Sunday 17 April 2022

Why is it so difficult talking about money? | Why talking about it can be positive

Are you scared of money? Or uncomfortable talking about how you handle money and allocation of it? I do find some people uncomfortable and scared of talking about money they have and how they are working their money. Being someone who invest which I think is a huge proportion among the millennials as investing is so much more accessible now.

Some people are scared that they are managing their money "wrongly" although there really is no wrong way but a better way. Having too much money or too little money can cause headaches as you need to think of how your allocation of money can affect your funds.


Chrometophobia is the fear of money, I know what you are thinking, how can someone be afraid of money. Well, it is not just the fear of money but covers from fear of spending money and the fear of thinking about money, to even the fear of touching money. *Please do not fit yourself to the symptoms and self-diagnose as they are information taken online. Some of the symptoms include, extreme hesitance to think about money, desire to count money constantly, withdrawal from activities that you enjoy. Beside being engrossed thinking about money, on the other spectrum of refusing to touch money and having depressive thought are some symptoms. This is not the main point of today’s video but more about sharing and talking about finances with your loved ones.

Creating a following by talking about finances and money

After being more involved in cryptocurrencies, I created a twitter account and you will find numerous accounts talking about personal finance and mostly crypto as twitter is really a place for us to connect. Many of the crypto big names are on twitter and it is a platform where they can directly communicate with people. Unlike traditional finance where if the CEO has a statement, they will need to release it via a statement which is looked through by the various departments before it finally goes to the shareholders for them to know. You can get instant updates and news on the company direction and focus via a tweet. One best example is definitely Elon Musk. Many individuals also share their finance journey via twitter threads and there are just so many gold nuggets to read.

Time to start talking and sharing about your money thoughts but to the right audience

It is no longer just about earning and saving money, with the volatility and advancement of technology, jobs are no longer as secure hence more people are thinking on how to make their money work for them. There are many individuals who choose to pursue their passion, for that to happen, some require a buffer amount or even a starting capital and building that up requires time and effort. Investing is a way to grow your money or to beat inflation at the very least. With investing, emotions play a huge role in managing our money, having to deal with the volatility which I have to say is huge in the past few years as more individuals start investing due to many factors.

Talking about money and sharing your thoughts are good, of course, find someone you are comfortable with or want to learn from. You can slowly brooch the topic and if the other party seems interested, it is good to share your views and thoughts on the topic of money and how you handle your finances. In Singapore, I think the topic of money and how you manage your finances is not an easy topic to broach or share as your peers might feel like it is a very personal topic and saying that you invest will tend to let people relate it to you being ‘rich’. This is my experience.

It definitely depends on your friends if they are comfortable with the topic and also if they enjoy sharing their knowledge on managing their finances. A lot of individuals do look for get-rich quick schemes when they know you invest and generally I try to avoid those conversations as I do not have any tips for the next meme stock or cryptocurrency. My friends and I do talk about investing and it is great when we bounce ideas off each other and learn from one another too.

One great thing that happened because of me opening up on my investing journey was that my mum shared with me her finances as she prepared for retirement and allocated a small amount for investing (which was surprising to me, considering her risk appetite). We also created a rough cashflow plan so that she is aware how much she has left and when she will receive her relevant payouts. I think it was a good experience taking with her although we do have discussions on how to allocate her money but ultimately, we follow her decision as it is after all, her money.

Even going through her insurance plans and deciding to restructure certain life policies as she has paid for them fully and hence was able to cash them out at a profit and move the funds to better plans to allow some growth for her money. It is important to talk about money as a family as it can give you a better understanding of how each individual deal with it and if they do require any help, it might be brought up while having a chat. Hope you guys enjoy today’s video, do subscribe for more content!

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