By Marguerita Cheng via Iris.xyz
Politics, religion or money: which topic would you rather broach with family and friends? If you chose politics or religion over money, you’re not alone.
According to wealth psychology expert Kathleen Burns Kingsbury, 44 percent of Americans believe the most difficult topic of conversation is one’s personal financial situation. In fact, many people would rather discuss politics, religion or death with their families over the dreaded ‘money talk.’
Given the current political, religion and technological climate we live in, this statistic is quite telling.
We understand money conversations can be hard for a number of reasons. For starters, you may view your financial situation as a personal matter that shouldn’t be discussed with family or friends, you may be uncomfortable disclosing such personal information or you may be weary to share your current financial situation in the fear that you will be judged, either by the amount of money you have or the amount of debt you have.
Challenge yourself to initiate these sometimes difficult, but always important financial conversations. Understanding your financial situation and improving your financial literacy will help you and your loved ones in planning for the future. While some of this will involve addressing unpleasant topics like long-term care and life insurance, you’ll want to make sure you’re prepared so that when the time comes, the financial implications are not a burden on your family.
You may not have all the answers to life’s milestones and financial situations right now, but financial advisors are a great resource to increase your financial literacy by helping you better understand your financial situation and guide you in tackling the following taboo money topics with your family.
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