Why is talking about money so taboo?
Personal Finance Discussions a challenge for most Americans
A survey by Wells Fargo found that 44 percent of Americans see personal finance as the most challenging topic to discuss with others, more so than subjects like death, politics, and religion. Furthermore, money & finances lead the way for stress in relationships and often is cited as THE reason for divorce.
Recently I read that many people don’t discuss money due to SHAME. Many are embarrassed to discuss some bad decisions, things they didn’t do, or even things they don’t fully understand. Additionally, for some talking about money has always been a secret discussion passed down from family obligations to keep that private. Time Magazine showed a survey that 40% of couples didn’t discuss money management before they got married!
Who’s heard the saying, “Money is the ruler of all evil” or “money doesn’t lead to happiness”? Both are true if you don’t accept money for what it is. A tool. A resource. A part of life. I’ll make the argument that money doesn’t lead to happiness, but mismanaging money certainly leads to sadness. Additionally, money is the ruler of all evil if you allow it to control you and your decisions negatively.
Everyone Makes Mistakes With Money
Much like making a budget, discussing money and financial goals should be an essential discussion among all of us, especially our spouses. Keeping money in the dark leads to problems. Having those discussions can help us face any shame we have with finances. After all, everyone makes mistakes with money. Everyone has bought something that we shouldn’t have, everyone has allowed emotion to push us to buy something we couldn’t afford, and everyone has wished they made a different decision related to finances. A budget allows us to set aside money we get to spend & financial discussions lead to stronger relationships with a better understanding of what our futures look like together.
We talk about finances to share our mistakes, things we’ve learned, and negative experiences where we’ve said, “never again”. We started our journey because we said enough was enough. Much like weight loss, becoming financially fit improves us mentally, emotionally, & physically.