Source: The Economic Times
I
don't get why talking about money is taboo
in the first place. Just like why sex is a taboo. In fact, you might get by
without sex, but I can't think of anyone who doesn't have to handle money.
Taking about it could help people manage it better, worry less about it and
focus on the end goals. It's high time we
broke this taboo. Here are some reasons why:
To understand
the money lingo
As
a layperson, you may not need to know most of jargon that accompanies finance.
But there are some basics that everyone should understand—inflation, interest rates, taxes, neoliberal and Keynesian economic theories, for instance. To get
fluent in any language, we need to practice it, indeed immerse ourselves in it.
The language of money is no different. We need to learn the basics and practice
them by using them in our conversation.
To get fair pay
Women
get paid less than men for the same work because they don't negotiate as well.
How are women, or anyone for that matter, supposed to negotiate, if they don't
know what the going rate is? They not only need to be able to look up salary
surveys but also discuss them with friends and colleagues.
To get over
shame of failure
In
an interview last year, Amitabh Bachchan admitted that he struggled to discuss
the failure of his company, and the associated financial stress, with even his
own family. He had not really discussed this topic for 20 years, and still looked
uncomfortable. This wasn't an issue of privacy— the whole country already knew
the story. As we nurture entrepreneurship, we have to learn to let go of this
shame. We have to learn to embrace failure because it is likely to happen to us
more often. Embracing implies that we talk about financial highs and lows more
frankly, and be open to help and new beginnings.
To understand
money psyche
We
all have some 'money scripts' in our heads, usually the ones we've grown up
with. Some of us grew up with 'money is the root of all problems' while others
with the opposite 'money is status.' Attitudes hold people back from becoming
wealthy, according to research. A 2010 book suggests there are 'money
disorders'. Disorders are not oneoff events, but persistent, predictable, often
rigid patters of self destructive financial behaviour that cause stress and anxiety.
The remedy to these disorders is becoming aware of them. One way is to write
down the earliest memories about money, and one's parents' attitudes towards
money. This should help resolve psychological hang-ups and then help towards
money. This should help resolve psychological hang-ups and then help rewrite
new scripts.
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