal finances can be an empowering part of your life with the right approach.
You may be wondering, “I so want to have those conversations with my family or close friends, but I don’t know where to start!”
Here are a few tips to help you powerfully navigate money conversations:
-
- Ask questions. Don’t be afraid to ask questions with your friends and family as you discuss money. Asking questions is how we start to learn.
- Respect and empathy are key. Everyone has a different relationship with money. Going into a conversation with an open mind will help create a safe space for your loved ones to share.
- Be supportive. Swap financial wins and success stories and celebrate your family and friends’ successes.
- Don’t compare yourself. Remember, it’s not a competition and talking about money isn’t about proving where you stand financially in relation to others.
- Practice honesty. The more honest you are with your loved ones, the better your financial lives will be.
Having regular conversations about money topics, like saving, investing, and even spending, can help mitigate any negative feelings about money.
But, it takes practice, and practice makes permanent.
Whether it’s discussing your monthly savings and spending plan with your spouse, creating a savings plan for college for your children, or preparing powers of attorney for your parents, money conversations are the foundation of creating a strong financial future.
Start practicing today to create your financial future!
To your prosperity,
Your HWM Money Mavens
P.S. – We help facilitate essential money conversations for our business owner clients just like you every day. If you are interested in working with us click here to start.
