Should we share our money successes and failures with friends and family?

Share the actual monetary reward or loss? Oh, no, no, no, NO! That would be … communism! No commies in these pages, thanks very much.

But talking about what created success and failure? Absolutely.

In my opinion, your salary/income should be private. Outside of that, friends and family should talk more about investment successes and failures, savings and ripoffs.

Why? Because comparatively few like reading about money. But most seem happy to talk about it over a beer, barbecue or dinner.

Finance education in Australian schools is dreadful. It’s actually almost left to family and friends (and the media). If a conversation is likely to get you thinking about how to improve your finances, chatter away.

If you know someone who knows more about money than you do, ask them questions. Some might not want to talk about it, but I’d be surprised if they didn’t want to impart some knowledge.

But in this regard I do have a serious warning. Don’t just try to copy their successes. If they made a motzer on property or shares, don’t go out and buy whatever it was that did it for them.

Their situation is likely to be considerably different. They might have got a little lucky with their timing or taken a risk that you don’t fully understand and wouldn’t take, if the potential downsides were spelled out properly to you.

If something they’ve said makes sense, either research the heck out of it yourself, or find a reputable financial adviser who can point out how to get started with baby steps in the right direction.

Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and principal adviser with Castellan Financial Consulting.