Taboo Money Topics

Why is it that people get so nervous and uncomfortable when discussing money?  Many of us were taught as children that it is rude to discuss money, but knowledge is power!  In this episode of Financial Clarity for Doctors, Corey and Rachelle discuss a few taboo money topics and why money needs to be a part of our everyday discourse.

In this episode we walk through the following off-limits topics (and a few more!):

• Salary – Sometimes this is even specifically prohibited in the workplace, but how else do you know whether you are being paid fairly?
• Debt – Discussing this can help you feel less shame (they have loans too!) and can help you come up with some solutions to deal with it.
• Gift giving – We have made this a habit and expectation in our culture but refuse to talk about the money and resources that go into it.
• Big purchases (house/luxury items) – Sometimes these purchases take a lot out of us, but we pretend it’s all easy and under control. Discussing the reality can help others understand the sacrifices we sometimes make to attain these things.

 

Social norms change all the time, and this one is worth changing.  We need to learn to discuss both the positive and negatives of money and help younger generations understand and learn from our own experiences.  We can’t do that without talking about it.

For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance 

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.