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What impact talking about your finance is having on others?

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  • 24-01-2022 10:31pm
    #1
    Registered Users Posts: 82 ✭✭


    Hello👋,

    From your experience, is it ok to tell others (family, friends, neighbors, strangers) your financial situation (salary, how much you save)?

    Please share your experience with me.

    Thank you very much!🙏



«1

Comments

  • Registered Users Posts: 7,789 ✭✭✭YellowLead


    Don’t see how this is a personal issue?



  • Registered Users Posts: 82 ✭✭FacelessVoid


    Hello,

    I did not saw e better thread for this topic. Can you please suggest a better one? If there is one better. If not can you please help me with some advice about the question?



  • Registered Users Posts: 3,402 ✭✭✭Tork


    How is it affecting you?



  • Posts: 0 [Deleted User]


    Yes it's a major issue if earning more than them.

    You come across as bragging.

    No one needs to know your financial situation except your partner.



  • Registered Users Posts: 82 ✭✭FacelessVoid


    For some reason I feel bad talking about it. I don't know why. I am a software developer and I am having a good salary. I get asked often that question and I don't know if it is having a bad impact on my relationship with other or is just in my mind. Here in Romania times are rough and for some reason I fell uncomfortable.



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  • Registered Users Posts: 82 ✭✭FacelessVoid


    Yeah. I fell uncomfortable talking even with my family about it. The problem is that I fell like I am being pushed to talk about it. I think I made a big mistake telling them.



  • Registered Users Posts: 3,402 ✭✭✭Tork


    I don't know what the culture about discussing money is like in Romania but in Ireland it's not cool to talk about what you're earning. I only know what my OH earns and I've got a rough idea what my parents' pensions are. I don't want or need to know what the rest of my family are earning and I'm sure they feel the same way. I have never told them what I earn and have no intention of ever revealing anything about my personal finances. Chances are, your folks are now jealous and resentful because you're doing well. Be careful not to turn into a smug b*stard. It's not clever to talk about money to your colleagues either, by the way.



  • Registered Users Posts: 82 ✭✭FacelessVoid


    Yeah, I hope they are not jealous. It was stupid for me to talk about money that open. It is a lesson for the future. How do you consider answering question like "How much do you pay rent?"? I am asking because my rent is pretty high and one of the older members of the family asked me about that. I told the person how much was it and the reaction was not great. I felt guilty about it the whole day.

    Thank you for your advice! 🙏



  • Registered Users Posts: 823 ✭✭✭Liberty_Bear


    Why should you feel guilty though? Skip dilvulging details. I find my own da is detatched from the cost of most things as he still lives in a 80s/90s bubble . He baulks at a sandwich soup and coffee costing a tenner. Thats life and inflation.



  • Registered Users Posts: 3,402 ✭✭✭Tork


    You have two choices if somebody in your family is nosey enough to ask you these questions. Either lie outright and give them low figures. Or deflect their answers by replying with a vague, unhelpful one. You get extra marks if you pretend to be amused.

    "You'll be looking for my inside leg measurement next"

    "I wouldn't give information like that to the police"

    "Jeez you're fierce nosey" (This probably works better in Ireland than in other countries)

    "I'm doing alright/I'm not going to starve"

    Rent: "Enough to keep a roof over my head"



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  • Registered Users Posts: 82 ✭✭FacelessVoid


    Thank you for your advice! I fell guilty because they are living on half of what I pay on my rent. Yeah, most of my family is the same. I will try not to give details from now. I think that is the better approach. Thank you once again! 🙏



  • Registered Users Posts: 82 ✭✭FacelessVoid


    This is a smart approach. I think I will use it from now. It is better and I think I can managed to make it funny 😄. Thank you very much! 🙏



  • Registered Users Posts: 11,189 ✭✭✭✭B.A._Baracus


    Yeah it is good advice.

    For me, my family and my partner know how much I earn and in my experience anyone else who asked how much I earn only asked for negative reasons - never for a pat of the back and a good on you - was always to either begrudge you, to see if they should be getting more (self-interest), to brag they are on more. You get the idea.

    Some of the best advice I ever got in life was 'The smart man says nothing' and that applies to more than just how much you earn!



  • Registered Users Posts: 82 ✭✭FacelessVoid


    'The smart man says nothing' that is awesome! Thank you for your advice 🙏. I will try from now on to dodge this type of questions. By your family you mean your extended family?



  • Registered Users Posts: 11,189 ✭✭✭✭B.A._Baracus


    Immediate family. Talking parents, brothers, sisters, partner type deal.

    I wouldn't be telling uncles or aunts or brother in laws etc. Obviously everyone is different. Someone might be more close to an uncle. That's fine. But over all, only those closest to you, should you be saying anything like that.

    The rest do not need to know.



