Breaking the Money Taboo: Why Entry-Level Employees Should Talk Openly About Finances
As a group of friends, we’ve made it a habit to meet up for happy hour every week. Our little circle consists of five women, all in our 20s, working in different industries in LA. Despite our diverse career paths, we share a common thread – our New England roots, which instilled in us a strong work ethic and a reluctance to discuss money.
The Unspoken Rule
Growing up, we were taught to work hard, save money, and never ask about someone’s salary. This unspoken rule followed us into our careers, making it a taboo topic in our social circles. However, as our relationships deepened, we began to open up about our financial situations, sharing details like salaries, benefits, and more.
The Benefits of Financial Transparency
This newfound openness has been incredibly helpful, especially in the workplace. Here are five reasons why entry-level employees should talk more about money with their peers:
1. Uncovering Discrepancies
You might be surprised to learn that your colleague sitting next to you is earning more than you for doing the same job. By discussing salaries, my friend and I discovered a significant disparity in our pay, which motivated her to take action and negotiate a raise.
2. Staying Accountable
Sharing your budget with friends can be a great motivator to stick to it. When you’re held accountable by people who care about your financial well-being, you’re less likely to splurge on unnecessary expenses.
3. Industry Insights
Comparing salaries and benefits across different industries can provide valuable insights. By discussing our financial situations, we’ve learned which companies offer better perks, overtime pay, and more.
4. Adopting Money-Saving Habits
When you share your financial struggles with others, you can learn from each other’s cost-cutting strategies. This has helped me and my coworkers adopt more frugal habits, like bringing lunch from home instead of eating out.
5. A Humbling Reality Check
Talking openly about money can be a humbling experience, especially when you realize how much you take for granted. It’s a reminder that everyone faces financial challenges, and it’s essential to appreciate the benefits you do have.
By breaking the money taboo, we can gain a better understanding of our financial situations, learn from each other, and make more informed decisions about our careers. So, take the leap and start talking openly about money with your peers – you never know what valuable insights you might gain.
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