10 Uncomfortable Truths About Life and Money

10 Uncomfortable Truths About Life and Money

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Is ignorance truly bliss? I suppose it can be, depending on the circumstances and who’s there to pick up the pieces when things fall apart. It’s not often that one goes through life completely unscathed; between tough times, lessons learned, and so much more, there are plenty of moments that leave their mark. Rather than burying one’s head in the sand, I would argue that embracing discomfort and taking risks lead to a more enriching life. Personally, I’m an advocate of facing reality and dealing with uncomfortable truths, especially when it comes to life and money.

Well, the truth is…

People don’t typically enjoy uncomfortable conversations; they tend to gravitate toward familiar, non-controversial topics. Don’t we learn more, though, when we move beyond our comfort zones?

There’s much to learn about money and financial advice, self-discovery, and just living life through observation, conversation, and, of course, trial and error.

Perhaps living in reality and facing the truth could help create a more stable society and community. After all, we would no longer be avoiding difficult conversations that are essential for true progress. Rather than treating the symptom, we could address the cause and heal both for ourselves and those around us, including future generations. Wouldn’t that be something?

Life and Money

Complications often emerge where life and money intersect, and they can become even more complex when the truth is overlooked.

Here are 10 uncomfortable truths about life and money:

More money will not wipe out debt.

Earning more money will not fix poor spending habits. To get out of debt, one must learn how to create and abide by a budget.

Planning to have a child when one cannot manage their own money will not make life easier.

Talk about a complication! It’s ideal to have your financial house in order before you add another mouth to feed. The average cost to raise a child to age 18 in the United States is almost $240,000. That’s a healthy chunk of change to consider, especially if one is lacking money management skills.

Raising a child with a proper budget in place, along with a strong set of money management skills, can help create financial stability and offer the freedom to focus on other aspects of parenting and personal growth.

Financial infidelity is the act of hiding money from a partner or engaging in other secretive financial behaviors.

There are no ifs, ands, or buts about it. Financial infidelity is not harmless and can be as detrimental to a relationship as emotional or sexual infidelity. A healthy partnership requires teamwork, compromise, and trust in order to thrive. By being transparent about financial decisions, couples can build a strong financial future together.

Signing a loan means agreeing to uphold one’s end of the contract, regardless of whether or not the terms were read or understood.

Unless an individual is legally incapacitated, they are responsible for what they agree to. Contracts are a part of Life 101. Misinterpreting terms or skipping over the fine print can be costly. These can be tough lessons to learn, but they’re vital for building character, developing self-awareness, and strengthening personal accountability.

Financial freedom alone will not bring you peace and happiness.

Wherever you go, there you are. Striving for financial freedom, or the state of having enough money to live life on your own terms, is a goal worth pursuing. Financial freedom will certainly alleviate financial stress. However, true freedom resides within your mindset and not solely in your financial situation. Discovering your ikigai, or purpose in life, will ultimately lead you to feelings of peace and happiness.

There is no obligation for parents to financially support you as a fully capable adult, and vice versa.

You are owed nothing in life. Though tremendous value lies in community and support, they are not a guarantee, nor should they be expected. Life is what you make of it. The best investment is the one you make in yourself.

You can always make more money, but you cannot go back in time.

Making money is essential, but is it worth missing major life events? Balance is key. There are some moments that cannot be relived. We must learn to prioritize our lives and our finances so we don’t miss out on living life.

A prenuptial agreement is designed to protect each spouse.

Though a prenuptial agreement might not be the most romantic gesture, it’s essential for asset protection in the event of a divorce. Sure, most people don’t get married planning to divorce. Unfortunately, these things happen; in fact, half of all first marriages end in divorce. The divorce rate is even higher for second and third marriages.

A prenuptial agreement is a form of insurance, or self-protection. It is a legal document that defines and details how each partner’s finances and property, as well as community property, will be managed should the marriage end.

Just because a lender approves you for a certain amount doesn’t mean you can afford it.

Lenders are in the business of loaning money; they don’t have the borrower’s best interest in mind. To ensure practical affordability, it’s important for a borrower to take note of spending habits, future plans, and accessible savings. An honest evaluation of one’s financial standing can help determine how much money can be borrowed and repaid without getting into financial trouble.

It’s naive to trust that the government will spend our money wisely.

Yep, I said it. I wish it weren’t the case, since the government is intended to be run by and for the people. However, how much representation of “the people” is there in government offices currently? In all honesty, would you put your trust in an investment company with a staggering debt of $34.27 trillion? That is a clear sign of money mismanagement.

Facing Reality

How different would society be if we acknowledged and confronted uncomfortable truths? As with many situations, the reality is that we won’t know until we try. So, let’s get the conversation started.

What other uncomfortable truths do you think are important to acknowledge in relation to life and money?

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