Navigating Friendship & Finances: Experts Say Open Communication is Key to “Financial Intimacy”
New York, NY – As financial complexities grow, a new emphasis is being placed on “financial intimacy” - teh ability to openly and honestly discuss money with trusted friends – according to financial experts. A recent article in Essence magazine highlights the importance of building this trust and outlines strategies for navigating potentially sensitive conversations.
The piece emphasizes that identifying individuals for these discussions should begin with those already proven trustworthy. “Start with those in your ‘inner cabinet’ or individuals who have proven to be trustworthy in other areas of your friendship,” recommends author and financial expert, Erin Wright, as quoted in the article.
Initiating these conversations can be daunting,but experts suggest a gentle approach. Wright proposes starting with a simple inquiry: “I’d love your input on a financial matter” or “Are you open to talking about money-related topics?” to gauge comfort levels.
Once a willingness to discuss finances exists, the article stresses the need for a natural progression, acceptance, and versatility. Financial intimacy shouldn’t be forced. “If you notice a friend that has no interest in setting money goals, discussing money matters or sharing resources around wealth, then don’t force it,” states financial advisor Ja’Net Timmons. She suggests that trusted colleagues, even a “work spouse or office buddy,” might be more suitable for these discussions.
The Essence article further outlines practical steps for fostering financial openness:
Budget Transparency Before Socializing: Acknowledging the financial realities of friends – student loans, mortgages, childcare – can facilitate easier planning for social outings and allow for graceful declines or alternative suggestions.
Clear Boundaries: establishing expectations regarding borrowing, lending, co-signing loans, or potential business ventures before situations arise is crucial to prevent future misunderstandings and resentment.
Confidentiality Check: explicitly confirming a friend’s comfort level with keeping financial details private is paramount. “Without that confirmation, divulging personal details can be a deal-breaker – and a clear sign that financial trust has been broken,” Wright explains.
Ultimately, the article argues that cultivating financial intimacy strengthens relationships by fostering honesty, respect, and mutual growth. “The real wealth is not just in dollars, but in the friendships that can weather them,” the piece concludes.The article draws on the expertise of Kara Stevens, founder of The Frugal Feminist and author of heal your relationship with money and Unmasking the Strong Black woman*.
