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Are you open with your extended family about how much you make and your net worth? Anyone from parents, siblings, nieces nephews, etc. Heck even close friends.
Salary of $40,000 or $400,000. Or net worth of $10,000 or 10 million. My siblings know we can retire, but that's it. I know some people who are open and some that aren't.
It’s a topic most understand not to discuss. Every so often someone brings it up and I just find a way to be nonspecific. We don’t discuss specific numbers even with our son, though I assume he’ll find out sooner or later.
Some friends and I are very open about salary an encourage people--especially in the same job field--to do the same, if only to help people understand that they are being "properly" compensated, etc.
That said, while I don't have a problem telling people how much I make, etc., I generally don't volunteer this information as an initial matter.
growing up we were raised it is rude to ask people what they make (income). And it is rude to ask people what they paid for something. i agree with this.
That is much as it is here among people of Anglo heritage, influenced by our British background. It is how it was in my family. But with our people of some other heritages it can be quite different. In the past my husband’s Italian born family would openly discuss their finances. I have been at wedding where the guests would sit and discuss the possible cost of the meal they were eating and everything else about the occasion. As they do in the Elena Ferrante novels set in Naples.
We were speaking with a Turkish newcomer a while ago and he was bemoaning how complicated these rules were in Australia. How it was bad manners to ask someone what they paid for their house but not bad manners for someone to offer the information. Etc.
One problem we have here is that investment real estate is one of the main ways of investing. It is hard to hide the ownership of a few IPs, especially if you have a couple that you use on weekends or whatever. Nobody would ever ask us our bank balance but understandably ask if we still have that apartment up north.
Very private. There's no reason for me to share details about my net worth with "extended" family or anyone else. My salary was somewhat different because I worked in the public sector. If you knew a person's job title, it wasn't difficult to find out what ballpark their salary was in because those positions were standardized. Vacancy announcements for the same position across the US publish the salaries right from the start. When I grew up it was considered bad manners to discuss the details of one's finances. If you insisted, you were either attempting to brag or whinge. Either one of those are bad manners in their own right, regardless what the topic is.
Oh, my exact salary, name, and position were public information. "SeeThroughNY" posts it all.
I haven’t given anyone detailed information about my income/assets. I worked in city/county government and my pension and benefits are listed online as public information. My name is apparently fairly common and you would have to know my middle initial and classification (and city) I worked in to find that info. I think those records go back about 10 years or so. That isn’t my only income. Most people don't know about my assets. I just don't talk about it.
My kids have a general idea.
I also have a cousin, who I have distanced from, who is kinda shady. Last contact (years ago) he wanted 10K for some reason and actually went from relative to relative trying to get the money. I said I didn't have that amount of money (and others didn't give it to him, either).
Hi dad, this is junior. Thanks for the net worth info here on CD. No need to ask really.
P.S. KEEP UP THE GOOD WORK.
they saw articles on us years ago when we were featured in money magazine and fidelity investment magazine so they knew how we were doing 2 decades ago .
we also had a real estate Llc which one son was part of so they all kind of know how that did as the kids talk to each other
but as far as todays numbers they can kind of estimate but they really have no reason to want to know other then not to worry about us financially.
we really have no idea about each others finances although we can guess ..
if they asked i would tell them but it is something that never comes up
Last edited by mathjak107; 03-25-2024 at 03:23 AM..
My father was a local school district superintendent, so his salary appeared in the newspaper a couple of times. As a local government employee, my salary appeared in the newspaper once as the #3 highest paid union employee. My job classification was one of the highest, and I had been there quite a while. In the summer of 2013, I announced to my parents that I had become a millionaire. This announcement did not elicit any further information about my father's finances. My mother had dementia by then. Prior to that, my dad had given us a list of assets, but not their values. When he died in early 2014, I found out that the list was outdated. Further, the IRS had disputed his taxes, so I could not just use the previous year's tax forms as a template. I spent a lot of time getting to understand his finances, and simplifying them.
I give my sister a list of my assets, along with their values, on a regular basis. I tell people in my age group, when the topic comes up, that they need to tell their children about their finances.
I don't care. My best friend does my taxes. I talk openly about it if asked. I don't brag about how much I make or anything like that. But I'm an open book and don't really care what others think.
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