Why It’s Important to Talk to Your Friends About Money
I want to want to talk about money. But how? And more importantly, why should you?
1. To shatter the ceiling
Income transparency is my number one reason. Let’s say you have three women, lawyers, that all came from the same school. One of them might actually get paid more than the other,” Ngo explained. “But how would you know unless you’ve talked about what you’re actually earning?”
Income transparency opens the doors for friends to discuss how to improve their bottom line. No one will know when to ask for more money from their boss if they’ve never discussed what their salary should look like. And ladies, if we want to break the glass ceiling, we can’t be afraid of it.
2. To avoid guilt and jealousy
3. To understand each other better
I have friends who love to travel, so they don’t pour their money into their home. I have friends who love to cook at home, so they don’t spend a lot on dinners at the latest restaurants. It’s all about priorities and putting our cash towards what we enjoy. The moment I realized that my friends and I all enjoy different things and that’s why we spend money differently, was the moment I felt like I knew them even better than I did before.
4. To know what we want and to go get it
I’ve been directly discussing money with my friends and my partners for years.
While it may sound intimidating, don’t be afraid to bring up some of these topics when you’re having a wine night. Be the friend who gets the conversation going, “Hey, by the way, what is your life insurance plan? Do you guys have one of those?”
5. To help each other become the rock stars we are
If we’re not openly discussing out finances, we’re doing a disservice to each other. “If more people would stop measuring themselves up by how much money somebody makes, I think the jealousy would stop. At the end of the day, it’s how much you keep, not how much you earn.
Think about it like this: you’re honest with your friends about everything else. Be honest about money too.
I’d love to hear your thoughts on this topic in the comments below!
Catch ya on the flip side,
AGE