Do you think “money” is still a taboo topic to discuss with friends and family? What about complete strangers? Seriously, I had to really ask myself, “what is it about the subject that people find uncouth, especially for women”? For years I was plagued by these questions all the while sharing my money goals, successes, failures, and lessons with the world-wide-web so freely that Emily Post is probably clutching her pearls from the grave. For me, the benefits outweighed any conversational manners that many of us were taught as children. Not only am I able to measure my progress on the path to financial freedom by going back to old blog posts, I am also able to see the progress of my financial literacy and maturity. None of which would have been possible if I avoided subjects like money, debt, and that bi-atch, Sallie Mae.
According to a study from Fidelity Investments, eight out of ten women confess they have refrained from discussing finances with those they are close to even though 92% of women want to learn more about financial planning. The study went on to find that 65% of women are most inclined to speak to their friends about shopping tips, 44% of women will speak to friends about issues at work, while only 25% of women are open to discussing spending habits and even less about investment ideas at 17%. The benefits of participating in money talks and investing in one’s financial literacy overweigh the social taboo of the subject. If you are embarrassed by your current financial status or level of financial literacy, it is time to get over it. Repeat after me: Today is the day that I will acknowledge where I am in my financial journey and take a step and then another toward my goals.
TWEET THIS: Repeat after me: Today is the day that I will acknowledge where I am in my financial journey and take a step and then another toward my goals.
TWEET THIS: 8 out of 10 women confess they have refrained from discussing finances with those they are close to even though 92% of women want to learn more about financial planning.
The Benefits of Talking About Money With Your Inner Circle
I remember at one point in my life when I was not so much trying to keep up with the Joneses but more so trying to keep up with my former self who would frequently pick up the check for the table. I was trying to keep up an old lifestyle that honestly I had outgrown and instead of sharing my newly established money goals with my friends, I just slapped down a credit card and bought another round for the table. At that time in my life, I was embarrassed to announce my relationship with the dreaded “B” word…. budget… or even more vulgar…. broke-ish. When you bare your soul to the world, it leaves little room for the inauthentic. At one point, I reached a high credit card balance and I no longer was willing to try to keep up with my old life. Instead of saying yes to every social occasion and international trip, I decided to say yes to my finances, instead. Looking back about 10 years ago, I could have saved myself some serious CA$H if I had shared my financial goals with my inner circle. In fact, it might have open the conversation for others to share where they were on their journey, their tips, tricks, failures, and successes. Today, that same inner circle has become a source of strength. We keep each other honest and moving on the path we have set for ourselves. We talk investing strategies, dominating debt, and goals of providing wealth to future generations that aren’t even born yet… all while sharing our tips on the best place to get balayage for our hair and organic nail shops.
Ladies, we have got to start speaking up, leaning in, and getting in front of barriers that keep us from living our best life. I am not saying that you have to blast your business to the world like I do, but I am saying that you should talk about money with people you respect and those who will help hold you accountable. Even though the number of women who shy away from money talks with their inner circle is frankly frightening, it is even more puzzling that women say more support would encourage them to be more engaged in their finances. Imagine what we could do if we all took on the charge that empowered women empower women. My accountability group members are better women for it because we have learned to accept ourselves and each other where we are in our journeys. As we are maturing as women, so is our financial literacy and authenticity.
Join Our Financial Accountability Tribe
If you are looking for a community of goal-setting women, then the SMCmoneytribe may be the group for you. Instead of one accountability partner, you will have access to a tribe of partners to share your story, bounce questions and ideas off of, and celebrate your milestones. In addition to gaining personal finance tips and tricks that have worked for the people in the tribe, you will also gain confidence in speaking on the subject money with people supporting your journey to the fab life.