Listen to the full podcast
[The following is a partial transcript of this episode of The Scott Alan Turner Show. Listen to the full episode to hear this story, listener questions, money hacks, and inspiring stories of people that are changing their financial lives. Subscribe to the free podcast on iTunes or Google Play]
In This Episode
- Comparing gold to the stock market and which you should invest in.
- Warning about Social Insecurity for all young people.
- What budgeting software can reconcile accounts (JoAnne, Texas)
- How do you pick from an employer’s retirement options (Lilly, Arizona)
- What are the reasons for not paying off a mortgage early (Vanessa, San Antonio)
- What things I should consider between a condo and townhouse (Dawn)
- Is enrolling in PSLF a good idea (Holly, Destin, FL)
- What one thing would you say led to your success the most (Brent, Vancouver, Canada)
Forty percent of Americans say they wouldn’t date someone who had a bad credit score. More than half of Americans would not marry someone with significant debt. Which leads to today’s topic – talking about money.
There’s many reasons people don’t take about money
- not wanting to face the situation
- not wanting to upset someone
- they want to hide money so they can spend it on what they want, outside of the spending plan
- fear is a big one, especially for women. If a person had a parent walk out on the family, that’s in the back of their minds. “I better keep a secret stash of money; in case I need it”
Money is part of every relationship, every decision, every want and need, so when people refuse to talk about money it leads to:
- more arguments
- more stress
- and it’s going to blow up at some point
These problems are not going away. People can’t hide from them.
- Older people are afraid of facing their own mortality. They want to hide from estate planning like having a will, a living will, power of attorney
- People in relationships. Sometimes there is one person that wants to control all the finances and can’t stand the thought of sharing the load
- Some people haven’t reached the breaking point to where they want to ask for help. Or they may have a big ego so they won’t ask for help.
For example, there are tens of thousands of stories of people dying without proper instructions of what should happen. Personal disasters happened to the entire family. Not just financial disasters, personal disasters.
- Who gets the dog, the china, the old watch?
- What about this old savings account with $5,000 in it? The beneficiary died 8 years ago?
- One brother is a deadbeat. He’s getting the house. Who’s going to take care of the other disabled sibling?
Your money, your success, your happiness is going to go way up by talking about something you’re going to have to talk about someday anyway.
Imagine if you went out to lunch with your BFF. As you were leaving the restaurant you noticed they had a giant streak of mayonnaise down the side of their mouth. You would let them know. If you had the mayonnaise on your face, you would want them to tell you. It’s better than walking around looking like a mess. The way to clean up a financial mess or even find out if there is one is to talk about money.
Years ago I sucked it up and asked my mom, ’Ma, how are your finances. Do you need anything?’ It’s so weird to ask your parents that. Parents are responsible for raising kids, yet as they get older it’s the kids that are responsible for taking care of the parents.
Ma explained she was fine and why. That was that, over and done. Conversation complete.
Suppose you talked about money. You tried, again, or maybe for the first time, to bring up the subject. Got it out there. And got the issue fixed – fix it! How different is that going to look than what’s going on today?
You know things would be better if they got straightened out, right? You can’t be in the band by sticking a toe in the water. You have to go all in. You can break the ice by sending someone a line to an episode of the Scott Alan Turner show. Pick one you think they might like. ‘Hey listen to this. I’d like to talk with you about it.’
When we talk about money, that’s going to keep your finances, your family, and your life from a potential disaster. Talking about money will lead to more security, less stress, and ultimately more money.
If you’ve been putting off talking about money, you’re putting off freedom. It’s time to change your life, put the fear aside, and have that talk if you need to.