Would You Talk About Your Salary?

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


Twitter: @Options2Riches

Email: options2riches@gmail.com

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  1. // Reply

    Definitely disclose and discuss your salary with your significant other if you intend on having a long, meaningful relationship with them, and vice versa. I’m fine disclosing and discussing with my immediate family but for others, I think that depends more on the dynamics – we all know of people who are happy to take advantage of the finances of those close to them, or have been taken advantage of by family members. With friends and colleagues, there may be more awkwardness, because some people were raised in cultures where asking about someone’s salary is considered deeply personal and rude, so take note of and respect other people’s values. However, while I fully agree with discussing investment strategies and opportunities with friends, or even approaches to advancing salaries (e.g., tried and true methods of asking for raises, attaining bonuses, etc.), I don’t see much value in disclosing personal salaries for the sake of it. At best, you’ll just know how you compare to others (pretty irrelevant if your friends are in different industries or careers) and at worst it becomes a social comparison that leaves some feeling dissatisfied or with an overly inflated ego. My two cents.

    1. // Reply

      I agree with you that I don’t really like the idea of people talking about their salaries either. I agree also with discussing investing strategies, personal finance tips, etc. Right now I feel like nobody talks about anything, I wish people would just open up a little

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