Should money matters be discussed among friends socially, or is it a taboo topic?

There are only two things I don’t talk about. The first is how I vote. The second is how much I earn.

But not talking about how much I earn is completely different to discussing money matters with friends. I’m a small businessman – I don’t know how much I earn! My books say one thing. My accountant says another. And it changes year to year anyway.

Personal finance is, sadly, a taboo topic for Australians. We are way too private about money. And this starts with a pathetic level of financial education in our schools.

We should talk more with peers about home ownership, of paying down our mortgage, of reducing tax and of contributing to super. Australians are huge share and property owners. But “ssssh! Don’t talk about it!”

Your friends will be doing some things better than you and you will be doing some better than them. Channel Bob Marley: “All you got to do is give a little (knowledge), take a little”.

The more we talk about money, the more interested we’ll become. But don’t take your friends’ successes as gospel. They might be taking risks you don’t understand. And it doesn’t mean it will also work for you. If something they’ve said makes sense, go one step further and get some professional financial advice.

Not talking about money breeds ignorance. And for Generation Xers, the next decade or two is your opportunity to set up your future. And if that starts with talking to your friends about their successes and failures, then get to it.

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