I know the answer for most people is probably no they don't talk about money. If they do, it's not that often. After all, it's a societal taboo. People judge you and associate your worth and status base on how much money you have and or how much you make.
I've come to learn that talking about money in our daily lives is important. The key is to know which friends/co-worker/associates/family/people you can have money talks with. Once you find and build this network, it's an amazing empowerment tool. You don't have to share specific numbers if you don't want to but it's important to share your financial goals, investment strategies, bounce ideas around and learn from others mistakes and successes. How to become comfortable talking about money and why we should talk about money:
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Among the circle of people I know, I had no idea who was interested in money management or who had any knowledge in investments. It was not a topic that came up when I catch up with friends or have lunch with co-workers.
Through a work professional development event, I got introduced to a small company that runs a personal finance course. I wasn't interested in taking their course as it was expensive ($500 plus tax for 7 classes of 2.5 hr each) and I figured I didn't need a course to teach me about money basics. They we're running a wealth exposition and it was a free event so I went to check it out. In that event, I ran into several people that I have worked with before. We started to chat about why we we're there and our interest in money/investment. I learned quite a few have taken the course offered by this company and a couple was planning on taking it during it's next session. I figured if all these people who I thought we're pretty smart folks took the course and highly recommended it, it must have some value.
I went for it. The content was basic. I could've googled and learned it all on my own. The one thing I wouldn't have gotten on my own was the interaction with like-minded people. There we're 25 of us between 25 and 60 years old and we had to do something most of us have never done before, talk about money!
Through this, I now know the co-workers who share the same interest as I. Every now and then, we would chat about what the outlook of the economy and the investment products offered by this company, how their other investments are doing, what they do to continue to learn, and their strategies. Surprisingly we all are grateful that we have someone to talk to about money.
You don't necessarily have take a course like I did to become comfortable talking about money but it did help. You could also
I also emailed my group of close friends, that I have known for 10 plus years, I revealed that I have set a goal for myself to learn about investing in 2011 and asked them to recommend a book for me to start this journey. At this point, I had no idea whether any of them knew anything about investing or finances but figured I'll have to start with people I know and trust. A few emailed back and said that all they did with their money was put it in a savings account and couldn't offer any help because they didn't know anything either. A couple was doing self directed investing which I had absolutely no idea and that they we're years into it already. I immediately inquire further and they very helpful. They told me that I needed to set up a brokerage account to invest in stocks. . Hungry for more information, I googled 'canadian personal finance' and it opened the door to the PF blogosphere. I got comfortable telling those few friends that I have a goal to buy house with a rental suite in the next two to three years. If I didn't go through this ordeal and learned about their interest in money/investing, I wouldn't kept my goal to myself.
Through casual conversation, I discovered a couple of different co-workers who do self directed stock investing. I immediately told them that I am interested in learning more and I have been reading quite a bit on personal finances and money management. Because I shared, the co-worker told me about his own interest and methods.
I couldn't contain the excitement on everything I was learning on personal finance and investing so I talked about it. It's a great feeling to know that through this I have perked the interest in my brother. He is several years younger than I am so it's a great feeling to know that he is heading off to an earlier start than me. Also now I have one more person to bounce ideas off of. Through time I hope to inspire other friends to become interested in personal finance and investing.
Whether these opportunities are stocks, real estate, private investments or joint ventures, once people know that you are interested, opportunities come to you in the form of resources, guidance, their experiences and offer of opportunities. The opportunities that I have received so far have been other people experiences and other people's willingness to help me to learn more, and starting this blog.
Following some very basic steps, you have just developed the network of people that you can talk finances and money with and learn from. Now don't stop there, make sure to stay in touch. Don't be afraid to pick up the phone and ask about their investments or ventures. Go from the angle that you interested in learning and not just being nosy. I think you'll be surprised that there are many who are willing to share their wealth of knowledge and experiences. However, do keep in mind boundaries. If you broach a subject they are not comfortable with, don't push it.
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Posted in Financial Services Post Date 10/12/2018