Is money the last taboo?

From some extended observations of my work colleagues I've come to the conclusion that money is the last great taboo subject!

People are more than happy to discuss:

1) sex
2) sport
3) religion
4) politics
5) weather
6) property (but only in Sydney)
7) drinking
8) sport
9) sex
10) sport

but talking about money and investment is somehow vulgar. Who makes it, how to make it and how to keep it and people clam up or become very embarrassed.

Why is it so? I think the psychology of money and how we relate to it is fascinating. Perhaps it's because our sense of self-worth (no matter how much we'd like to think otherwise) is intrinsically linked to how much money we have or earn. (Or at least how much RELATIVE to others )...is it because it's how we keep score?

What are your thoughts?

I'm with you on this one Nigel.

Maybe I'm coming from it from a slightly different angle, but I had an interesting encounter yesterday which I think is all too common.

I had an older friend mention quickly in passing how he was finding things pretty difficult as he wasn't on a great wage and Land Tax etc. was really hurting. I knew from earlier comments he'd managed to acquire at least three properties over the years and he was a classic example of asset rich, cashflow poor.

I really felt for him since he'd obviously been trying to do the right thing and provide for his future.

I said he should obviously seek professional financial advice but then I asked him if he'd considered a couple of options that could've turned his situation around considerably. I then added again that he should seek professional advice.

When I finished he looked at me blankly, smiled and asked me whether I thought we'd get more rain this week?

What is it about us as a society that allows us to think that at least a partial financial education should be number 199 on our top 200 things to do?

I guess Forums such as this create a rather non-typical cross section of society. Almost by definition, everyone here has an interest in talking about investments and wants to further their education in this area to some extent. This in not typical though.

Nigel,

Money always was a taboo and nothing will change ( I think ) in the nearest future.
The case you are talking about might proof that people have money complex.
It's easier to talk about somebody who made $ 40 K under 20 minutes than talk about own investments which increase in value $ 40K but in the last 5 years.
Jealousy is another aspect - so a lot of people refuse to tak about personal finances.
Personally I found that people are more reluctant to talk about religion or politics than about money.
I guess that you are working with a very enigmatic personalities...

Keep $miling !!.

Hi,

Isnt sex and weather the same thing? They're both loud when they come, but take your house with them when they leave

On a more serious note, I'm more than happy to discuss finance / investing / money / etc with just about everyone, but I always scare people away or offend them. Such is life

Cheers,

Guys,

Agree completely. To put it in perspective, I recently posted in this forum that I had bought units in NavTrade Retail. I had posted the specific $$$ amount of my purchase as talking about money is second nature to me and I have no hang ups. But, after consideration and a few brief words to Steve over a coffee, I edited the post to take the $$$ specifics out. I concluded that people "didn't really need to know about my specific situation". I think I might have broken some unspoken netiquete rule with my initial post, sorry.

PS, on the $$$... Suffice to say, without being specific, I'm in big! Let the good times roll!

Cheers,
Michael.

In my line of work big is relative (I am talking $$$ here Jax) Some clients are in a cold sweat over a $100K loan whilst others are very blase with several $M being bandied about.

I suggest that if you read back on what you wrote in the future you might think that was small change! At least I hope so!!

Cheers,

Simon,

Good point! Its all relative... And I hope you're right that in years to come I scoff at the meager amount I used to think was big money!

Cheers mate,
Michael.

Yep........good point Simon.

Let me try.......

'I currently have hardly anything in the Fund but I hope to build it up to a very small amount indeed in the future........'

Alan,

Nice one! And "hardly anything" was enough to pay off your mortgage with the distribution!

I wish I had hardly anything in the fund...

Cheers,
Michael.

Michael,

It may have been a very small mortgage......