Awkward truths that build wealth

Imagine meeting a prospective partner for a coffee and within 10 minutes of your first date, divulging how much money you make in a year, what you owe to your creditors and how much you really spend a month on retail therapy.

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While it seems like an ill-advised overshare, it is definitely the right thing to do if the other person is your financial advisor, says Johan Werth, financial adviser and franchise principal at Consult by Momentum.

Last year, an international survey found that 44% of people think money is more taboo to talk about than politics, religion or even weight, while according to the Momentum Consumer Financial Vulnerability Index, more than seven in 10 South Africans say simply thinking about their money triggers negative emotions.

But having difficult money conversations actually moves us closer to our financial goals and dreams, Werth says.