Others and Your Money: Privacy is the Best Policy

21 privay boy

Keep it to yourself

When it comes to discussing your money with other people, usually the less you say the better.

This doesn’t mean you should lie about your money, but you shouldn’t necessarily offer up information about it either.

When friends know what you have, it’s possible they’ll be impressed (go review the section on competitiveness) but more likely it will bring up unwanted emotions that can create problems in your friendships.

Don’t tell people what you earn

This is another idea that will become more relevant when you’ve started your career. Telling people what you earn can lead to the “counting other people’s money” problem—which can create a mix of jealousy and competitiveness among your friends and co-workers.

Feel free to tell your close friends or family (or anyone you fully trust) what you make, if you have that type of relationship and want to share that information.

Just understand that discussing money can often create problems in relationships, and usually it’s smarter just to have a policy of not discussing these things.

POP QUIZ

Why do some people pretend they have more money than then do?

When people pretend they have more money than then do, it’s usually because they’re reacting to peer pressure.

What if you’re cornered?

Despite your best efforts to avoid talking about how much you earn, how much you’ve saved, or even how much you’ve paid for something, there will be people who will absolutely press you to disclose these details.

Here’s a case where having a standard phrase can help.

  • “Not as much as I’d like!”
  • “Sorry but I’m just not comfortable saying.”

These will be uncomfortable moments, but remember that it’s not you who is being rude here.

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©2017 Money Savvy Teen

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