26. The Elephant in the Room - Are You Keeping Financial Secrets?

The Fiscal Feminist

“If you want to keep a secret, you must also hide it from yourself…” George Orwell

The Merriam-Webster Dictionary defines a “secret” as “kept from knowledge or view”, “not acknowledged” and “working with hidden aims or methods.” Essentially when we keep secrets, we don’t want others to know what we are up to, and sometimes it’s evidence of our own self-denial because we don’t want to admit to ourselves what we are actually up to!

What a tangled web we weave…

Why do we keep money secrets? Usually, because we are embarrassed about whatever the secret is, or we are trying to fly under the radar and avoid attention. According to a recent survey, 40% of us are keeping financial secrets from our friends, family, and loved ones.

What financial secret(s) are you keeping? Money is a topic that many people keep close to the vest even with those they trust the most. Whether it’s credit card debt, loans, a secret bank account, or a purchase that we don’t want to admit to, there are a plethora of reasons why people keep money secrets.

Often, we keep secrets from others in our lives because we are afraid the truth will be detrimental to our relationships, and hence to avoid conflict, we keep our actions secret. Keeping financial secrets from family, partners or loved ones puts those relationships on a fast-track to mayhem.

I believe in the eyes wide open approach when it comes to our financial lives – knowledge is power. Truth in our communications with ourselves and others enables us to be fully engaged in our financial decisions and to formulate a solid strategy that will provide us with control, independence, and clarity. Money should not have the power to ruin your relationship with yourself or others.

Links mentioned in this episode:

• TheBahnsenGroup.com
• TheFiscalFeminist.com