Posts Tagged ‘talking about money’

Talking about money

October 5, 2008

Talking about money is difficult for many people, especially those of us brought up NOT to talk about it. It seems these days that talking about sex is easier than talking about cash. People also seem to be happier talking about how much debt they are in, than discussing their money-making ideas and investments.

Studies show that money is one of the main areas of friction in relationships – couples, marriages, friends and family. If you are not on the same level about money, talking about it is even more difficult. People bring a lot of baggage when they think or talk about money. How their parents talked about money (or didn’t) will have a big effect, as will their current level of financial education.

Here are some things to think about – compare your answers to those of your partner/ friends.

  •          What are your financial goals? Do you have any? In what timeframe will you achieve those goals?
  •          What is your financial personality? Are you a saver or a spender? Are you interested in investing? Are you a risk-taker or do you like slow steady investments? Do you want to get rich quick or are you content with a slow, steady approach?
  •          How do you manage money day to day? Do you know how much you are worth? Do you buy budget in the supermarket and save? Do you pay the bills early to get the discount? Do you have a lot of items on credit/ hire purchase? Do you have car repayments?
  •          What is your level of financial education? Compare that to your partner/spouse or friends. Are you interested in learning more?
  •          Do you want to invest in your financial education? Will you be able to spend money on seminars or programs that will improve your financial future, or do you have to explain the reasons why to your partner? Would they rather spend the money on entertainment or a holiday?
  •          “You are the average of the 5 people you spend most time with” Jack Canfield. Are all your friends broke? Do they inspire you to want to earn more, create more wealth? Do you talk about business opportunities or investments? Do you want to hang out with some other wealthy people?

If you want to be wealthy, then these are questions you have to discuss with your partner. If you have different wealth goals, it makes it that much harder to get there.

So, stop reading and go talk to your partner/ flatmate / friend… what do they really feel and think about money?