What is the biggest taboo topic when it comes to talking about money matters? Why?

What else but what you earn. Sadly, way too much credence is placed on a person’s income.

The more someone earns, the more “brains” society credits them with having. There may be some correlation, but income doesn’t make someone money smart. There are just as many people who earn extraordinary incomes who are as money dumb – living payday to payday – as those in the bracket that earns below average incomes.

Your income should be a very private matter.

Here’s something I wish was taboo. Actually, I wish it was illegal – a jailable offence.

People should be banned from talking about lucky windfalls, especially when trying to pass it off as financial wisdom.

Everyone’s heard the story. Around the water cooler, the barbecue, the kitchen, or at the pub, too many people think it’s okay to spruik a success that they know (it’s even worse if they don’t know) was nothing more than dumb-arse luck.

It can be a stock market penny dreadful that grew ten-fold, a longshot nag that came home, a win on the pokies, or the off-the-plan property development that was sold for a handy profit.

Why should that be illegal? Because they’re almost inevitably told by punters. And punters are notorious for not telling about the losers that preceded the success, or the following duds where gains were handed back.

Sadly, it can’t be banned. But, please, the next time you hear that sort of fantastic story, understand it for what it is – a lucky punt you can’t replicate.

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