Sep 9, 2020
If the words 'debt,' 'credit score,' or 'savings' make you cringe, you are not alone. Money topics such as debt, student loans, salary, credit scores and even saving for the future can cause paralyzing anxiety. In a recent study on financial literacy only 2 in 5 adults believe that, if their money could talk, it would say. “We are working well together”
So, to help improve your relationship with your money, we are going to discuss 10 potentially embarrassing money topics and come up with some suggestions so we can tackle them with confidence.
MorBEING FINANCIALLY literate, or understanding all aspects of your financial life, is crucial to becoming confident about money. But often, we’re too embarrassed or uncomfortable to talk about money openly. According to a 2013 Wells Fargo survey of over 1,000 adults, 44 percent of respondents said "personal finances" is the hardest topic to discuss with others, followed by "death" at 38 percent and "politics" at 35 percent. Money topics such as debt, student loans, salary, credit scores and even saving for the future can cause paralyzing anxiety. In a recent study on financial literacy only 2 in 5 adults believe that, if their money could talk, it would say. “We’ve been a successful team.” So to help improve your relationship with your money, we are going to discuss 10 potentially embarrassing money topics and come up with some suggestions so we can tackle them with confidence.
1. Are you spending well above your means?
2. Are you in debt because of overspending?
3. Are you in debt because of bad financial advice? I
4. Are you loaning money to friends and family?
5. Do you have too many Credit cards?
6. Do you have a weak credit score?
7. Are you being crushed under the burden of student loans?
8. Are you enrolled in a 401(k)?
9. Do you not knowing how to save?
10. Can you talk about money with your significant other - and not fight?
Now that you’ve made it through the list (perhaps with a bit of squirming), don’t feel like you need to tackle all of this. Start small and commit to improving one aspect of your financial life at a time. Before you know it, the taboo money topics will be a little easier to discuss and manage and together, we can Live Rich.
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