The Power of Words: The Reason You Shouldn't Label Someone as 'Bad With Money'

2023-10-27 17:49:27

Why You Should Never Tell Anyone They're 'Bad With Money'

Most people are hesitant to discuss their finances with their inner circle, especially when money is tight. A recent survey found that money is the least preferred topic of conversation among friends, ranking below politics and health.

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When you're in a close friend group, however, it becomes easy to identify who might be struggling financially. Maybe they consistently fall behind on payment requests or decline friend trips due to financial constraints.

As a friend, it's natural to want to help them get back on track financially. But there's one thing you should never tell them: "You're bad with money." Tough love is rarely effective when it comes to financial matters, according to consumer finance and budgeting expert, Andrea Woroch.

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Aside from being rude, labeling someone as "bad with money" overlooks the complexity of their financial situation. Unexpected bills, job loss, college debt, or an injury that affects their ability to work may be significant factors influencing their finances.

The Impact of Labeling

Jen Reid, a financial planner, underscores the negative impact of constantly being told they are "bad with money." Such labeling can become ingrained in the person's subconscious and shape their beliefs and behaviors. It's crucial to be mindful of the potential harm this can cause.

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Approaching the Topic

If you feel compelled to address your friend's financial situation, it's essential to do so with sensitivity. Only offer advice if they specifically ask for it, and consider the impact it has on you. Financial planner AJ Ayers suggests treating money advice like relationship advice, sharing it only if requested.

Plan low-cost outings to avoid placing unnecessary financial strain on your friend. For instance, suggest going for a hike instead of an expensive brunch. Lead by example and demonstrate positive spending habits.

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If your friend expresses financial stress, provide a listening ear rather than offering solutions. Create a judgment-free space for them to open up about their challenges and consider offering advice only if you've personally experienced a similar situation or know someone who can help.

Helpful Resources

If your friend seeks help, you can provide them with useful resources. Share links to cash-back tools like CouponCabin.com, which can help them save money on various purchases. In cases of debt, point them towards free credit counseling or affordable debt management programs.

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Positive Reinforcement

Shift the focus toward applauding your friend's positive financial decisions. By reinforcing their good money habits and decisions, you can help them develop a more abundant mindset. This shift can be powerful in changing their subconscious programming about money.

Remember, discussing someone's financial choices requires sensitivity and respect. Avoid making blanket judgments or labeling them, as it can have lasting effects on their self-perception and financial well-being.

Note: Currency amounts in the original text have been converted to British Pounds for consistency.

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