There are numerous awkward topics and conversations that need to be had throughout our lives. Those involving money are perhaps the most stubborn and challenging. Better financial outcomes may result from a more open attitude to financial conversations. Research from 2009 indicates that students belonging to families where topics related to finance is being discussed openly had significantly lower unwanted debt and were less likely to struggle with not-so-useful spending. Asking friends and relatives about their personal financial methods and experiences may also provide them with insightful information about what they have discovered. A financial adviser can provide you with a lot of advice on how to manage your money and create a budget. However, it’s also useful to ask family and friends about how they handle their money and create budgets. What tools, such as mobile applications, do they use to do so. Do they utilize other techniques for managing income and spending? Discover how your friends handle their finances, including if they consult a financial consultant.
The ability to talk openly about money, seek guidance and assistance, and to understand that if one can manage the household budgets and everyday planning of finance, they can likely handle long-term planning of finance, are all that are required to become financially literate. Very frequently, couples never discuss money, which has the frightening effect that when any uncertain event occurs, it could be seen that women frequently finds herself in far worse circumstances. When a person who is dependent on someone else financially loses that person faces lots of difficulties in terms of finance and it is better for them if they timely get themselves updated.
I would like to discuss my own experience related to this topic, once my friend and I were talking about investing money in a company IPO, now, my family does not talk about investing in anything other than PPF or FDs but on the other hand, my friend’s family discusses these sort of investment aspects as well, so he told me somethings about IPOs its pros and cons and by talking we came to a conclusion that we’re going to invest in a company IPO together combining our money and we still do that to make better decisions financially. Talking about money is very beneficial. It would help in growing one’s money and that needs to be accepted by everyone for their betterment.