Keeping Up With Appearances Is Usually a Bad Idea for Your Finances

This past weekend, I was invited to appear in a music video for an up-and-coming music group; I declined of course; but the shoot was going to be held in a big, rented house, with rented cars, rented clothes and rented jewelry. That’s a lot of pretense for an ” up and coming” music group which means they have not made it yet and have no money, but I am sure the video will make them appear to be very wealthy.

Individuals in the spotlight tend to want to keep up appearances because they are embarrassed about their financial problems. Also, when you are a celebrity you are expected to be wealthy and have money to spend like water. The no limits lifestyle is often portrayed on television even though the participants don’t have jobs or numerous money making opportunities.

So if the celebrities are having financial problems, how do regular people manage? It can be hard to admit to family and friends that you are having financial problems, but I can assure you that you know someone that is having financial difficulties.

I would advise anyone having financial problems to have a honest conversation with friends and family. Typically, if you are trying to brush it under the rug, you are also not being honest with yourself and this will only lead to your financial problems getting worse.

It is better to be upfront and state that you are having financial problems and that you are in the process of working them out. Also, state that since you are working out financial issues, you will be cutting back, not taking that expensive family vacation or eating out every week. Having the conversation also shows that you are taking responsibility and will garner support for your situation.

The reason why people are vilified after the truth about their finances comes to light is because they have been seen shopping, traveling, and eating out the entire time their bankruptcy, credit card struggle, or legal battle is taking place.

So coming clean will help get you on the path to financial wellness, show that you are taking responsibility, and get support around you for the new way you are handling your finances.

1.) Have the honest conversation.
2.) Take responsibility for your situation.
3.) Start a plan for solving your financial issues.

Black Enterprise Columnist Jennifer Streaks is a Financial Expert, Author and Pundit.
Continue the conversation by following her on twitter @jstreaks or visiting her website at www.JenniferStreaks.com.