Here's part 15 of the series from top personal finance bloggers offering their single-best piece of advice. Today, we'll hear from Cap at Stop Buying Crap. Cap's advice:
"The best advice I can give on personal finance is to be a bit more honest about your financial picture with yourselves and loved ones. At times when we get into financial troubles, we may be a bit reluctant to share and disclose that fact to our loved ones and close friends. I understand that there are situations where it’s just not a good idea to be totally open about your financial situation, but I truly believe that there’s numerous benefits in being honest. When I was flat out broke, many of my close friends knew this. I often find them helping me make better financial decisions. I will often hear the question,'“Do you really need to buy that?' when I most need to hear it.
It’s not that you need to ask for financial assistance, it’s just that there is nothing wrong in getting moral support from your loved ones. Being a bit more honest also help those of us that are in denial of our own situations. You’ll be able to examine your situation easier, figure out some of the mistakes you may have made, and learn from it with less hardship. After all, the first step to take in fixing a problem is to acknowledge that there is a problem."
This is a big challenge for many people. It's hard to talk about something as "personal" as finances. But there are situations when you MUST talk things over with your loved ones -- such as details about your will or their wills. In addition, it helps to discuss everyday issues such as those that Cap suggests.
Click here to read part 16.
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