116
HISPANIC NETWORK MAGAZINE www.hnmagazine.com
FINANCE & INSURANCE
M
oney is a taboo subject across many cultures and its often considered too personal to discuss in any real detail. As a result, a lot of people grow up with no foundational knowledge about basic financial management and without role models on how their parents handled financial situations. And then as an adult, you may feel extremely uncomfortable talking about money with your own children - and so the pattern continues. Does this sound familiar? With no formal inancial training built into our education system, parents are the first, and only, source of information when it comes to financial literacy, so its important to start talking about money.
Why We Don't Talk About Money
In Guardian Life's 2021 Workplace Benefits Study, when respondents were asked why they did not currently work with a financial professional, nearly 20 percent of respondents shared they do not want to share their personal information with someone, and 36 percent of respondents who have full-time employment do not feel they have enough income to work with a professional.
Why We Need to Start Talking About Money
Talking about money can benefit our social system in many ways, including: Helping to establish equal pay in the workplace Allowing people to find and secure affordable housing Helping people and families build personal and inter-generational wealth Children whose parents treat money as a taboo topic often grow up carrying irrational anxieties about money and dont know how to handle their own finances. Improving your inancial literacy can help you move ahead and help future generations do the same. Money is clearly a topic with a long history of social stigma, spanning cultures and generations. There are many reasons to get comfortable talking about money: Grow , both personally and emotionally, through the shedding of past beliefs associated with money. Establish your own dialogue around inances , rather than continuing old family patterns.
Is Talking About Money Taboo?
Here's How to Break the Ice
By Ivn Watanabe
Build a strong relationship with money to increase your confidence and help build inancial stability.
How to Start the Money Conversation
Talking with family members about money is an important step in establishing and maintaining financial health. Here are some tips to break the ice: Start small - focus on one thing at a time. Choose one financial topic that matters to you and learn about it. You can develop your knowledge from there. Take the lead - share your own thoughts, concepts and budgeting strategy first. Your family may be more likely to open up and share their own questions and strategies if you take the first step. Be honest - talk with your family, friends and trusted financial professionals. Your honesty and openness will probably encourage others to share, too. Think it through - try not to loan money to family members because it can change the relationship dynamic and introduce tension. Instead, focus on working together on strategies and techniques. No strings attached - if you do end up loaning money to family, let go of the expectation that they will pay you back. If you're in a financial position to lend money to family, its important to think of it as a gift to avoid putting stress on the relationship.
Ivn Watanabe is a Managing Partner of Opus Private Client, LLC in Rye Brook, New York. Ivn is a graduate of the College of the Holy Cross with a bachelors degree in political science and Spanish literature and brings a unique blend of analytical and holistic thinking to each of his clients. The son of a Venezuelan mother and a Japanese father, Ivn enjoys working with families and is particularly sensitive to and appreciative of the nuances that come with various cultures in the context of planning for the future. Ivn focuses on asset protection, wealth accumulation and wealth distribution strategies. His vast knowledge and rich experience in the finance industry has earned him one of the most prestigious industry awards, the President's Council Award, each year since 2018. Material discussed is meant for general informational purposes only and is not to be construed as tax, legal or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice.
CAROLYN ANGELINA PHOTOGRAPHY
Schedule money meetings - find a time that works for everyone to sit down and talk about your financial goals and strategies to reach them. Plan these meetings in advance and get everyone on the same page. Money can be an awkward subject, especially with your friends and family. With some effort, you can break the ice on this taboo topic and develop healthy financial habits for yourself and future generations. For more insights, listen to my interview at livingconfidently.com/standard-deviations- podcast/#episode62 with Dr. Daniel Crosby on his podcast, Standard Deviations.
Previous Page