Personal finances are a fickle thing. On the one hand, keeping financial situations close to the chest can be a source of comfort, making people feel safe and secure. On the other hand, we can all lose out on key pieces of help and wisdom from others if we don’t talk about monetary concerns.
That said, that doesn’t mean a middle ground doesn’t exist! In comparison to gen X and baby boomers, millennials are more than happy to talk about some of their financial circumstances and exchange queries. Are things changing in terms of how we talk about money?
Consequently, let’s really ask ourselves; should we discuss our finances more often?
Caution and Concern
As previously mentioned, a balance does need to be found in terms of how we discuss anything personal. Not everyone is a good Samaritan, and while it’s nice to have faith in people, others will use your secrets against you. Therefore, to discuss anything as confidential as your finances, you need to pick and choose your closest confidantes very carefully.
You shouldn’t talk about your finances with anyone you don’t trust. If it’s not a close family member and friend, or a financial advisor, then maybe don’t disclose too much information.
Particularly avoid discussing your money over the phone or in places like the workplace, as this can lead to lesser paid employees becoming disgruntled and jealous, causing drama with your boss and colleagues. Like other topics, financial talk isn’t always necessary or appropriate.
Help and Advice
In some cases, talking about our problems allows others to present solutions. This is particularly useful when receiving professional advice, which is rooted in expertise and solid good intentions.
People build entire careers out of helping other people with their money concerns, and companies such as Likely Loans are always on hand to provide loans of all shapes and sizes. There is a qualified support network out there.
That said, before the conversation about money takes place, make sure you research who you’re talking to first. What’s their reputation like? What do their other customers say?
Are they trustworthy? Only when you’re satisfied with these answers should you entertain the idea of a conversation about your finances, so investigate each company you use first. That way, you’ll have no regrets!
State of Mind
The state of our bank account and the state of our minds are closely linked. It can be difficult to disclose our monetary concerns, even when the pressure is piling on for loan and debt repayments.
Many people will suffer in silence after succumbing to bad credit concerns, and unfortunately money woes can drive people to depression and suicide relatively quickly if the situation is severe.
Therefore, there is certainly a time to talk about our finances with those we trust. Not to do so can risk your wellbeing, and there is no sense in suffering alone.
We may rely on our finances, but it’s not the only thing that gives us purpose or happiness. Friends and family are always on hand to help, so when times get exceptionally tough with money, no one should feel the need to keep it to themselves.
Are you thinking about discussing your finances more often?