Talking About Our Finances
Money Podcaster Ilona Limonta-Volkova, host of Money Memories.
Podcaster advises we all need to feel comfortable talking about finances
How we feel about money greatly influences how we deal with it. Do you change the subject when your best friend wants to know if she should ask for that raise at work? “Open conversation about money helps us all,” says Ilona Limonta-Volkova, the creator of the podcast Money Memories. Ilona says learning how to have comfortable conversations around money is how to begin cultivating a positive relationship with our finances to transform what might be lacking in our own portfolio.
You Feel Like Your Finances are “Personal”
“Once you start making your numbers known, you’re going to see who makes more or less,” Ilona says. This can be awkward. It’s natural to feel hesitant when revealing aspects of your personal life, including your finances.
You Don’t Understand the Money Language
The confusing jargon that surrounds your money portfolio or 401k can sometimes read like instructions for putting together that Ikea shoe rack. “The language that’s used to discuss money is where people feel intimidated,” Ilona says. She says that people understand more about money than they give themselves credit, “but because of the language surrounding finance, they’d rather not say anything for fear of sounding stupid. Self-empowerment comes through education.”
Having open conversations helps us learn how others are thriving in their own money-making world and also learn from their mistakes. For example, when we discover others are being paid differently for our same workload, change can happen, and this is why “it’s so crucial for an honest conversation to occur,” Ilona says.
In high school, Money Podcaster Ilona Limonta-Volkova took a course in macroeconomics at the University of Louisville, and it set the stage for her love of economics. She has bachelor’s degrees in Economics and International Studies from University of Pennsylvania and an MBA from Kellogg School of Management at Northwestern University.
Believing “Nothing Will Change”
“Each of us will face challenges and opportunities, but it’s ultimately up to us to educate, inform, and empower ourselves to make the best choices we can given our circumstances,” Ilona says. Those who have cultivated a healthy relationship with their capital move from a place of knowledge to a place of action. “People I’ve talked with all have made a decision to say, ‘I will take control of my money. My money will not control me,’” she says. Making this empowering choice is key.
Thinking “If I Don’t Look at It, It Will Be OK”
Many don’t check in on a regular basis with their online bank account, credit card expenses, or household fees. Take stock of what you have and “find all those emails, log in, go through them, and reset the passwords so you remember them,” Ilona suggests. “Write down the balances and then you’ll have a better snapshot.” Ilona makes a habit of doing this regularly to maintain a good financial foundation.