We need to talk about money.

Uncomfortable, right? We've been taught that talking about money is inappropriate, and something that's private, even among family. Usually, conversations about money are macro-level: housing prices, the Uber stock, Kylie Jenner's fortune. Conversations about personal finance or investments are less mainstream. If anyone, who do we picture talking about finance or portfolios but an old white dude in a stuffy suit?

However, talking about money is what allowed Lilly Ledbetter to sue her employer for wage discrimination. Talking about money is what gave my friends the confidence to know they could take the plunge into home ownership. Talking about money is how I realized my credit card debt was not normal (don't worry, reader, I'm fixing it!) and how my sister realized her student loans weren't as bad as she thought. Talking about money is how our entire community has invested nearly $2 million into small businesses in a year. You don't have to be a finance major or hedge fund manager to be empowered to discuss finance at both a personal and macro level. If we are able to talk about finance more openly, there are multiple positive implications, such as:

Closing the Pay Gap

Much has been written about the causes and implications of the wage gap in the US. In case you are not familiar, on average, white women make 79% as compared to men in the same position, black women make 67%, and hispanic women make 58%. While underlying sexism in the workplace and generations of women being left out of leadership are major factors, there are more nuanced explanations for the persisting pay gap. We could go on about how to overcome these barriers. One line of defense to ensure that we're all being paid equally is being able to talk about how much we make, and what we do with that salary. How will you know what your market value is if you don't know what others in your position are making? Sure, Glassdoor and Linkedin can help, but being able to discuss your worth with peers and friends can uncover important nuances. On a grand scale, if women become aware of wage discrepancies earlier in their careers and are able to remedy the situation, they may have fewer salary-based issues further along in their career.

Much has to be done to continue closing the pay gap, but the first step is empowering people throughout their careers to feel comfortable discussing their salaries.

Setting Ourselves Up for Success

For young professionals, the world of personal finance looks extremely different than the world of their parents. That means that most advice given to young professionals is outdated, and many young people feel unprepared for their futures. If they are able to talk about their money, perhaps they'll start figuring it out together. When young people can share what they're stressed about, or what's working, they can share firsthand knowledge with others. Now, we're not promoting the spread of multi-level marketing schemes. But when young people talk about how their student loans are taking up their entire paycheck, they share tips on refinancing options and money-saving hacks. I actually witnessed my friend become a first-time homebuyer, something they never thought they'd be able to become, because talking with their friends about the finances of home ownership gave them the confidence to start a conversation with a mortgage broker. If we all feel comfortable talking about the parts of our financial lives that are and are not working, we can come up with solutions that make us feel less alone.

Empowering Communities

Mainvest has seen firsthand the power of conversation. Social investment is a new concept, and getting people to think differently about investment has been our biggest and most rewarding challenge. We've seen nearly $2 million in investment in a year of operations. The vast majority of that investment has come from everyday, non-accredited, first-time investors. These individuals do not think of themselves as real estate or restaurant tycoons: they're just everyday community members who want to see local businesses succeed. They wouldn't have been able to invest if they hadn't talked to us, a business owner, or a friend about what community investment is.

Not all cultures are so closed off when it comes to money, and it is possible to change our collective mindset. The sooner we stop running away from these discussions, and instead dive into the issues and opportunities we're facing, the better off we all will be.