Does talking about money make you uncomfortable?

Does talking about money make you uncomfortable? If your parents never spoke about money with you, and you don’t talk about money with your kids…how do they find out about money and how best to manage it? Well...usually from great resources like banks, superannuation funds, well meaning family members, hot tips from a mate about risk-free investment or a Nigerian trying to offload his millions.

It may be a taboo subject in your household, but if you’re not talking money with your partner, family, friends or a trusted adviser, chances are you may not necessarily be getting information from sources that have your best interests in mind…

We’re not taught basic finance in schools and whilst you may have fabulous memories of the Dollarmites Club, it was run by one large private bank, CBA who still to this day have the monopoly over teaching children banking from an early age in schools. It’s business to them, Dollarmites are future clients.

If you’re not across your finances already stop making excuses, find out a few things you should know such as; superannuation balance, fees applied (are they competitive?), mortgage interest rate and fees applied, credit card rate etc. AND teach your children about savings a percentage of their wage (or pocket money), compound interest, how much lenders need for a deposit on a home, credit cards and the consequence of having one if they can’t afford it, budgeting….

If you’d like to talk money or how to approach it, contact me on 0408 940 560 or hello@blueoceansfinance.com.au.

Start talking money with your partner, kids and a trusted adviser.