Many prospective home buyers find the path to home ownership impossible. The issues vary. Sometimes it’s the burden of debt, other times it’s the curse of bad credit. For some it’s simply the difficulty saving up the down payment while they’re living hand-to-mouth. Regardless of the specific issue, the root issue is almost always the same: A lack of frank discussion (and an education) about money.
A recent piece in the New York Times (“We’re All Afraid to Talk About Money. Here’s How to Break the Taboo“) tackles this problem head-on by suggesting ways we can all be more open about finances. The piece contains many excellent points you can use to help coach prospects along the path towards wealth-building in real estate. Here are seven top-line recommendations from the piece:
1. Break the silence. It’s hard to learn about something when you’re discouraged from talking about it. In that way, silence becomes a tool for oppression.
2. Start small. If you’re intimidated by personal finance and unsure of where to start, remember that you don’t have to learn everything about money at once.
3. Schedule money meetings. It’s important to make sure you and your partner or spouse are on the same financial page. Set aside time to talk about your finances.
4. Talk to your friends. The more comfortable you are talking about topics like retirement plans, student loans and budgeting openly among your peers, the more opportunity you have to learn from each other.
5. Be more honest about money. Try being honest about where you stand with your finances instead. This also creates the possibility for learning.
6. Set a goal. Having a plan for your money may be the best way to get comfortable with it.
7. Find like-minded people. When you’re trying to get more comfortable with money, it helps to surround yourself with people who are on the same page, who have similar goals and are open to talking about those goals.
Open up some discussions! Share this piece with your prospects today:
https://www.nytimes.com/2018/08/28/smarter-living/how-to-talk-about-money.html
