Hello,

What money topics are the most taboo to talk about?

Earnings, debt, inheritance, or net worth?

For most of us, many financial topics are simply off-limits.¹

That means that many of us are not discussing money as much as we probably should be.¹

Without those talks, myths about money and financial conversations can get a much stronger grip on our perspective and our financial decisions. That silence may end up stunting our financial literacy.¹

To move past that and break free of the harmful misconceptions, let’s look at some common myths about money talks and the facts behind them.

Myth #1: My net worth defines my self-worth.

Fact: Our personal worth and value encompass so much more than our financial worth, but many of us collapse the two, sometimes without even realizing it. That may not be surprising, given cultural norms and upbringing, but it’s no less misguided.²

If we tie our self-worth to our finances alone, we’re more likely to prioritize money and money-making endeavors over everything else, including life-enriching experiences and relationships. That can make us far more vulnerable to isolation and disconnection.³

Myth #2: I should only talk about finances with my spouse or partner.

Fact: If you’re talking about finance at all, you’re most likely to do so with a spouse or partner — but that does not mean your spouse or partner is the only person that’s important to discuss finance with.¹

Talking to your children about money can help them understand key lessons earlier. That can improve their financial well-being later in life.⁴

Discussing finances with parents can clarify their wishes and circumstances, which may reduce conflicts or misunderstandings later.⁵

Beyond that, talking about finances with friends can give you a sounding board and crucial support when you may be feeling like you’re the only one facing certain issues, struggles, or concerns.

The bottom line is that limiting money talks to just a spouse or partner can hold you back, impact your loved ones, and perpetuate the culture of silence around money.

Myth #3: Talking about inheritances with my family will spark greed or fighting.

Fact: Of all taboo money topics, death and inheritances rank high on the list, even though most of us say we’re open and ready to talk about these topics with our loved ones.⁶

Fears of greed, fighting, and potentially uncomfortable conversations can be all factors here.

Still, the truth is talking about inheritances and estates can clear the air, eliminating future surprises and reducing uncertainties. That could actually minimize the risk of future fighting, establishing clear expectations and getting families more on the same page.

Myth #4: Every money talk has to be serious, heavy, and stressful.

Fact: Financial discussions can be weighty, but not all of them have to be laborious or painful. Choosing the right time to have these conversations can make for less stressful money talks. So can thoughtful entry points. In fact, how you start a money talk can set the tone, possibly kicking off the conversation on a more positive and productive note. To that end: 

• Open-ended questions can be effective kick-off points for several types of money talks.
• Personal stories and experiences can offer unique chances for connection, levity, and deeper understandings.

Myth #5: I have to talk dollars and cents whenever finances come up.

Fact: Specific dollar amounts may come up in some money talks, but not every financial discussion has to involve numbers, real or theoretical. Talking about your values, plans, and habits associated with money can all be rewarding, possibly yielding fresh insights and new ways of achieving better outcomes.

A More Rewarding Way to Talk Money

Like saving and budgeting, talking about money can be deeply personal — and it can become part of your financial habits.

The more you’re able to talk money openly and honestly, the easier it can be to identify the myths and misconceptions that can lead you astray. With these conversations, you can also open up new opportunities to learn, gain new perspectives, and make more informed decisions that can truly support your longer-term financial goals.¹

Whenever you’re ready to talk money or you need more support in these conversations, we’re here to help.

In partnership, 

Your Eagle Wealth Team

The Week on Wall Street

Stocks were mixed during the first trading week of December. Technology stocks led, while the widely followed Dow Jones Industrial Average struggled. 