  • Registered Users Posts: 19,368 ✭✭✭✭Donald Trump



    Which couple are you part of OP?






  • Registered Users Posts: 2,028 ✭✭✭rolling boh


    Definitely brush off the money questions other than a partner it's nobody's business. If you are doing well fair play but others and that includes family will be jealous and might try and guilt you into being a cash machine .Of course helping family can be done but should really only be for something important like a.health issue or something .



  • Registered Users Posts: 82 ✭✭FacelessVoid


    Really really funny 😆. I see myself more as the host of the party. Let me give you a glimpse of my life. I don't buy designer clothes, I have a 250 euros phone nothing that will attract looks. I consider myself a frugal guy. The biggest expense that I have is rent because I like to live in the heath of the city, it saves me time. The things I spend the most amount of money are food and books. I like to eat quality healthy food which is much more expensive where I live. For me is annoying when people try to show off especially if I know they are not rich(which happens a lot). Regarding rich people I admire them, I don't consider myself rich at all and I know there will be a lot of more work if I want to increase my net worth.



  • Registered Users Posts: 82 ✭✭FacelessVoid


    Thank you very much! I was thinking the same. Thank again! 🙏



  • Registered Users Posts: 82 ✭✭FacelessVoid


    Yeah, I read The Millionaire Next Door and as I understood for the book is a really bad habit to give or lend others money. It will damage their spending and saving habit and by landing them money you will damage your relationship with them.



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  • Registered Users Posts: 82 ✭✭FacelessVoid


    What you will do when people will ask you to lend them money?



  • Registered Users Posts: 2,028 ✭✭✭rolling boh


    I know it could be difficult but you have say no in general say any savings you have are put away and you do not have access to for a couple of years .If it's your family they sometimes be the quickest to take advantage .I don't know if you plan to stay here for good but if you do you will need quite a bit of money to live on after you are no longer working and you never know what can happen so money is important to have .Any money you hand over for things you will most likely never see it again .If people keep asking they have no respect for you so keep your distance I feel .



  • Registered Users Posts: 82 ✭✭FacelessVoid


    The part with the no respect is hurting me a little bit but is the truth. I hate when people see others like ATMs. Thank you very much! 🙏



  • Registered Users Posts: 362 ✭✭NiceFella


    There is literally no value to anyone apart from your partner to give that information. I wouldn't share even if people asked me.

    I have a friend who never shuts up about how much of a bonus he is getting this year etc. I don't know why he thinks that's ok to say it. It's a real turn off especially if you are a hard worker and making somewhat less. That kind of stuff is classless.

    Keep it to yourself.



  • Registered Users Posts: 82 ✭✭FacelessVoid


    Yeah, you are right. I understand now why some people don't talk about money. Thank you! 🙏



  • Registered Users Posts: 1,211 ✭✭✭Sunrise_Sunset


    I agree with one of the posters above. I don't think when people ask this question that it has any good intent or purpose. My husband and one of my friends knows what I earn, that's it. I would also say that once it's known that you are a high earner in comparison to family or friends, that they might come looking for "loans". If you want to help people financially, then that's ok, but don't view it as a loan, cos you'll only be disappointed! Any money you give, be prepared to never see it again. Therefore only give what you can afford to see be paid back, and consider that in your budget.



  • Registered Users Posts: 82 ✭✭FacelessVoid


    Yeah. You are right. It is not a good idea to tell others what you make. I had some issues when one members of the family asked me for money and before sending them the money he told me that he wanted to buy a PlayStation. Initially he told me that he need the money for an abortion. He put me in such a bad spot... Giving him money for killing an unborn child or knowing that he will never be able to provide for a child was a hard decision for me to make. Finally I was glad that it was a lie. When I told him that I will not give him the money he got mad and stated a fight with me...

    Thank you very much! 🙏



  • Registered Users Posts: 2,133 ✭✭✭witchgirl26


    I think it depends on the people involved and the context of the conversation. I have open conversations with some of my friends in terms of how much we earn and are saving. We're in similar fields so it's a good way to benchmark against each other if one is earning less than the potential market. It's never done as a bragging or one-upping each other so we take it at face value and leave it at that.

    With anyone else who asks how much I earn my standard answer is "Enough". That's all they need to know. I may give an actual figure in terms of saving per month but that's it.



  • Registered Users Posts: 82 ✭✭FacelessVoid


    Regarding friends working in the same industry I feel the same. You are right, I would dodge this types of questions from now on. Thank you very much for your advice! 🙏



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  • Registered Users Posts: 6,215 ✭✭✭Claw Hammer


    In Ireland, many people who earn more than you look down on you and many of those who earn less despise you and are jealous. Talking about money or displaying either signs of having money or lacking money provoke the same reactions. Come into work in a new car and the office begrudger will be able to tell you after half an hour exactly how much the list price is and who has a more expensive car.



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