#011 Numbers Don't Lie. Why Is Discussing Money A Social Taboo?

Why are we so afraid to talk about money? Why is it considered a social taboo? 

From an American perspective, we can blame the British for this one. Jodi R. R. Smith of Mannersmith Etiquette Consulting said that the wealthy didn’t need to discuss it because most wealth was based on land so it was relatively easy to figure out what someone earned. And those further down the feudal ladder had very little so there wasn’t much to discuss.

Stat 1 – 76% of people are not comfortable ASKING A FRIEND how much they make.

If you can’t ask a friend, then who can you ask? Shocking results from this survey. The one silver lining is that younger Americans are more open to talking about money over dinner, but it’s still less than a quarter of them.

There are three types of groups where it is most natural (or not natural) to discuss money

1. inter-generational, in which parents and children don’t discuss money with each other, 

2. publicity, in which wealth is not publicly disclosed (to the dismay of charities), and 

3. peers, in which one does not discuss wealth with friends or colleagues so as not to either embarrass them or feel ashamed yourself.

Fact – Men are more comfortable than women talking to friends and family about money.

This hurts women when applying for positions because they have less leverage and understanding about what their skills are worth on the job market.

Point 2 – Student loan debt is the most uncomfortable financial topic to discuss (36%) followed by childcare expenses (30%) and living paycheck to paycheck (26%).

Point 3 – Only 11% of parents are likely to start a conversation about money with their ADULT children!

51% of Americans and 71% of Millennials think that society would be healthier if people felt they could discuss personal finances more freely.

75% of Americans admit to having made a financial mistake and most people listed “financial knowledge/education” as the primary cause for most of them.

So why? In our culture money is a measure of success. When people don’t feel as though they measure up, to even their own standards, it can create an anxiety that we will expose ourselves as failures to others and ourselves.

If we expanded our definition of success from being solely about money then we probably wouldn’t have as hard of a time talking about. I don’t consider “rich people” suc

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If working a 9-5 for 60 years so you can retire with a little money and die a few years later is what you want to do, then this is not the podcast for you.

Stephen is an executive coach that works with executives and entrepreneurs to build the life that they want, personally and professionally.

This podcast is about contrarian investment strategies around time, energy and money to build the 4 types of wealth and utilize lifestyle design to create the life we want. The interviews are with hi-earning individuals on how they make money so you can copy us and grow wealth too!

Reaching that first $100k milestone is crucial and then the game changes.

Learn how the wealthy view time, energy and money so you can apply these proven strategies to your life.