I recently saw a meme that listed three things you should keep private: Your love life, your income, and your next move. Thinking back to previous conversations with friends and family, if at least one of these topics doesn’t cause your chest to tighten when conversing with others, then you’re one of the lucky few.
Zooming in on income for a second, when was the last time you fully engaged topics surrounding your income or even had the courage to have a conversation about your finances with someone else? Though seldom discussed, money oftentimes seems to be the root of many of our problems. Could it be that we feel that it is of no object to us? Does the thought of money cause you to feel afraid at the thought of not having much of it? Or, is it that we can’t help but compare our financial success to others and deep down feel that we fall short? No matter the reason, we rarely talk to financial advisors, our friends, or even ourselves about how money affects us and how it can be a vehicle out of survival mode, so the conversations about money have to start today.
Here’s a fact: nearly 63% of American adults do not have a savings account or enough in it to cover $500 to $1,000 in unplanned expenses. And while Millennials have shown some improvement with about 47% being financially ready to cover emergency expenses of that magnitude, for the rest of us (our parents and grandparents), we’re just not there yet. [Money.com