In these days where discretion seems to have been lost on most of my generation and completely on the following generation (in my opinion), I wonder what this might mean for society in general, but in Personal Finances in specific.
What do I mean by Discretion? The dictionary says one of its definitions is:
the quality of being discreet, esp. with reference to one’s own actions or speech; prudence or decorum: Throwing all discretion to the winds, he blurted out the truth.
This loss of the social mores and verboten topics has meant a lot more frank discussions. What big banks and other financial institutions do, is an important topic. I applaud the frank talk and think this kind of lack of discretion is very much needed (i.e. full disclosure). We have seen that many Ponzi Schemes thrived on this discretion when it came to how they operated. It is a secret how you are making more than the market, and thus you should not be telling anybody about how you are doing it.
Are you discrete about your money? I am somewhat, in that I don’t typically talk to friends and acquaintances about the specifics of my money, and I think I inherited that ideal from my Parents. I never knew how much money my parents made, or what financial issues they might be having, and I still don’t know much about their finances, but is that any of my business? When I was a child, I would argue, no, it wasn’t my business, now there might be an argument that I should know more, and I am finding out some things slowly but surely.
Given the current generations need to talk about everything will this change how Money and Finances are spoken about? I hope so.
Discussion usually causes change, but in this topic, will frank discussion change things for the better?
What do you think?
If you have got it flaunt it, seems to be the catch phrase these days. I like that folks really don’t know much about me and my money, for some odd reason it makes me feel safer.
Do you openly talk with your children or others about your money? Are there any taboo subjects in the area of money out there any more?