Is Financial Freedom a taboo topic (especially amongst the Chinese)?
Many Chinese prefer to keep their finances a secret. They do not wish to reveal how much they earn, how much they save and how much they have in debt. It is sort of a taboo topic that is not spoken of.
So even in families, parents do not teach their children about how to manage their finances. Even if they do, it is just simple concepts like : SAVE MONEY, EARN MORE, etc ,etc. Very seldom will a parent give a child a case study of how much the family is actually earning, how much they are spending, their strategies to accumulate wealth and much more.
This could be the death of wealth accumulation and preservation in Chinese families if this continues.
Even amongst friends, we seldom discuss about financial planning. We are only interested in talking about how to make money and WHO and WHO made how much in the stock market.
There is no true interest in how one can move towards financial freedom and the simple strategies involved.
Interestingly, it is only on the internet that you see such openess. But this openess is limited in the sense that most bloggers also do not share very intimate details about their finances.
This is what my blog was created for. I share my finances with all to see, for all to comment and for all to learn.
If you are willing to serve as a case study for all to learn from, do let me know. I can keep your name confidential if you will like. All I need is just your monthly income, monthly expenditure and current networth breakdown.
Do drop a message in the chatbox or comment here if you are interested in sharing.
I guess in most countries it is similar. When I was in Australia studying, it was considered rude to ask about a person's networth or salary. They rather you judge a person by his personality than networth.
ReplyDeleteYes. I guess it is indeed an ego issue where people just refuse to share information about their finances, what they invest in and when they start investing in whatever they were invested in.
ReplyDeleteBecause of this lack of information and education, we are all left to our own devices to figure out the best financial plans for ourselves.