Why Personal Finance Is A Social Taboo | FinCalC

Are you finding it difficult to share your personal finances with your friends or relatives? Why do you think it's hard to share about personal finances with people?

We talk about politics, sex and many other things with friends but not about personal finance.

May be because we don't want to disclose our salary to others else they'll expect us to lend them money next time.

Whatever the reason, by not sharing personal finances or not talking about money and sharing experiences, we are hindering ourselves from gaining more knowledge about how many works. Having a discussion with others let us know about how we can improve on our personal finances.

Why Personal Finance subject is a Taboo?

We know that many people find it difficult to share their yearly income with others due to many reasons.

Feeling of Jealousy:
Others will find it difficult to digest the amount of money you make every year. Some people just want to see you fall badly in your financial life due to which people don't feel like sharing personal finances.

They start Comparing:
The point when others determine your monthly or yearly income, you become less important to them. They start comparing your income with theirs and either feel bad or great based on their comparisons.

What You Can Do?

You need to recognize people. You need to categorize people as Financially Good and Financially Bad ones.

Financially Good people are the ones with whom you can share your personal finances and talk about money. You can talk about the ways you can increase your income and how you guys can collaborate for a win-win situation.

Financially Bad people are the ones who want to determine your income as soon as possible for comparison purpose. If the first thing they ask you "What do you do?", that means they ultimately want to know about your job and money you make. They want to know about your income sources and the number which is your annual income. They want to compare your number with theirs. Once they determine this, you are less important for them and they'll just don't care in knowing about you.

Avoid Financially Bad people. If they ask you questions which make you feel little uncomfortable in Personal Finance topic, that means they are the ones you should avoid.

Teach Your Kids

Teach your kids about personal finance. Don't expect them to learn in schools.

"Schools teach us how to be eligible to get a job and work for others. Not about our basic personal finances."

Don't feel shy or think that kids are very small to know about personal finance. Let them know how savings and investing works and what's the meaning of Compounding.

Let them practice compounding effect in every aspect of life whether it's personal finance or studying for exams and clearing grades to gain knowledge.

Teach them to be financially responsible person and how to take financial decisions for themselves. Make them feel that Personal Finance should not be a social taboo.

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I'd love to hear from you if you have any queries about Personal Finance and Money Management.


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