Getting rich requires combining the right money habits with a lot of time. It can take a few years or decades before you reach your financial goals, depending on your income, objectives, discipline, and other factors.
Financial guru Vincent Chan regularly shares money habits that can elevate your game, but his recent advice may stir some controversy.
“You need to obsess over talking about money,” Chan stated.
Although not everyone may feel comfortable discussing money, Chan provides a few examples where it can help. Here’s why you should talk about your finances more often.
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Don’t Be Afraid To Talk About Money
Chan shared a story from his former job that highlights the importance of discussing money. One of his co-workers said that she’s been working for the company for four years and earns $75,000 per year. She may have been happy with that salary until Chan dropped a bombshell.
It turns out he just got employed by the company and was earning more than her. He didn’t do this to flex. This conversation allowed the co-worker to discover how much she was getting burned. She used this information and negotiated a raise three weeks later.
It’s safe to say the co-worker was happy that she mentioned her salary to Chan and that he told her how much he was making. These types of conversations may seem taboo, but they can give you a better perspective about money and your path toward long-term goals.
Talking About Money Teaches You More About Money
Talking about money can help you discover if you’re underpaid, but these conversations have additional benefits. For instance, these conversations can reveal if you are making any common financial mistakes or if you aren’t fully utilizing all of the wealth-building resources that are available.
The more you learn about money, the more you will realize that you do not know. Instead of remaining uninformed, you can regularly discuss money with others. Then, you will receive insights from your friends and colleagues about what they do.
Sometimes, you may serve as the mentor and reinforce concepts you already know. In other cases, you will be receiving new strategies and tactics you can use to take your finances to the next level.
Change Your Environment
Chan wrapped up the video by explaining that it may be necessary to change your environment to discuss money and build wealth. He recommended surrounding yourself with people who regularly perform actions and abide by habits that make them rich.
If you are surrounded by people who recklessly spend money on their credit cards, you may join them. However, if you surround yourself with people who talk about how much they are investing in their brokerage accounts each month, it may inspire you to boost your income so you can invest more money.
Your environment shapes who you become. Look for people in your area who are willing to discuss money. If you can’t find them in your area, you may want to move to an area with a higher net worth, but if that move is unrealistic right now, you can start by having conversations in online groups that want to achieve financial independence.
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This article Vincent Chan Shares An Easy Money Habit You Can Use To Get Rich: ‘You Need To Obsess Over Talking About Money’ originally appeared on Benzinga.com
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