Good Day Everyone,
I’m going to continue on the theme of communication and finances because I strongly believe that it’s the most important thing you can do.
Yesterday morning, I was listening to the radio on the way in to work. The topic of their conversation was whether or not it’s OK to discuss your salary with your co-workers. Not surprisingly, the survey showed that the millennial generation was more comfortable doing that than the generation before them not sure about how I feel about talking salary with co-workers, but I do talk about it openly with my family and some of my close friends (if they asked). Do you feel comfortable discussing your salary/finances with the people in your circle? Why or why not? Let me know in the comment section or through any of my social media channels listed below. I was surprised to hear morning talk radio discussing this, but I’m happy that the topic discussing your finances is being brought up in mainstream non financial media.
I’m posting a link to a CBC story about retirees in debt which I came across yesterday. This is a theme that won’t go away and it is quite alarming. A lot of these stories I read repeat the same reasons to why this is the case. They didn’t save enough, spent too much, didn’t invest wisely. While those are all true, I believe the underlying cause links to the survey above, which is that people that age grew up never talking about finances. Even if they didn’t know how to budget or invest, the taboo of talking about money was so strong that they didn’t reach out for help and unfortunately it’s too late for many seniors as they face financial shortfalls in their retirement years. I don’t want this to be you so if you need help, ask for it as soon as possible! And if someone asks you for advice and you’re fortunate enough to be able to assist them, please do so.
Bottom Line: Carrying over from last week, I want to reiterate how important communication is to your overall financial well being. It’s no different than going to your doctor for an annual check up. If you skip it because you feel uncomfortable or embarrassed, it will lead to detrimental outcomes later. Don’t be afraid to ask for help, it could mean the difference between a comfortable retirement, or a debt filled one.
Have a Great Day
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