When it comes to chatting with good friends, I’m an open book. But money is one of those tricky subjects. Some financial topics are great for comparing notes; you can learn from your friends’ habits and mistakes and get important tips. But should you really reveal how much your raise was, or how much debt you’re carrying? The decision is a personal one, but here are my two cents on terrific and taboo financial topics for friends.
Chat Away: • Investment tips. Its a great idea to compare notes on the performance of your investments. You can get and give tips to each other that can be even more helpful than professional advice. • Sharing successes & challenges. Finally saved enough to buy a home? Debt starting to reach a point you’re not comfortable with? Friends can be excellent for giving and receiving financial support and advice; the trick is to avoid talking actual numbers. • Financial planners. If you have financial planners, advisors or other resources you love, share them! Word of mouth is a great way to find the best services in every avenue of life. • Financial Goals and Dreams. Whether it’s becoming an entrepreneur, going back to school, traveling the world or something else, of course its amazing to share your financial hopes and dreams with friends.
Bite Your Lip: • Large financial windfalls. Your friend may be as trustworthy as they come, but in my opinion, that big fat bonus you got or the $2k you inherited from Grandma is generally better kept on the down low. • Salary. Particularly if you suspect a friend makes significantly less than you do, this can be a tricky and unnecessary topic to discuss. Being open about what plans, trips and restaurants you can afford when you hang out together, however, is important. • Financial passwords and pins. For your security, you shouldnt share these with anyone. Someone could overhear you or you could find out your friend is not as trustworthy as you thought.
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