Not only is it Election Day but Nov. 8 is also National Talk Money Day. We believe every day is a good day to talk about money. Talking about money helps break down barriers. Research shows it can also help with mental health as anxiety about money can be stressful. In addition, one study found that if you talk about money, it can help you hold onto more of it. Especially in the case of women, who, according to a study from the American Association of University Women, are typically paid 80% of male counterparts. Feeling empowered to discuss money issues, such as salary, will benefit females as they prepare for their financial future.
Still looking for more motivation? Consider most of us weren’t taught how to talk about money and know it’s sort of a “taboo” subject. Because of this, we may feel uncomfortable talking about money with friends or family. Do you know who you can talk about money with – in a nonjudgmental conversation? Your financial advisor.
We love to talk about your money, how you can plan to help you reach your goals, and how to share your legacy with others. The first step is taking the first step. We help you lay out a plan for what you hope to achieve. We listen your dreams and goals and will outline a path forward.
As you start to think about having a money conversation, we recommend focusing on what is within your control. This includes identifying fixed expenses, and your current financial situation. What are your assets, liabilities? We listen to our clients when they tell us their endgame, is it financing a house, saving for college, funding trips, being able to afford to go back to school, supporting parents, saving for retirement? All of the above? Having a frank discussion about what you want helps us to develop a plan you can follow.
We know financial jargon can be confusing or daunting. Having a discussion about money can bring up feelings of regret about “bad” decisions or missed opportunities. Starting the discussion is a way to address where you are now, what you’ve learned (or didn’t learn) in your past, and where you want to go.
Today, on National Talk Money Day, we encourage you to make a plan to address the money issue in your life. All you have to do is get started.