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We Aren’t Talking About Our Finances Enough

Personal Finances

When you are at dinner with your friends what do you talk about? What about when you are home with your family what are some of the main topics you converse about? These days it seems like our conversations consist of the most recent viral video on youtube or about some headline news story that we just heard about. Regardless of what you are talking about in your conversations there is probably one thing you aren't talking about, money!

In a recent study done by Wells Fargo there is some interesting insight that sheds some light on this topic.  Below are some of the hightlights from their study. To see the whole survery check out Wells Fargo, Financial Health Survey.

Survery Findings or 1,004 adults between the ages of 25 and 75:

Nearly half of Americans say that the most difficult topic to discuss with others is personal finances at 44%. What are some of the other hard topics to talk about that actually rank below personal finances? Death (38%), politics (35%), religion (32%), taxes (21%), and personal health (20%) all rank below finance as the most difficult subject to talk about with others. You mean to tell me that we are more scared to talk about our finances than death, religion and our health? I guess it could make sense but I am not sure it should be that way.

Now that we know what people are most scared to talk about lets look at another interesting tid bit. What are the biggest stresses in most of our lives? Money at 39% is the most stress to our lives. Why are we not talking about the biggest stress in our lives more? According to the survey 39% say they are more worried about it than they were a year ago and 33% say that they have lost sleep stressing about money. Lastly, when thinking about the last five years and the regrets that those surveyed have 49% say that they have more regrets about saving and spending than about all other areas of their life like better care of their physical health, diet and fitness at 42%, pursuing different personal relationships at 21%, and working more to improve their career at 16%. 

What does this data say to me? It tells me that one we are most stressed about our financial situation and about money in general and two it tells me that while we are most stressed about this we don't want to talk about more than likely because it will just stress us out more again. Money and our finances is just one of those subjects we don't like to talk about because we don't want to be stressed. I believe this is not the correct way to think about it though. 

We need to start thinking about our personal finances. We need to take a step back and really start talking about our personal finances with those that are involved. If you are married you must start talking about your finances with your partner. The best thing that you can do for your finances is start talking about them and to start planning your finances out. The better planning and saving you do the better you will feel and the less stress you will feel.

One of the best things to start planning for and saving for is your retirement. Time flies by and you don't want retirement knocking at the door and not being prepared for it. There are a few things you can do to start preparing for your retirement.

One thing that can help you with your retirement is reading, Jump Start Your Retirement as it has a lot of good advice t help you on your way. If you don't already have a retirement account set one up as it is very important to have for a great retirement. The type of account you will set up depends on your needs and wants. Also, look into making that account a self directed account as it gives you more freedom to invest in what you want to invest in with your retirement account. It allows you to invest in things like private businesses, gold, real estate and more.