Why You Shouldn’t Openly Discuss Personal Finances
People are funny about money. Discussing finances is usually believed to be tacky, even in a time where the norm is to post every detail of our lives all over the internet. People tend to keep their money private, which is always a wise choice. Especially if you have a stroke of good luck and come into a lump sum of cash, like the Powerball lottery or the jackpot in Vegas.
Only a few states allow you to cash in winning lottery tickets anonymously, and if you can, you should. If word gets out that you now have millions of dollars to spare, long lost high school friends and cousins may come knocking asking for money. Hopefully your real friends and family respect your privacy, however their view of you could be in jeopardy. Money has an affect on some people, and they may expect certain treatment from you if they know of your new financial freedom. The choice is ultimately yours, but consider keeping your winnings quiet as you figure out how to handle things for yourself.
Chances are you will never have to worry about keeping your winning Powerball ticket a secret (unfortunately). But as a hardworking professional, you will be awarded a pay raise or bonus a few times throughout your career. Some will be more substantial than others, and it’s important to remain humble. Talking about corporate pay grades is not only unprofessional, but completely unnecessary. Hard feelings could emerge, making the office atmosphere uncomfortable. There’s no telling how people will react if all paychecks were disclosed.
Bragging about the size of your wallet turns others off. No one wants to hear someone boast about how much money they have, which is normally why the topic is avoided in the first place. Disclosing the amount of debt you owe or your annual salary is not typically information people even wish to know about you. They get a general sense of your priorities and lifestyle just by being around you and your home without knowing specific numbers.
All that being said, there are still plenty of money topics people are willing to discuss, such as the “great deal” they got on their outfit, how affordable their plane tickets were, or how much their car repairs set them back. Your natural attitude toward money depends on your upbringing, as your money management skills are learned during childhood. However, psychologists suggest all your spending and savings habits depend on your brain chemistry, and your willingness to discuss these habits depends on your personality.
As a whole, our society discourages money talk. And for the most part, people adhere to this rule. But there are appropriate times to share lessons as part of a learning experience, especially with children. And as new generations grow into adulthood, opinions on money are going to inflate, but you can always ensure classiness by keeping private matters private.