Let’s face it. Talking about money is not one of those conversations most people look forward to. Everyone has different opinions about money: How it’s used, how much you need, how much you should save, how much you should spend. The list is truly endless.
Knowing that money is a hot topic, it’s a subject that many avoid. That’s a huge mistake. There are so many benefits to having fearless conversations about money. At our firm, we prioritize discussing these difficult, potentially sensitive questions with our clients. We want to get at what truly matters to them and gain a clear idea of their financial situation. This helps ensure that their money is best aligned with their goals.
These kinds of conversations can benefit anyone. I’ll focus on several of the biggest payoffs.
Start with a heart-to-heart with yourself
We’ve all heard the saying that “knowledge is power.” Start gaining knowledge by having a fearless conversation with yourself by digging in and exploring your own personal relationship with money.
All of us were taught things about money as kids. You might have picked up bad habits from the adults in your life who spent beyond their means, didn’t save, and racked up credit card debt. Conversely, “good habits” – like saving aggressively and not spending – sound good in theory, but not if there’s only work and no enjoyment. A solid balance of saving and spending is the healthy way to go.
It’s important to understand what your “money story” is. You carry that into your life and relationships with others virtually every day. Whether you speak to a financial therapist or process your habits with regular journaling and introspection, try to understand what your money habits are and where they may come from. Once you have that personal understanding, it’s easier to take on the challenge of seeking out new answers and knowledge from the financial industry. As you take on difficult topics and gain understanding of markets and investments, your net worth should ultimately see gains as well.
And with that fearless introspective conversation, it’s important to remember to pass along your knowledge to your kids to help create generational wealth. While it may not be easy at first, finding ways to discuss healthy money habits with your kids regularly will help them thrive later on. Your money story influences not only you, but your children as well, so be fearless in how you want to write the next chapter.
Ask for – and get – that raise
One fearless conversation that many people find daunting – and who doesn’t? – is asking for …….