The tech-heavy Nasdaq Composite Index picked up 3.34 percent while the Dow Industrials lost 0.60 percent. The Standard & Poor’s 500 Index added 0.96 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, gained 1.46 percent.^7,8

Tech Takes Charge

The S&P and Nasdaq rallied to start the week, closing at record highs Monday and Tuesday. The Dow fell on both days. During a conference speech, Fed governor Christopher Waller said he supports a rate adjustment in December for now, which seemed to add momentum to the S&P’s and Nasdaq’s gains.^{9, 10}

Tech shares continued to propel stock gains midweek on the strength of a few better-than-expected Q3 reports.¹¹ 

On Friday, the S&P and Nasdaq hit new record highs following the November jobs report. Both notched their third consecutive winning week. By contrast, the Dow was down four of the five trading days, ending the week in the red after two back-to-back weekly gains.^{12, 13, 14}

Jobs Rebound

After two hurricanes and an aircraft maker strike weighed on the labor market in October, the November jobs report released Friday gave investors what they were looking for: confirmation that the October update was an anomaly.

While November payrolls topped expectations, investors believed the hotter-than-expected report would not influence the Fed’s upcoming decision regarding short-term interest rates. The Fed’s scheduled two-day meeting ends on December 18.¹⁵

<sup>Source: YCharts.com, December 7, 2024. Weekly performance is measured from Monday, December 2, to Friday, December 6. TR = total return for the index, which includes any dividends as well as any other cash distributions during the period. Treasury note yield is expressed in basis points.

Past performance is not a guarantee of future results. Any companies mentioned are for informational purposes only, and this should not be considered a solicitation for the purchase or sale of their securities. Any investment should be consistent with your objectives, time frame, and risk tolerance.</sup>

^{1. https://www.cnbc.com/2023/05/10/americans-arent-talking-about-money-it-could-hold-you-back.html
2. https://bigthink.com/sponsored/why-is-it-taboo-to-talk-about-money/}

^{3. https://www.moneycrashers.com/separate-self-worth-net-worth/ (or original source; https://journals.sagepub.com/doi/10.1177/0146167220910872)}

^{4. https://news.stonybrook.edu/university/why-talking-about-money-with-children-matters/}

^{5. https://money.usnews.com/money/personal-finance/family-finance/articles/how-to-talk-about-money-with-family-and-why-its-important}

^{6. https://www.fa-mag.com/news/families-not-talking-about-inheritance--new-study-finds-77320.html}

<sup>7. The Wall Street Journal, December 6, 2024
8. Investing.com, December 6, 2024
9. CNBC.com, December 2, 2024
10. MarketWatch.com, December 3, 2024
11. CNBC.com, December 4, 2024
12. MarketWatch.com, December 5, 2024
13. MarketWatch.com, December 6, 2024
14. The Wall Street Journal, December 6, 2024
15. The Wall Street Journal, December 6, 2024

Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.</sup>

^{The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.}

^{The market indexes discussed are unmanaged, and generally, considered representative of their respective markets. Index performance is not indicative of the past performance of a particular investment. Indexes do not incur management fees, costs, and expenses. Individuals cannot directly invest in unmanaged indexes. Past performance does not guarantee future results.}

^{The Dow Jones Industrial Average is an unmanaged index that is generally considered representative of large-capitalization companies on the U.S. stock market. Nasdaq Composite is an index of the common stocks and similar securities listed on the NASDAQ stock market and is considered a broad indicator of the performance of technology and growth companies. The MSCI EAFE Index was created by Morgan Stanley Capital International (MSCI) and serves as a benchmark of the performance of major international equity markets, as represented by 21 major MSCI indexes from Europe, Australia, and Southeast Asia. The S&P 500 Composite Index is an unmanaged group of securities that are considered to be representative of the stock market in general.}

^{U.S. Treasury Notes are guaranteed by the federal government as to the timely payment of principal and interest. However, if you sell a Treasury Note prior to maturity, it may be worth more or less than the original price paid. Fixed income investments are subject to various risks including changes in interest rates, credit quality, inflation risk, market valuations, prepayments, corporate events, tax ramifications and other factors.}

^{International investments carry additional risks, which include differences in financial reporting standards, currency exchange rates, political risks unique to a specific country, foreign taxes and regulations, and the potential for illiquid markets. These factors may result in greater share price volatility.}

<sup>Please consult your financial professional for additional information.

This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security.  Copyright 2024 FMG Suite.</sup>

^{This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2024 Advisor Websites.}