Sex or money: Which secrets do you spill?

Posted at 12:49 PM, Aug 03, 2017
and last updated 2017-08-09 08:09:49-04

Hip-Hop trio "Salt-N-Peppa" made it popular in the 90s with their hit song. Now, everyone's talking about sex, baby!

In fact, a recent survey found that people are more willing to talk about sex and infidelity than money -- Seriously!  But, that's not necessarily a good thing.

Of course, talking about money can be embarrassing, make you feel vulnerable or even put you at risk of fraud.  But Scottsdale financial expert Jim Dew from Dew Wealth Management says your money secrets aren't worth keeping.

"It's not smart because it would be helpful to share with your family and friends some concerns and some goals you may have about money that could be beneficial to you," Dew says.

Dew admits talking about money or your salary is considered socially taboo, but doing so could improve your financial situation because you'll learn from other people's experiences and mistakes.  

You just have to be smart about it. He gives this advice:

  • You should ask for tips on budgeting, paying off debt or saving for retirement. 
  • You should not give out your social security number.
  • You should find someone in a similar financial situation, create a financial challenge and hold each other accountable. 
  • You should not overshare.

"It's better to leave the exact numbers out of the equation and just talk concepts.  If it's something like paying off your car or saving another $500 a month, that's something you can share.  But, saying I've got $100,000 in the bank, that's a mistake," explains Dew.

He also says mobile apps make it really easy to organize, earn or save your money.  We highlighted a few of them right here