Three effective ways to talk colleagues about Money

The taboo Conversation about money

A lot of studies conducted suggest that people don’t necessarily like talking about money. It seems like a sensitive topic, a taboo at times. Imagine a free environment whereby you arrive at work, making yourself a cup a tea in the break out area or logging into instant messenger.. “Hiya how was your weekend/evening”? “Fine thanks, I sold some items on eBay at a profit and reinvested the proceeds in some stocks”.

Believe it or not but this was where my investment journey began. Literally having a conversation with a colleague at work about money and side hustle. In one of my previous finance jobs I remember discussing stocks and shares with a colleague on a daily basis. I found it so much fun, most lunch breaks we would get out of the office for a brief walk and discuss and exchange thoughts on the stock market and long term companies to potentially invest in. For me personally it helped look at my job/career in an upbeat way. That I can build something on the side for the mid to long term future, by taking a small portion of my monthly salary to invest in a company of my choice.

Another previous manager informed me he had a side hustle selling Yeezes trainers, with the proceeds contributing towards his family holidays. I found this so inspiring, that he was able to have more than one income, not just to pay bills but to have quality time with his family and create memories.. Isn’t that what life should be about?

He already had fulfilment from his role, but according to him, his side hustle selling Yeezes enable him to have a certain lifestyle that was pleasing to him.

Effective ways on starting these conversations at work

Below are a few ideas that can be effective when trying to initiate a conversation with members of staff with your organisation.

1. About me section

Whenever I start a new role at a company, I’m usually asked by the Human Resource team to send a few sentences about myself, i.e. favourite shows and what I like to do in my spare time.. yes you guessed it, “in my spare time I talk about my passion for personal finance, investment in stocks, real estate and being a family oriented person”.

I kid you not, this is approach has helped me have so many conversations about finances, pensions, property, side hustles you name it. It may be a bit forward to approach a colleague and start talking about money without any their consent, especially with it being a sensitive topic to some, they may not feel comfortable and understandably so. In the approach that I take, I feel I make myself approachable to anyone who wants to discuss anything pertaining to money. This is where I often get the opportunity to hear about how any of them have their own hustles.

2. Work Intranet/Internal news

Some companies usually have internal systems where you can update your profile bio about yourself and perhaps include your interests in personal finance matters. It’s an interesting way to introduce yourself to people you haven’t met within your organisation. You’d be surprised at the amount of people that may want to have these conversations with you if given the opportunity. Similar to the above point, I think by doing this one can make themselves approachable to talk finance.

3. Work finance events

Some companies host events on money like pension events. It may be more appropriate within these kind of settings to discuss pensions and other matters. A few years ago a friend of mine attended something similar in their place of work and managed to get a conversation going with a senior employee in the company. The senior employee was very generous to share his experience and suggest that my friend should opt for a high risk fund as she was relatively young and could afford to take on that level risk. My friend recently showed me her pension pot and it seems to be growing well thus far.

According to the Bank of England, in the UK a typical household on average spends £740 more in December for Christmas. People also have a high chance of going into debt over the Christmas period. In addition to this point, organisations can perhaps hire external finance consultants for tips on managing money and particularly in the run up to Christmas.

My story

I’ve been there before. When I left university and secured my first role. I got paid in the middle of December giving me enough money to get everything I need for Christmas… By boxing day I had squandered most of my December salary! To which the next pay day was to be at the end of the following month Jan 31st. Yes a 6+ weeks difference.

This was a very harsh lesson, even while living at home and practically rent free.

I’m sure I was not alone on this; and even though I believe this is more of a home thing, if perhaps a colleague with experience gave me the heads up the outcome would’ve been much different…. I digress, that predicament has never happened to me since, what a hard way to learn!

Final Thoughts

I think there are huge benefits in having these sort of conversations at work: to name a few

  • Can help us foster a safe knowledge sharing culture towards money (obviously whilst you’re on your lunch breaks, and tea/coffee breaks)
  • Opportunity to create groups and bounce ideas off each other
  • Opportunity to have accountability partners within a safe space
  • I think it can keep people motivated too, that’s not to say that some roles are not motivating at all. But if you ever felt demotivated to arrive at work for ever reason I guess this could be an incentive to keep hustling!

Disclaimer: TheHustlingDad does not give out any financial advice. Please conduct your own research and know that investments are subject to decrease as well as increase.

K.


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