Talking about money, particularly as a female entrepreneur, can be difficult. As girls we are taught not to show off or brag about what we have, but this doesn’t take into account the benefits of being transparent with your finances.
Earlier this year financial planning company, Empower, published a study that found not only that 62% of Americans do not like to talk about money but also 1 in 4 Americans were taught growing up that it’s not polite to talk about money. Being told what is and isn’t polite sounds all too familiar to many young women in this country.
So what happens when we talk about money?
The same study concluded that 77% of Americans want talking about money to take on a more emotional and practical outlook. Survey participants agreed that they would feel empowered by more open and honest conversations around ways to save for the future, past money mistakes, the emotional aspects of money and more.
In fact, 34% of all Americans and a whopping 53% of Gen Z workers would be willing to share their salary on their own LinkedIn. Here are some ways that you can be less scared to talk about money in your own life:
Take pride in what you’ve worked for.
Holding pride in your work and openly talking about what you’ve earned is, while sometimes difficult, such an empowering way for women to talk about money. These conversations can start off with a focus on just the things you’ve accomplished in the workplace or the projects you’ve worked on, but with time and a little extra confidence they can expand to talking more specifically about what you’re earning in the workplace.
Open yourself up to financial advice from others.
As frustrating as it could be to listen to someone advise you on such a personal topic as money, sometimes others can give important insight into their own financial successes or lessons they can spare you from learning yourself. It is important to keep in mind that you do not have to actually take the advice, but opening yourself up to constructive criticism could have a positive impact on your financial situation larger than you realize. Also don’t be afraid to reach out to a financial planning professional- after all, they are experts and are bound to have proven advice for your unique situation.
Find external motivation for financial greatness.
While we all want to be able to support ourselves and meet our financial goals, sometimes the extra push that you need can come from seeing what other successful businesswomen around you are doing. You never know if one of the important women in your life, or even a friend or colleague, is holding the secret answer to one of your financial hardships. And if you want to aim big, which we at Quotable always advise you do, looking to your favorite entrepreneur, actor, or musician may spark big dreams within you. Expert tip: Friend of Quotable, Taylor Price, has TONS of expert-driven content on financial success!
Support in times of financial struggle.
Money is a big part of everyone’s life. So when times get tough why not reach out for support from other women in your circle? There is no need to feel alone in financial struggles- especially as it is a thing that most everyone has dealt with at some point in their life. Just know that ups and downs are completely normal and you are not alone. Breaking down barriers and doing this for yourself may even inspire another woman to do the same.
At the end of the day money remains a highly personal and sometimes sensitive subject. But, with some open mindedness and willingness to listen to others, female professionals can foster their financial empowerment and encourage the women around them to do the same. These conversations also make way for the demolition of the gender wage gap and ending societal fears around discussing money.
So… what are you waiting for? Go out there and talk money with your colleagues, friends, family, and beyond! See what opportunities these conversations can open up for you.