https://soundcloud.com/ithought-advisory/why-be-shy
Podcast Transcript
Why is it so hard to talk about money? Money is a very personal thing. Most people don’t like to openly discuss money matters. Many people shy away because they don’t want to disclose their portfolio and they don’t want their financial issues to be put under the microscope.
People often tend to feel uncomfortable talking about money as it becomes a yardstick for the world to judge them. So, they don’t want to reveal the actual numbers. The fear of feeling inadequate or inferior amongst peers is something universal and this applies even more to money matters. We are very sensitive to comments which could trigger jealousy, pride, or anxiety. When we’re doing well, we may not want to be labelled as arrogant, so we avoid the topic of income. It is generally considered rude to inquire about matters relating to money. Salary, monthly budgets, periodic payments etc., are still ‘within-four-walls’ subjects. Also, once disclosed more complications may arise.
It’s quite obvious that there are a lot of emotions running through our minds whenever we want to talk about money. But it all boils down to fear of being judged. So, we become tight-lipped when it comes to revealing financial mistakes. We prefer to live in denial and do not want to be judged for bad decisions. At times, we may choose to forget certain mistakes or go overboard in our attempts to fix them. We may even believe that they have been fixed when in reality the solution is only temporary.
Fatigued by this process, we may even conclude that the solution is to avoid making decisions altogether or choose options where there are no risks and uncertainty. So, we find ourselves heavily invested in fixed deposits, or traditional insurance plans, venturing only to post office savings schemes. With these instruments, there’s no scope for anything to go wrong, there’s no need to consult an expert. But, is silence and indifference a solution?
Be it an expert or someone trustworthy, getting things in perspective can be much easier if you’ve got a little help. The best solution would be to consult an expert. An expert will analyse your financial situation and provide solutions for your needs.
It’s very important to be transparent with your family when it comes to money. Not talking about money with family members comes with its own set of problems. The conversation could go differently than you imagine. You could share your financial goals, money management tips, how to pay off debt, and even discuss how to make more money. There are many ways to start talking about money with people in your life, which can benefit everyone around you. So, why be shy?