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I learned very early on in my professional career not to talk about finances with friends or family. People do change the way they treat you.
I was dating one guy for awhile when I landed my first salaried job after finishing school. Because he was my boyfriend, I shared all the details about the salary negotiations, the sign-on bonus, the whole experience. He started expecting me to pay for all the meals after that.
And the guy I dated before him once got mad at me because I had some savings but didn't offer to help him out when he was struggling to pay bills. At the time, I earned less than he did because I was still only waiting tables. But I was better at managing my money. For example, I stuck with a cheap $15/month phone plan as opposed to his $100/month plan.
I don't talk finances with my family because it only adds drama and pressure. As soon as I landed my first salaried job, my parents were pressuring me to buy a house and buy a new car--neither of which I needed or was financially ready for. I had paid my own way through college and didn't ever go to them for help, so they had no idea how much I owed for student loans or what kind of financial shape I was in.
In fact, they still don't know. I prefer keeping it that way.
One of the best thing to ever happen to corporate executives is the requirement to report their earnings to the public via 10-K's, etc, and the same thing with athletes. While it's a little awkward knowing that everyone knows how much you make, it quickly dissipates as they're laughing all the way to the bank. Keeping employee's wages secret allows companies to suppress wages...because no one really knows what the new guy is getting paid.
Here's how it works: newly named CFO at company ABC with $5 billion in sales can see how much the CFO makes at their biggest competitor at a comparable size....so they know where to start the negotiations----I want what that guy makes plus 10% more. After hiring, annual raises and bonuses are based off what executives at "peer" companies make---it's a never ending escalation of wages....and a beautiful thing if you're part of the chosen few (which I'm not unfortunately).
Person A : Their elderly aunt dies and leaves them $200K, they keep it to themselves. If they're married their spouse knows, but that's about it.
Person B: Their elderly aunt dies and leaves them $200K, but they tell all their friends, neighbors, coworkers, etc. Now they're getting asked for loans. Not from everyone of course, but it can very likely come up. I mean why not? It's found money they weren't expecting, how dare they so no to loaning out $5K.
It's not that hard of a concept.
In my case, a $200K inheritance would barely budge the needle. Anybody can take a glance at my life and figure out what I make within 20% or so and roughly what my net worth might be.
A half dozen people have said the same thing to you in this thread. If you're afraid that your friends knowing you have a bank balance and a decent income stream would flood you with beggars hitting you up for money, you have a really lousy circle of friends.
Hmmm. A colleague of mine a year ago or so openly said that his parents put money away for his college but he got scholarships to cover it all and his parents said he could later use the money for a down payment on a house. All of it was said in mixed company!!!
I though that to qualify for scholarships you had to show financial need so that if he had money saved up for college he wouldn't qualify for a scholarship.
Are you allowed to think you are smarter and prettier?
Being smarter, being prettier, and making more money are all different things. Sure, being smarter, and sometimes being prettier can help you make more money but that doesn't mean that just because you're smarter or prettier than someone that you will make more money than them or vice versa.
Smarts, good looks, and income are all different things.
Seriously, though, did someone make you feel bad by acting like they are better than you? Is that why you started this thread?
If you make more money than somebody else it might be because you're better at it than them, or it just might mean you're luckier or you've had the time to develop more marketable skills.
I started this thread because I see people who make more money throwing their weight around and pushing around those who make less, especially in families.
I though that to qualify for scholarships you had to show financial need so that if he had money saved up for college he wouldn't qualify for a scholarship.
No, you're confusing pell grants with merit-based scholarships.
I don't really care if people know how much money I make. I don't understand what the big deal is. There are more important things to keep a secret.
That is fine...YOU don't care. But some people really judge people by the number and can get weird.
This topic is silly at this point.
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