169: Breaking the Taboo of Talking About Money with Friends, Family, and Bosses with Erin Lowry from Broke Millennial

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 8 February 2021

⏱️ 63 minutes

🔗️ Recording | iTunes | RSS

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Summary

It’s not always comfortable talking about money, especially with close friends, family members, partners, or even bosses. How did salary, savings, and investing become such a taboo subject to talk about? With us today is Erin Lowry aka Broke Millennial, you may recognize her voice from episode 24 and 81 of the BiggerPockets Money Podcast.

Erin paints a picture that many of us can relate to: you’re at a birthday dinner and you order a small side and a water while the rest of your party orders $60 sushi rolls and $70 steaks. At the end of the night, what always happens? The bill gets split evenly. Now you’re stuck with a $60 total (and tip) when you only ate $10 worth of food. So what do you do, throw a temper tantrum and leave? Of course not!

It can be hard to match spending habits of friends and family if they make more than you (or are just more casual with their spending). Having frank conversation with these important people in your lives can not only help foster a healthy relationship, it can also put you in a position where you don’t feel resentment in the future. Don’t know how to have these conversations? No worries! Erin has a template for you!

You’re not just talking about money with your friends and family, you’re also talking about it with your coworkers and bosses. How often should you ask for a raise, when is a raise earned, how do you ensure that you’re rewarded for your hard work? These can all be very tricky questions to answer. Through some research, metric tracking, and proper planning, Erin shows exactly when to go to your boss to ask for a raise, how much is reasonable, and how to assess your value within the company.

In This Episode We Cover

Why talking about money with those close to you doesn’t need to feel uncomfortable
Why “money talks” are often viewed as taboo in today’s society
How to talk about money with your friends, family, and partner
Setting boundaries early for healthier relationships
Starting a “friend fund” and offering less costly alternatives
When the best time to ask for a raise is
Comparing your salary or compensation vs. industry averages
Showcasing your value to your employer or client
And So Much More!

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Transcript

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0:00.0	Welcome to the bigger Pockets Money Podcast, show number 169, where we bring Erin Lowry back
0:06.1	again to talk about normalizing money discussions with everyone in your life.
0:12.0	So one of the things too, and I really do feel even if you're paying off debt,
0:16.6	put a little bit of money aside for some indulgences. Have a little bit that's going into whether it's
0:22.1	a fun fund or a friend fund. And this isn't big amounts of money. This isn't going and doing
0:27.2	something super extravagant, but that sometimes you can buy in, particularly if your values align
0:32.2	with what your friends want to do. Or if it's just because I want to spend time with this person,
0:37.5	and I want to be able to go do something that's not like a walk in the park or a game night.
0:42.8	I want to be able to do something that's like a little bit more fun than that.
0:47.2	Hello, hello, hello, my name is Mindy Jensen, and with me as always is my drinking from the
0:51.8	Fire hose co-host Scott Drench. We'll never extinguish your enthusiasm for these interests,
0:57.4	Mindy. Thank you. Scott and I are here to make financial independence less scary,
1:02.8	less just for somebody else. To introduce you to every money story, because we truly believe
1:07.7	financial freedom is attainable for everyone, no matter when or where you're starting.
1:12.5	Whether you want to retire early and travel the world, go on to make big-time investments in assets
1:16.3	like real estate, start your own business, or simply have a tough money conversation with friends,
1:21.0	family, or coworkers. We'll help you reach your financial goals and get money out of the way so
1:25.2	you can launch yourself towards those dreams. Scott, today we're talking with Erin Lowry from
1:36.5	Broke Millennial. I love Erin because of her practical, no nonsense approach to handling finances.
1:43.8	We first spoke to Erin back on episode 24, where she talked about getting financially naked with
1:49.3	your partner. We brought her back again on episode 81 to talk about investing basics. Today,
1:54.4	we're talking money once again, but we're talking about how to bring up the conversation
	...

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